Rates rise ahead of Fed meeting - Today's mortgage rates, November 7, 2024

Mortgage rates were mostly higher compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 5/1 ARMs, and jumbo loans increased, while 15-year fixed rates decreased.

Rates last updated November 7, 2024.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, November 7th, 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 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 fixed-rate mortgage moves higher, +0.01%

Today's average rate for the benchmark 30-year fixed mortgage is 6.89 percent, an increase of 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.56 percent.

At the current average rate, you'll pay principal and interest of $657.93 for every $100,000 you borrow. That's up $0.67 from what it would have been last week.

Learn more about 30-year mortgage rates, and compare to a variety of other loan types.

15-year mortgage rate declines, -0.01%

The average rate for a 15-year fixed mortgage is 6.13 percent, down 1 basis point over the last week.

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

5/1 ARM rate moves up, +0.06%

The average rate on a 5/1 adjustable rate mortgage is 6.20 percent, rising 6 basis points over the last week.

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 mortgage moves higher, +0.05%

The average rate for a 30-year jumbo mortgage is 6.86 percent, an increase of 5 basis points since the same time last week. Last month on the 7th, the average rate for jumbo mortgages was lower at 6.62 percent.

At today's average rate, you'll pay a combined $655.93 per month in principal and interest for every $100,000 you borrow. That's up $3.34 from what it would have been last week.

30-year fixed-rate refinance moves up, +0.03%

The average 30-year fixed-refinance rate is 6.93 percent, up 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.56 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 an extra $2.01 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.

As mortgage rates hover in the mid-6s, existing-home sales activity backtracked in September, down 3.5 percent year-over-year, according to the National Association of Realtors.

“There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy,” said Lawrence Yun, chief economist of NAR.

Some homebuyers 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.

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.

More on current mortgage rates

• Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare mortgage rates for today

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.