Rates increase | Current mortgage rates for October 31, 2024

National mortgage rates moved higher 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 rose.

Rates last updated October 31, 2024.

These rates are marketplace 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, October 31st, 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.

30-year mortgage rate advances, +0.17%

The average rate for a 30-year fixed mortgage for today is 6.88 percent, an increase of 17 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.23 percent.

At the current average rate, you'll pay a combined $657.26 per month in principal and interest for every $100,000 you borrow. That's up $11.32 from what it would have been last week.

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

15-year mortgage rate rises, +0.13%

The average rate for the benchmark 15-year fixed mortgage is 6.14 percent, up 13 basis points since the same time last week.

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

5/1 adjustable rate mortgage increases, +0.09%

The average rate on a 5/1 ARM is 6.14 percent, rising 9 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.14 percent would cost about $609 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate advances, +0.09%

The average jumbo mortgage rate today is 6.81 percent, up 9 basis points since the same time last week. Last month on the 31st, the average rate on a jumbo mortgage was lower at 6.41 percent.

At the current average rate, you'll pay $652.59 per month in principal and interest for every $100,000 you borrow. That's $5.98 higher compared with last week.

Current 30 year mortgage refinance rate advances, +0.19%

The average 30-year fixed-refinance rate is 6.90 percent, up 19 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.21 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's up $12.66 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. Recently, rates have trended slightly upward.

“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.