Majority of rates rise - Current mortgage rates, November 13, 2024

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Nov 13, 2024 / 3 min read

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Mortgage rates were mostly higher compared to a week ago, according to Bankrate data. The rates for 15-year fixed, 5/1 ARMs, and jumbo mortgage loans moved higher, while 30-year fixed rates declined.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.88%	6.90%	-0.02
15-year fixed	6.20%	6.16%	+0.04
5/1 ARM	6.34%	6.32%	+0.02
30-year fixed jumbo	6.89%	6.87%	+0.02

Rates as of November 13, 2024.

These rates 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 Wednesday, November 13th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, 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 early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. It could continue on that path in 2025, but the outlook is cloudy given the reelection of Donald Trump.

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 down, -0.02%

Today's average rate for the benchmark 30-year fixed mortgage is 6.88 percent, down 2 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.54 percent.

At the current average rate, you'll pay principal and interest of $657.26 for every $100,000 you borrow. That's a decline of $1.34 from last week.

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

15-year mortgage rate moves up, +0.04%

The average rate for a 15-year fixed mortgage is 6.20 percent, up 4 basis points over the last seven days.

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

5/1 ARM trends higher, +0.02%

The average rate on a 5/1 ARM is 6.34 percent, ticking up 2 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.34 percent would cost about $622 for each $100,000 borrowed over the initial five years.

Jumbo mortgage trends upward, +0.02%

The average jumbo mortgage rate is 6.89 percent, up 2 basis points from a week ago. A month ago, jumbo mortgages' average rate was below that at 6.59 percent.

At the average rate today for a jumbo loan, you'll pay $657.93 per month in principal and interest for every $100,000 you borrow. That's an extra $1.34 compared with last week.

Today's 30-year mortgage refinance rate falls, -0.01%

The average 30-year fixed-refinance rate is 6.90 percent, down 1 basis point since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.56 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $0.67 lower.

When will mortgage rates go down?

Even with the Fed cutting rates, mortgage rates might not move lower, or at all. In fact, since the Fed’s first cut in September, mortgage rates have only gone up. As of Nov. 6, the average 30-year fixed-rate mortgage was 7 percent — up 80 basis points from the September meeting, according to Bankrate data.

This was in large part due to rising yields on Treasury bonds. Donald Trump’s reelection sent 10-year Treasury bond yields even higher as investors prepare for a potential rise in inflation.

“Election outcomes do not impact mortgage rates — at least not immediately,” says Ken Johnson of the University of Mississippi. “The trend in 10-year Treasury yields impacts mortgage rates, and the yield on Treasurys has been rising steadily for six weeks.”

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.