Majority of rates rise - Current mortgage rates, November 12, 2024

National mortgage rates were mostly up compared to a week ago, according to Bankrate data. The rates for 15-year fixed, 5/1 ARMs, and jumbo mortgages increased, while 30-year fixed rates fell.

Rates last updated November 12, 2024.

These rates are averages based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, November 12th, 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 early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. The Fed has one more opportunity to cut rates this year when it meets in December..

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 down, -0.03%

Today's average rate for the benchmark 30-year fixed mortgage is 6.90 percent, a decrease of 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.55 percent.

At the current average rate, you'll pay a combined $658.60 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.01 over what it would have been last week.

15-year mortgage rate rises, +0.01%

The average rate for a 15-year fixed mortgage is 6.21 percent, up 1 basis point since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $855 per $100,000 borrowed.

5/1 ARM rate trends upward, +0.06%

The average rate on a 5/1 adjustable rate mortgage is 6.45 percent, ticking up 6 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.45 percent would cost about $629 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate rises, +0.02%

The average rate you'll pay for a jumbo mortgage is 7.00 percent, up 2 basis points from a week ago. This time a month ago, the average rate for jumbo mortgages was lower at 6.63 percent.

At today's average rate, you'll pay $665.30 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $1.34 higher.

30-year mortgage refinance rate eases, -0.04%

The average 30-year fixed-refinance rate is 6.87 percent, down 4 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.55 percent.

At the current average rate, you'll pay $656.59 per month in principal and interest for every $100,000 you borrow. That's lower by $2.68 than it would have been last week.

When will mortgage rates go down?

Fed rate cuts don't automatically translate to lower mortgage rates. In fact, since the Fed’s first cut in September, mortgage rates have only gone up. As of Nov. 6, the average 30-year fixed-rate mortgage was 7 percent — up 80 basis points from the September meeting, according to Bankrate data.

This was in large part due to rising yields on Treasury bonds. Donald Trump’s reelection sent 10-year Treasury bond yields even higher as investors prepare for a potential rise in inflation.

“Election outcomes do not impact mortgage rates — at least not immediately,” says Ken Johnson of the University of Mississippi. “The trend in 10-year Treasury yields impacts mortgage rates, and the yield on Treasurys has been rising steadily for six weeks.”

More on current mortgage rates

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

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.