Majority of rates increase | Current mortgage rates, November 18, 2024

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Nov 18, 2024 / 3 min read

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Average mortgage rates were mostly up compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 5/1 ARMs, and jumbo loans moved higher, while 15-year fixed rates declined.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	6.91%	+0.01
15-year fixed	6.18%	6.19%	-0.01
5/1 ARM	6.38%	6.34%	+0.04
30-year fixed jumbo	6.95%	6.93%	+0.02

Rates as of November 18, 2024.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, November 18th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, new data becomes public and lenders decide how much risk they’re willing to tolerate on a given day.

That includes Federal Reserve decisions. In early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. It could continue on that path in 2025, but the outlook is cloudy given the reelection of Donald Trump.

Historical mortgage rates: How do today’s rates compare to years past?

The Fed doesn’t outright determine fixed mortgage rates, but its decisions matter. Mortgages tend to increase or decrease with the 10-year Treasury yield, the effective yield rate on 10-year Treasury notes. The 10-year yield rises when there’s less demand for notes — and this tends to happen when investors feel confident in the economy, including monetary policy.

Still, real life doesn't necessarily consider the Fed, inflation and yields. If you're in a position to buy or sell a home now, it might be better to make a move than try to wait out the market. Wherever prevailing rates are, shop lenders to help uncover the best deal.

Current 30 year mortgage rate climbs, +0.01%

The average rate you'll pay for a 30-year fixed mortgage today is 6.92 percent, an increase of 1 basis point since the same time last week. Last month on the 18th, the average rate on a 30-year fixed mortgage was lower, at 6.64 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $0.67 higher.

There are various benefits to choosing a fixed-rate mortgage to purchase a new home, including predictable mortgage payments.

15-year mortgage rate declines, -0.01%

The average rate for the benchmark 15-year fixed mortgage is 6.18 percent, down 1 basis point over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $854 per $100,000 borrowed.

5/1 adjustable rate mortgage climbs, +0.04%

The average rate on a 5/1 adjustable rate mortgage is 6.38 percent, up 4 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.38 percent would cost about $624 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate increases, +0.02%

The average rate for a 30-year jumbo mortgage is 6.95 percent, an increase of 2 basis points since the same time last week. A month ago, the average rate was lower at 6.79 percent.

At the current average rate, you'll pay $661.95 per month in principal and interest for every $100,000 you borrow. That's an additional $1.34 per $100,000 compared to last week.

30-year fixed-rate refinance holds firm

The average 30-year fixed-refinance rate is 6.92 percent, unchanged over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.60 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow.

When will mortgage rates go down?

Even with the Fed cutting rates, mortgage rates might not move lower, or at all. In fact, since the Fed’s first cut in September, mortgage rates have only gone up. As of Nov. 6, the average 30-year fixed-rate mortgage was 7 percent — up 80 basis points from the September meeting, according to Bankrate data.

This was in large part due to rising yields on Treasury bonds. Donald Trump’s reelection sent 10-year Treasury bond yields even higher as investors prepare for a potential rise in inflation.

“Election outcomes do not impact mortgage rates — at least not immediately,” says Ken Johnson of the University of Mississippi. “The trend in 10-year Treasury yields impacts mortgage rates, and the yield on Treasurys has been rising steadily for six weeks.”

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.