Most rates rise | Current mortgage rates for November 21, 2024

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Nov 21, 2024 / 3 min read

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Average mortgage rates were mostly higher compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and ARMs increased, while rates for jumbo loans stayed the same.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	6.88%	+0.04
15-year fixed	6.18%	6.13%	+0.05
5/1 ARM	6.24%	6.22%	+0.02
30-year fixed jumbo	6.89%	6.89%	N/C

Rates as of November 21, 2024.

The rates listed here are averages based on the assumptions shown here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, November 21st, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, 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 early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. The Fed had hinted it would lower rates more in 2025, but the reelection of Donald Trump could reroute those plans..

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.

Current 30 year mortgage rate trends upward, +0.04%

The average rate you'll pay for a 30-year fixed mortgage today is 6.92 percent, an increase of 4 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.80 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. That's up $2.68 from what it would have been last week.

15-year mortgage rate moves upward, +0.05%

The average rate for the benchmark 15-year fixed mortgage is 6.18 percent, up 5 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $854 per $100,000 borrowed.

5/1 adjustable rate mortgage moves upward, +0.02%

The average rate on a 5/1 ARM is 6.24 percent, up 2 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.24 percent would cost about $615 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate goes unchanged

Today's average rate for jumbo mortgages is 6.89 percent, unaltered over the last week. This time a month ago, the average rate on a jumbo mortgage was lower at 6.82 percent.

At the average rate today for a jumbo loan, you'll pay $657.93 per month in principal and interest for every $100,000 you borrow.

30-year mortgage refinance trends higher, +0.03%

The average 30-year fixed-refinance rate is 6.93 percent, up 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.77 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 $2.01 higher compared with 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.