Rates rise - Today's mortgage rates for October 10, 2024

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Oct 10, 2024 / 4 min read

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Mortgage interest rates rose 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 rose.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.52%	6.20%	+0.32
15-year fixed	5.81%	5.42%	+0.39
5/1 ARM	5.83%	5.69%	+0.14
30-year fixed jumbo	6.57%	6.36%	+0.21

Rates last updated October 10, 2024.

The rates listed above are marketplace averages based on the assumptions here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, October 10th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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 Fed projected that another rate cut might still come this year, depending on economic data.

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

Mortgage rates have continued their fall into September, dipping below 6.5 percent as of Sept. 11. Slower inflation and weaker jobs numbers make it almost certain the Fed will cut rates at its next meeting on Sept. 18.

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 mortgage moves upward, +0.32%

Today's average 30-year fixed-mortgage rate is 6.52 percent, an increase of 32 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.32 percent.

At the current average rate, you'll pay principal and interest of $633.38 for every $100,000 you borrow. That's $20.91 higher compared with last week.

Use our mortgage calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll pay over the life of the loan.

15-year mortgage rate trends upward, +0.39%

The average rate for a 15-year fixed mortgage is 5.81 percent, up 39 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $834 per $100,000 borrowed.

5/1 ARM moves higher, +0.14%

The average rate on a 5/1 adjustable rate mortgage is 5.83 percent, up 14 basis points over the last week.

Monthly payments on a 5/1 ARM at 5.83 percent would cost about $589 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate rises, +0.21%

The average rate for the benchmark jumbo mortgage is 6.57 percent, an increase of 21 basis points over the last week. Last month on the 10th, the average rate on a jumbo mortgage was lesser at 6.42 percent.

At today's average rate, you'll pay $636.68 per month in principal and interest for every $100,000 you borrow. That's $13.79 higher compared with last week.

Current 30 year mortgage refinance rate moves upward, +0.32%

The average 30-year fixed-refinance rate is 6.54 percent, up 32 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.35 percent.

At the current average rate, you'll pay $634.70 per month in principal and interest for every $100,000 you borrow. That's $20.93 higher compared with last week.

When will mortgage rates go down?

With the Fed now cutting rates, mortgage rates could continue to fall some through the end of 2024 and into 2025.

“The Fed cuts rates by half a percentage point right out of the gate and the Summary of Economic Projections saw expectations of higher unemployment and lower inflation than was forecast just three months ago. This will sustain the downward momentum in mortgage rates,” says Greg McBride, CFA, chief financial analyst for Bankrate.

Lower rates have already prompted some homeowners to refinance, but more could be making the choice to refi if rates drop further. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to a CoreLogic. Refinancing could make sense for these borrowers as rates retreat.

“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.