Rates increase | Today's mortgage rates for October 28, 2024

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Oct 28, 2024 / 4 min read

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National 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 jumped.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.82%	6.58%	+0.24
15-year fixed	6.10%	5.89%	+0.21
5/1 ARM	6.20%	6.09%	+0.11
30-year fixed jumbo	6.78%	6.66%	+0.12

Rates as of October 28, 2024.

These rates are marketplace averages based on the assumptions shown here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, October 28th, 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. 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, your housing needs might change regardless of the Fed, inflation and yields. If you want to buy a home or need to sell now, shop around to find the lowest-possible rate.

30-year fixed-rate mortgage trends upward, +0.24%

The average rate you'll pay for a 30-year fixed mortgage today is 6.82 percent, an increase of 24 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.26 percent.

At the current average rate, you'll pay $653.26 per month in principal and interest for every $100,000 you borrow. That's an extra $15.92 compared with last week.

Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to disperse loan payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate moves higher, +0.21%

The average 15-year fixed-mortgage rate is 6.10 percent, up 21 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost $849 per $100,000 borrowed.

5/1 ARM trends higher, +0.11%

The average rate on a 5/1 ARM is 6.20 percent, rising 11 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.20 percent would cost about $612 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate trends upward, +0.12%

The average rate for a 30-year jumbo mortgage is 6.78 percent, up 12 basis points from a week ago. Last month on the 28th, jumbo mortgages' average rate was lesser at 6.50 percent.

At today's average rate, you'll pay a combined $650.59 per month in principal and interest for every $100,000 you borrow. That's an increase of $7.96 over what you would have paid last week.

30-year fixed-rate refinance trends higher, +0.23%

The average 30-year fixed-refinance rate is 6.81 percent, up 23 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.21 percent.

At the current average rate, you'll pay $652.59 per month in principal and interest for every $100,000 you borrow. That's $15.25 higher 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.

Still, housing confidence 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 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.

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.