Rates increase | Current mortgage rates for November 25, 2024

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Nov 25, 2024 / 3 min read

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Average mortgage rates edged higher for all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans increased.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.98%	6.92%	+0.06
15-year fixed	6.24%	6.18%	+0.06
5/1 ARM	6.41%	6.38%	+0.03
30-year fixed jumbo	6.98%	6.95%	+0.03

Rates last updated November 25, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates displayed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, November 25th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, new data becomes public and lenders decide how much risk they’re willing to tolerate on a given day.

That includes Federal Reserve decisions. Since the central bank started cutting interest rates, mortgage rates have climbed, rather than retreat. That’s because the Fed doesn’t outright determine fixed mortgage rates. Instead, they increase or decrease mostly 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.

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

The Fed will meet next in December. At that time, we'll get a rate decision and learn more about what policymakers expect for the economy in 2025.

Still, your housing needs might change regardless of the Fed and yields. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

Current 30 year mortgage rate increases, +0.06%

Today's average rate for the benchmark 30-year fixed mortgage is 6.98 percent, an increase of 6 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.86 percent.

At the current average rate, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $4.02 higher.

Use our mortgage calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of the loan.

15-year mortgage rate goes up, +0.06%

The average 15-year fixed-mortgage rate is 6.24 percent, up 6 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $857 per $100,000 borrowed.

5/1 ARM rises, +0.03%

The average rate on a 5/1 adjustable rate mortgage is 6.41 percent, up 3 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.41 percent would cost about $626 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate advances, +0.03%

Today's average rate for jumbo mortgages is 6.98 percent, up 3 basis points since the same time last week. This time a month ago, the average rate for jumbo mortgages was lesser at 6.86 percent.

At the average rate today for a jumbo loan, you'll pay a combined $663.96 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $2.01 higher.

Current 30 year mortgage refinance rate moves higher, +0.06%

The average 30-year fixed-refinance rate is 6.98 percent, up 6 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.84 percent.

At the current average rate, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. That's $4.02 higher compared with last week.

When will mortgage rates go down?

Mortgage rates have only gone up since the Fed started cutting rates in September. As of Nov. 20, the average 30-year fixed mortgage rate was 7.02 percent — up over 80 basis points from the September meeting, according to Bankrate data.

“Add in the proposed Trump tariffs, and there’s some real concern that inflation isn’t whipped, and the expected big Fed rate cuts aren’t as much a sure thing as they were just a few weeks ago,” says Sean Salter of Middle Tennessee State University, who expects rates to further trend upward in the coming 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.