Rates increase | Today's mortgage rates, October 17, 2024

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Oct 17, 2024 / 4 min read

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Mortgage interest rates increased for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged higher.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.54%	6.52%	+0.02
15-year fixed	5.82%	5.81%	+0.01
5/1 ARM	5.89%	5.83%	+0.06
30-year fixed jumbo	6.59%	6.57%	+0.02

Rates as of October 17, 2024.

These rates are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, October 17th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, 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 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, 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.

Current 30 year mortgage rate advances, +0.02%

Today's average rate for the benchmark 30-year fixed mortgage is 6.54 percent, an increase of 2 basis points over the last week. Last month on the 17th, the average rate on a 30-year fixed mortgage was lower, at 6.16 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 an additional $1.32 per $100,000 compared to last week.

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

15-year mortgage rate goes up, +0.01%

The average 15-year fixed-mortgage rate is 5.82 percent, up 1 basis point from a week ago.

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

5/1 adjustable rate mortgage advances, +0.06%

The average rate on a 5/1 ARM is 5.89 percent, rising 6 basis points over the last week.

Monthly payments on a 5/1 ARM at 5.89 percent would cost about $593 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate moves upward, +0.02%

The average rate for a 30-year jumbo mortgage is 6.59 percent, up 2 basis points over the last seven days. Last month on the 17th, the average rate was lower at 6.35 percent.

At the current average rate, you'll pay principal and interest of $638.00 for every $100,000 you borrow. That's $1.32 higher compared with last week.

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

The average 30-year fixed-refinance rate is 6.56 percent, up 2 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.12 percent.

At the current average rate, you'll pay $636.02 per month in principal and interest for every $100,000 you borrow. That's an additional $1.32 per $100,000 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.

Still, housing confidence is on the rise. In September, Fannie Mae’s Home Purchase Sentiment Index rose to its highest level in over two years. A full 65 percent of respondents to Fannie’s survey said now is a good time to sell a home, and a record 42 percent said they expect mortgage rates to decline over the next 12 months.

Lower rates have also driven 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. 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.