Mortgages settle under 7% ahead of holiday - Current mortgage rates for November 27, 2024

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Nov 27, 2024 / 3 min read

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National mortgage rates were mostly up versus last week, according to Bankrate data. Average rates for 30-year fixed, 5/1 ARMs, and jumbo loans increased, while 15-year fixed rates decreased.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.96%	6.92%	+0.04
15-year fixed	6.24%	6.25%	-0.01
5/1 ARM	6.57%	6.40%	+0.17
30-year fixed jumbo	6.96%	6.92%	+0.04

Rates accurate as of November 27, 2024.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, November 27th, 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. Since the central bank started cutting interest rates, mortgage rates have climbed, rather than retreat. That’s because the Fed doesn’t outright determine fixed mortgage rates. Instead, they increase or decrease mostly 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.

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

The Fed has one more 2024 meeting slated in December, when it’ll release economic projections for next year and potentially cut rates again.

Still, your housing needs might change regardless of the Fed 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 higher, +0.04%

Today's average 30-year fixed-mortgage rate is 6.96 percent, up 4 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.88 percent.

At the current average rate, you'll pay a combined $662.62 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.

15-year mortgage rate slides, -0.01%

The average rate for a 15-year fixed mortgage is 6.24 percent, down 1 basis point over the last week.

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

5/1 adjustable rate mortgage increases, +0.17%

The average rate on a 5/1 adjustable rate mortgage is 6.57 percent, ticking up 17 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.57 percent would cost about $637 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate rises, +0.04%

The average rate you'll pay for a jumbo mortgage is 6.96 percent, an increase of 4 basis points over the last seven days. Last month on the 27th, the average rate for jumbo mortgages was below that at 6.81 percent.

At today's average jumbo rate, you'll pay principal and interest of $662.62 for every $100,000 you borrow. That's up $2.68 from what it would have been last week.

30-year mortgage refinance rate moves higher, +0.05%

The average 30-year fixed-refinance rate is 6.98 percent, up 5 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.90 percent.

At the current average rate, you'll pay $663.96 per month in principal and interest for every $100,000 you borrow. That's an increase of $3.35 over what you would have paid last week.

When will mortgage rates go down?

Mortgage rates have only gone up since the Fed started cutting rates in September. As of Nov. 20, the average 30-year fixed mortgage rate was 7.02 percent — up over 80 basis points from the September meeting, according to Bankrate data.

“Add in the proposed Trump tariffs, and there’s some real concern that inflation isn’t whipped, and the expected big Fed rate cuts aren’t as much a sure thing as they were just a few weeks ago,” says Sean Salter of Middle Tennessee State University, who expects rates to further trend upward in the coming 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.