Rates increase - Today's mortgage rates for October 8, 2024

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Oct 08, 2024 / 4 min read

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National mortgage rates increased 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 moved higher.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.40%	6.26%	+0.14
15-year fixed	5.72%	5.47%	+0.25
5/1 ARM	5.99%	5.87%	+0.12
30-year fixed jumbo	6.61%	6.50%	+0.11

Rates as of October 8, 2024.

The rates listed here are averages 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, October 8th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, new data releases 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 Fed projected that another rate cut might still come this year, depending on economic data.

Historical mortgage rates: How do today’s rates compare to years past?

Mortgage rates have continued their fall into September, crossing below the 6.5 percent mark as of Sept. 11. Slower inflation and weaker jobs numbers make it almost certain the Fed will cut rates at its next meeting on Sept. 18.

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 trends higher, +0.14%

Today's average rate for the benchmark 30-year fixed mortgage is 6.40 percent, up 14 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.30 percent.

At the current average rate, you'll pay principal and interest of $625.51 for every $100,000 you borrow. Compared to last week, that's $9.14 higher.

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home because it allows the borrower to disperse payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate rises, +0.25%

The average rate for the benchmark 15-year fixed mortgage is 5.72 percent, up 25 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $829 per $100,000 borrowed.

5/1 adjustable rate mortgage trends higher, +0.12%

The average rate on a 5/1 adjustable rate mortgage is 5.99 percent, climbing 12 basis points from a week ago.

Monthly payments on a 5/1 ARM at 5.99 percent would cost about $599 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate trends upward, +0.11%

Today's average rate for jumbo mortgages is 6.61 percent, an increase of 11 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was lesser at 6.43 percent.

At today's average rate, you'll pay principal and interest of $639.32 for every $100,000 you borrow. That's an extra $7.25 compared with last week.

30-year mortgage refinance trends upward, +0.17%

The average 30-year fixed-refinance rate is 6.38 percent, up 17 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.32 percent.

At the current average rate, you'll pay $624.20 per month in principal and interest for every $100,000 you borrow. That's an increase of $11.08 over what you would have paid last week.

When will mortgage rates go down?

With the Fed now cutting rates, mortgage rates could continue to fall some through the end of 2024 and into 2025.

“The Fed cuts rates by half a percentage point right out of the gate and the Summary of Economic Projections saw expectations of higher unemployment and lower inflation than was forecast just three months ago. This will sustain the downward momentum in mortgage rates,” says Greg McBride, CFA, chief financial analyst for Bankrate.

Lower rates have already prompted some homeowners to refinance, but more could be making the choice to refi if rates drop further. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to a 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.

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.