Majority of rates rise | Today's mortgage rates, November 28, 2024

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Nov 28, 2024 / 3 min read

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National mortgage rates were mostly higher compared to last week, according to Bankrate data. Average rates for 15-year fixed, 5/1 ARMs, and jumbo mortgages moved higher, while 30-year fixed rates stayed flat.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	6.92%	N/C
15-year fixed	6.20%	6.18%	+0.02
5/1 ARM	6.56%	6.24%	+0.32
30-year fixed jumbo	6.95%	6.89%	+0.06

Rates accurate as of November 28, 2024.

The rates listed above are averages based on the assumptions indicated here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, November 28th, 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. Since the central bank started cutting interest rates, mortgage rates have climbed, rather than retreat. That’s because the Fed doesn’t outright determine fixed mortgage rates. Instead, they increase or decrease mostly 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.

Historical mortgage rates: How do today’s rates compare to years past?

The Fed has one more 2024 meeting slated in December, when it’ll release economic projections for next year and potentially cut rates again.

Still, your housing needs might change regardless of the Fed 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 goes unchanged

Today's average rate for the benchmark 30-year fixed mortgage is 6.92 percent, unchanged since the same time last week. Last month on the 28th, the average rate on a 30-year fixed mortgage was lower, at 6.90 percent.

At the current average rate, you'll pay principal and interest of $659.94 for every $100,000 you borrow.

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to scatter loan payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate advances, +0.02%

The average rate you'll pay for a 15-year fixed mortgage is 6.20 percent, up 2 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $855 per $100,000 borrowed.

5/1 adjustable rate mortgage trends higher, +0.32%

The average rate on a 5/1 ARM is 6.56 percent, up 32 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.56 percent would cost about $636 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate increases, +0.06%

The average jumbo mortgage rate is 6.95 percent, up 6 basis points over the last seven days. This time a month ago, jumbo mortgages' average rate was lower at 6.91 percent.

At the current average rate, you'll pay a combined $661.95 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $4.02 higher.

30-year fixed-rate refinance climbs, +0.02%

The average 30-year fixed-refinance rate is 6.95 percent, up 2 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.91 percent.

At the current average rate, you'll pay $661.95 per month in principal and interest for every $100,000 you borrow. That's $1.34 higher compared with last week.

When will mortgage rates go down?

Mortgage rates have only gone up since the Fed started cutting rates in September. As of Nov. 20, the average 30-year fixed mortgage rate was 7.02 percent — up over 80 basis points from the September meeting, according to Bankrate data.

“Add in the proposed Trump tariffs, and there’s some real concern that inflation isn’t whipped, and the expected big Fed rate cuts aren’t as much a sure thing as they were just a few weeks ago,” says Sean Salter of Middle Tennessee State University, who expects rates to further trend upward in the coming 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.