Rates increase | Mortgage rates for today, November 4, 2024

Mortgage interest rates rose for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans rose.

Rates last updated November 4, 2024.

The rates listed here are averages based on the assumptions here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, November 4th, 2024 at 7:30 a.m. ET.

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

That includes Federal Reserve decisions. In mid-September, the central bank cut interest rates by a half-point, the first such move since the pandemic. The consensus for now is that the Fed could cut rates one or two more times before the end of the year.

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, the Fed, inflation and yields shouldn’t necessarily drive your decision to buy or sell a home. There’s no surefire way to time the housing market, either. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

30-year mortgage rate advances, +0.09%

The average rate you'll pay for a 30-year fixed mortgage today is 6.91 percent, up 9 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.40 percent.

At the current average rate, you'll pay a combined $659.27 per month in principal and interest for every $100,000 you borrow. That's an increase of $6.01 over what you would have paid last week.

While the 30-year rate is the most popular mortgage term, as with any financial product, the 30-year mortgage does have some negatives, including:

• More total interest paid. Stretching out repayment to a 30-year term means you pay more overall in interest than you would with a shorter-term loan.
• Higher mortgage rates. Compared to 15-year loans, lenders charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer time span.
• Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster payoff of the loan amount.
• Buying a pricier house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate advances, +0.07%

The average rate for a 15-year fixed mortgage is 6.17 percent, up 7 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $853 per $100,000 borrowed.

5/1 adjustable rate mortgage moves upward, +0.12%

The average rate on a 5/1 ARM is 6.32 percent, rising 12 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.32 percent would cost about $620 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate goes up, +0.08%

The current average rate you'll pay for jumbo mortgages is 6.86 percent, an increase of 8 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was below that at 6.61 percent.

At today's average rate, you'll pay principal and interest of $655.93 for every $100,000 you borrow. That's an extra $5.34 compared with last week.

30-year mortgage refinance moves higher, +0.12%

The average 30-year fixed-refinance rate is 6.93 percent, up 12 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.38 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's an extra $8.02 compared with last week.

When will mortgage rates go down?

With the Fed now making cuts, mortgage rates could continue to fall through the end of 2024 and into 2025. There might be some bouncing around, however. Recently, rates have trended slightly upward.

“In the words of Jerome Powell, the Fed is ‘recalibrating’ interest rates. Markets are recalibrating too, to reflect the fact that interest rates won’t come down as quickly as had been previously expected.” says Greg McBride, CFA, chief financial analyst for Bankrate.

As mortgage rates hover in the mid-6s, existing-home sales activity backtracked in September, down 3.5 percent year-over-year, according to the National Association of Realtors.

“There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy,” said Lawrence Yun, chief economist of NAR.

Some homebuyers are still holding out for lower rates, according to Bankrate’s Mortgage Rates Survey, which found that 47 percent of homeowners would need rates under 5 percent to feel comfortable buying a home in 2024.

Lower rates have also prompted some homeowners to refinance, with more potentially to follow. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to CoreLogic. If rates fall more, refinancing could become more viable for these borrowers.

“The time to start thinking about it is when you can shave one-half to three-quarters of a percentage point off your rate,” McBride says.

For purchase loans, many are still holding out for lower rates, according to Bankrate’s Mortgage Rates Survey, which found that 47 percent of homeowners would need rates under 5 percent to feel comfortable buying a home in 2024.

More on current mortgage rates

• Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare today's mortgage rates

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.