Rates remain elevated - Mortgage rates for today, November 14, 2024

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Nov 14, 2024 / 4 min read

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Mortgage rates moved in different directions compared to last week, according to Bankrate data. Keep reading for a detailed breakdown of how different loan types moved.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.88%	6.89%	-0.01
15-year fixed	6.13%	6.13%	N/C
5/1 ARM	6.22%	6.20%	+0.02
30-year fixed jumbo	6.89%	6.86%	+0.03

Rates last updated November 14, 2024.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, November 14th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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, 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 mortgage rate declines, -0.01%

Today's average rate for the benchmark 30-year fixed mortgage is 6.88 percent, a decrease of 1 basis point over the last week. Last month on the 14th, the average rate on a 30-year fixed mortgage was lower, at 6.55 percent.

At the current average rate, you'll pay a combined $657.26 per month in principal and interest for every $100,000 you borrow. That represents a decline of $0.67 over 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 mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly 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. Remember: Your monthly housing payment can change if your homeowners insurance premiums and property taxes go up or, less likely, down.
Buying power: Because you have lower payments, you might qualify for a bigger loan or a more expensive house.
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 holds firm

The average rate you'll pay for a 15-year fixed mortgage is 6.13 percent, unchanged over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $851 per $100,000 borrowed.

5/1 adjustable rate mortgage rises, +0.02%

The average rate on a 5/1 adjustable rate mortgage is 6.22 percent, up 2 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.22 percent would cost about $614 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate goes up, +0.03%

The average rate for a 30-year jumbo mortgage is 6.89 percent, up 3 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was below that at 6.66 percent.

At today's average rate, you'll pay $657.93 per month in principal and interest for every $100,000 you borrow. That's $2.00 higher compared with last week.

30-year mortgage refinance drops, -0.03%

The average 30-year fixed-refinance rate is 6.90 percent, down 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.54 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's a decline of $2.01 from last week.

When will mortgage rates go down?

Despite Fed cuts, mortgage rates might not drop significantly anytime soon. 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.