Rates increase - Today's mortgage rates for October 14, 2024

National mortgage rates jumped 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 jumped.

Rates last updated October 14, 2024.

The rates listed above are averages based on the assumptions here. Actual rates displayed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, October 14th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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, 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.

30-year mortgage rate trends higher, +0.28%

The average rate you'll pay for a 30-year fixed mortgage today is 6.57 percent, up 28 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.34 percent.

At the current average rate, you'll pay a combined $636.68 per month in principal and interest for every $100,000 you borrow. That's up $18.36 from what it would have been last week.

The 30-year mortgage is the most popular option for borrowers. It has a number of advantages. Among them:

• Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
• Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Keep in mind: Your monthly housing payment can change if your homeowners insurance premiums and property taxes go up or, less likely, down.
• Buying power: With lower payments, you might qualify for a larger loan amount or a more expensive home.
• Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.

15-year mortgage rate moves higher, +0.29%

The average rate for the benchmark 15-year fixed mortgage is 5.86 percent, up 29 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $836 per $100,000 borrowed.

5/1 ARM goes up, +0.16%

The average rate on a 5/1 ARM is 6.00 percent, climbing 16 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.00 percent would cost about $600 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate climbs, +0.20%

The average rate for a jumbo mortgage is 6.63 percent, up 20 basis points over the last week. This time a month ago, the average rate for jumbo mortgages was lesser at 6.48 percent.

At the average rate today for a jumbo loan, you'll pay a combined $640.64 per month in principal and interest for every $100,000 you borrow. That's an increase of $13.17 over what you would have paid last week.

Today's 30-year mortgage refinance rate advances, +0.30%

The average 30-year fixed-refinance rate is 6.58 percent, up 30 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.34 percent.

At the current average rate, you'll pay $637.34 per month in principal and interest for every $100,000 you borrow. That's an extra $19.67 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. In October, rates ticked up slightly.

“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.

Still, housing sentiment is on the rise. In September, Fannie Mae’s Home Purchase Sentiment Index rose to its highest level in over two years. A full 65 percent of respondents to Fannie’s survey said now is a good time to sell a home, and a record 42 percent said they expect mortgage rates to decline over the next 12 months.

Lower rates have also driven 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. Refinancing could make sense for these borrowers as rates retreat.

“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

• Expert poll: 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.