Rates rise | Current mortgage rates, November 19, 2024

National mortgage rates edged 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 edged higher.

Rates as of November 19, 2024.

The rates listed above are Bankrate's overnight average rates and are 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 Tuesday, November 19th, 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 early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. The Fed had hinted it would lower rates more in 2025, but the reelection of Donald Trump could reroute those plans..

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, the Fed, inflation and yields shouldn’t necessarily drive your decision to buy or sell a home. There’s no surefire way to time the housing market, either. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

30-year mortgage rate trends upward, +0.06%

The average rate you'll pay for a 30-year fixed mortgage today is 6.96 percent, an increase of 6 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.66 percent.

At the current average rate, you'll pay a combined $662.62 per month in principal and interest for every $100,000 you borrow. That's $4.02 higher compared with last week.

While the 30-year rate is the most popular mortgage term, as with any financial product, the 30-year mortgage does have some negatives, including:

• More total interest paid. Stretching out repayment to a 30-year term means you pay more overall in interest than you would with a shorter-term loan.
• Higher mortgage rates. Compared to 15-year loans, lenders charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer time span.
• Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster payoff of the loan amount.
• Buying more house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate moves up, +0.04%

The average rate you'll pay for a 15-year fixed mortgage is 6.25 percent, up 4 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $857 per $100,000 borrowed.

5/1 ARM rate trends higher, +0.04%

The average rate on a 5/1 ARM is 6.49 percent, climbing 4 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.49 percent would cost about $631 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate climbs, +0.05%

Today's average rate for jumbo mortgages is 7.05 percent, up 5 basis points from a week ago. A month ago, the average rate on a jumbo mortgage was lesser at 6.71 percent.

At the average rate today for a jumbo loan, you'll pay principal and interest of $668.66 for every $100,000 you borrow. That's an extra $3.36 compared with last week.

Current 30 year mortgage refinance rate trends higher, +0.03%

The average 30-year fixed-refinance rate is 6.90 percent, up 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.67 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 $2.01 from what 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
• 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.