Majority of rates increase | Current mortgage rates for April 24th, 2024

Written by

Apr 24, 2024 / 5 min read

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Mortgage interest rates were mostly up compared to a week ago, according to rate data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans ticked up, while 5/1 ARM rates declined.

Some forecasters are revising projections for mortgage rates to fall in 2024. Fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions.

“The issue of inflation remains unsettled,” says Ken Johnson of Florida State University. “This is putting upward pressure on mortgage rates through the yield on 10-year Treasurys.”

The Fed indicated it'd cut rates in 2024, but policymakers held off at its latest meeting, citing the need for more promising economic data. The Fed has been working to bring inflation back to its 2 percent target since 2022.

The Fed meets next on May 1 — at the start of the homebuying busy season.

Whether mortgage rates move up or down, though, it’s difficult to time the market. Often, the decision to buy a home comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	7.29%	7.20%	+0.09
15-year fixed	6.72%	6.67%	+0.05
5/1 ARM	6.69%	6.78%	-0.09
30-year fixed jumbo	7.35%	7.30%	+0.05

Rates as of April 24, 2024.

The rates listed above are averages based on the assumptions shown here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, April 24th, 2024 at 7:30 a.m. ET.

30-year mortgage trends upward, +0.09%

The average rate for a 30-year fixed mortgage for today is 7.29 percent, up 9 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.90 percent.

At the current average rate, you'll pay $684.89 per month in principal and interest for every $100,000 you borrow. That's an additional $6.10 per $100,000 compared to last week.

Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.

15-year fixed mortgage rate increases, +0.05%

The average rate you'll pay for a 15-year fixed mortgage is 6.72 percent, up 5 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $883 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARM rate declines, -0.09%

The average rate on a 5/1 ARM is 6.69 percent, falling 9 basis points since the same time last week.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.69 percent would cost about $645 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

Jumbo mortgage rises, +0.05%

The average rate you'll pay for a jumbo mortgage is 7.35 percent, up 5 basis points over the last seven days. This time a month ago, the average rate was lesser at 7.00 percent.

At today's average rate, you'll pay a combined $688.97 per month in principal and interest for every $100,000 you borrow. That's an extra $3.40 compared with last week.

Mortgage refinance rates

30-year mortgage refinance climbs, +0.11%

The average 30-year fixed-refinance rate is 7.31 percent, up 11 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.88 percent.

At the current average rate, you'll pay $686.25 per month in principal and interest for every $100,000 you borrow. That's an additional $7.46 per $100,000 compared with last week.

Where are mortgage rates heading?

If and when the Fed cuts interest rates depends on incoming economic data, such as the rate of inflation and the jobs market.

“While the majority of Fed members still expect three rate cuts this year, Atlanta Fed President Bostic is now predicting just one rate cut in the fourth quarter,” says Melissa Cohn of William Raveis Mortgage. “Not the news we want for the spring market.”

Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.

These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate than the trend based on your own financial profile.

What current rates mean for your mortgage

While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

"All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, senior economic analyst for Bankrate. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

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.