Rates increase - Mortgage rates for today, November 20, 2024

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Nov 20, 2024 / 4 min read

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Mortgage rates edged higher 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 jumped.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.92%	6.88%	+0.04
15-year fixed	6.25%	6.20%	+0.05
5/1 ARM	6.40%	6.34%	+0.06
30-year fixed jumbo	6.92%	6.89%	+0.03

Rates last updated November 20, 2024.

The rates listed above are averages based on the assumptions shown here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, November 20th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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 early November, the central bank cut interest rates by a quarter-point following a half-point reduction in September. The Fed has one more opportunity to cut rates this year when it meets in December..

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, 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.

Current 30 year mortgage rate moves up, +0.04%

Today's average 30-year fixed-mortgage rate is 6.92 percent, up 4 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.71 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. That's an increase of $2.68 over what you would have paid 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 still 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 amountor a more expensive home.
Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate goes up, +0.05%

The average 15-year fixed-mortgage rate is 6.25 percent, up 5 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $857 per $100,000 borrowed.

5/1 ARM moves higher, +0.06%

The average rate on a 5/1 adjustable rate mortgage is 6.40 percent, adding 6 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.40 percent would cost about $626 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate advances, +0.03%

The average jumbo mortgage rate is 6.92 percent, up 3 basis points since the same time last week. A month ago, jumbo mortgages' average rate was lesser at 6.72 percent.

At the current average rate, you'll pay principal and interest of $659.94 for every $100,000 you borrow. That's an additional $2.01 per $100,000 compared to last week.

30-year mortgage refinance rate moves higher, +0.03%

The average 30-year fixed-refinance rate is 6.93 percent, up 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.71 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's up $2.01 from what it would have been last week.

When will mortgage rates go down?

Despite Fed cuts, mortgage rates might not drop significantly anytime soon. 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.