Rates rise | Current mortgage rates for October 24, 2024

Written by

Oct 24, 2024 / 4 min read

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

National mortgage 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 jumped.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.71%	6.54%	+0.17
15-year fixed	6.01%	5.82%	+0.19
5/1 ARM	6.05%	5.89%	+0.16
30-year fixed jumbo	6.72%	6.59%	+0.13

Rates accurate as of October 24, 2024.

These rates are marketplace averages based on the assumptions 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, October 24th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, new data releases 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 upward, +0.17%

The average rate for a 30-year fixed mortgage for today is 6.71 percent, up 17 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.22 percent.

At the current average rate, you'll pay a combined $645.94 per month in principal and interest for every $100,000 you borrow. That's an increase of $11.24 over what you would have paid last week.

Use our mortgage calculator to approximate 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 fork up over the life of the loan.

15-year mortgage rate goes up, +0.19%

The average rate you'll pay for a 15-year fixed mortgage is 6.01 percent, up 19 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $844 per $100,000 borrowed.

5/1 adjustable rate mortgage moves upward, +0.16%

The average rate on a 5/1 ARM is 6.05 percent, adding 16 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.05 percent would cost about $603 for each $100,000 borrowed over the initial five years.

Jumbo mortgage advances, +0.13%

The average rate for a jumbo mortgage is 6.72 percent, an increase of 13 basis points from a week ago. Last month on the 24th, jumbo mortgages' average rate was lesser at 6.35 percent.

At today's average jumbo rate, you'll pay principal and interest of $646.61 for every $100,000 you borrow. That's an increase of $8.61 over what you would have paid last week.

Today's 30-year mortgage refinance rate moves up, +0.15%

The average 30-year fixed-refinance rate is 6.71 percent, up 15 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.19 percent.

At the current average rate, you'll pay $645.94 per month in principal and interest for every $100,000 you borrow. That's up $9.92 from what it would have been 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 sentiment 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 retreat in the coming year.

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. 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.