Rates increase | Current mortgage rates, October 22, 2024

Average mortgage rates rose 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 increased.

Rates last updated October 22, 2024.

The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, October 22nd, 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 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 fixed-rate mortgage moves higher, +0.04%

The average rate you'll pay for a 30-year fixed mortgage today is 6.64 percent, an increase of 4 basis points over the last seven days. Last month on the 22nd, the average rate on a 30-year fixed mortgage was lower, at 6.18 percent.

At the current average rate, you'll pay a combined $641.30 per month in principal and interest for every $100,000 you borrow. That's an additional $2.64 per $100,000 compared to last week.

Learn more about 30-year mortgage rates, and compare to a variety of other loan types.

15-year mortgage rate moves higher, +0.07%

The average 15-year fixed-mortgage rate is 5.99 percent, up 7 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $843 per $100,000 borrowed.

5/1 ARM trends higher, +0.07%

The average rate on a 5/1 ARM is 6.20 percent, ticking up 7 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.20 percent would cost about $612 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate increases, +0.06%

The average rate you'll pay for a jumbo mortgage is 6.79 percent, an increase of 6 basis points over the last week. This time a month ago, the average rate was below that at 6.34 percent.

At today's average jumbo rate, you'll pay principal and interest of $651.26 for every $100,000 you borrow. Compared to last week, that's $3.99 higher.

30-year mortgage refinance rate increases, +0.03%

The average 30-year fixed-refinance rate is 6.60 percent, up 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.16 percent.

At the current average rate, you'll pay $638.66 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $1.98 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.

Still, the housing outlook 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 go down in the next year.

Lower rates have also caused 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.

More on current mortgage rates

• Expert poll: 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.