Rates rise - Today's mortgage rates for November 5, 2024

National mortgage rates moved higher 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.

Rates last updated November 5, 2024.

The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, November 5th, 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, 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 mortgage rate trends upward, +0.07%

Today's average rate for the benchmark 30-year fixed mortgage is 6.93 percent, an increase of 7 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.46 percent.

At the current average rate, you'll pay a combined $660.61 per month in principal and interest for every $100,000 you borrow. That's an additional $4.68 per $100,000 compared to last week.

The 30-year mortgage is the most popular option for homeowners, and this type of loan has a number of advantages:

• Lower monthly payment: The 30-year mortgage offers lower, more affordable payments spread over time compared with shorter-term mortgages.
• Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Keep in mind: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
• Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
• Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.

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

15-year mortgage rate advances, +0.03%

The average 15-year fixed-mortgage rate is 6.20 percent, up 3 basis points from a week ago.

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

5/1 ARM rises, +0.08%

The average rate on a 5/1 ARM is 6.39 percent, adding 8 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.39 percent would cost about $625 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate goes up, +0.12%

The average jumbo mortgage rate is 6.98 percent, an increase of 12 basis points since the same time last week. This time a month ago, jumbo mortgages' average rate was lesser at 6.54 percent.

At the average rate today for a jumbo loan, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. That's up $8.03 from what it would have been last week.

Today's 30-year mortgage refinance rate moves up, +0.07%

The average 30-year fixed-refinance rate is 6.91 percent, up 7 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.48 percent.

At the current average rate, you'll pay $659.27 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $4.68 higher.

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.

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 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.