Rates increase - Today's mortgage rates, October 29, 2024

National mortgage rates edged 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 edged higher.

Rates last updated October 29, 2024.

The rates listed here are 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, October 29th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, 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 moves upward, +0.22%

The average rate you'll pay for a 30-year fixed mortgage today is 6.86 percent, up 22 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.20 percent.

At the current average rate, you'll pay a combined $655.93 per month in principal and interest for every $100,000 you borrow. That's an extra $14.63 compared with 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: Compared to a shorter-term mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly payments spread over time.
• 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. Remember: Your monthly housing payment can 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 amount or a more expensive home.
• Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.

15-year mortgage rate rises, +0.18%

The average rate you'll pay for a 15-year fixed mortgage is 6.17 percent, up 18 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $853 per $100,000 borrowed.

5/1 ARM rate climbs, +0.11%

The average rate on a 5/1 adjustable rate mortgage is 6.31 percent, ticking up 11 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.31 percent would cost about $620 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate moves higher, +0.07%

Today's average rate for jumbo mortgages is 6.86 percent, up 7 basis points over the last seven days. This time a month ago, the average rate for jumbo mortgages was lesser at 6.33 percent.

At today's average jumbo rate, you'll pay a combined $655.93 per month in principal and interest for every $100,000 you borrow. That's an extra $4.67 compared with last week.

30-year mortgage refinance goes up, +0.24%

The average 30-year fixed-refinance rate is 6.84 percent, up 24 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.22 percent.

At the current average rate, you'll pay $654.59 per month in principal and interest for every $100,000 you borrow. That's an increase of $15.93 over what you would have paid 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 today's 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.