Rates increase - Today's mortgage rates, October 30, 2024

Mortgage interest rates edged higher 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 rose.

Rates last updated October 30, 2024.

The rates listed here are marketplace averages based on the assumptions 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, October 30th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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 consensus for now is that the Fed could cut rates one or two more times before the end of the year.

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, the Fed, inflation and yields shouldn’t necessarily drive your decision to buy or sell a home. There’s no surefire way to time the housing market, either. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

30-year mortgage rate advances, +0.20%

Today's average 30-year fixed-mortgage rate is 6.86 percent, up 20 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.20 percent.

At the current average rate, you'll pay principal and interest of $655.93 for every $100,000 you borrow. That's $13.30 higher compared with last week.

15-year mortgage rate trends higher, +0.18%

The average rate you'll pay for a 15-year fixed mortgage is 6.17 percent, up 18 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $853 per $100,000 borrowed.

5/1 ARM increases, +0.09%

The average rate on a 5/1 ARM is 6.25 percent, rising 9 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.25 percent would cost about $616 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate rises, +0.10%

The average rate for a jumbo mortgage is 6.81 percent, an increase of 10 basis points since the same time last week. This time a month ago, jumbo mortgages' average rate was lower at 6.36 percent.

At the average rate today for a jumbo loan, you'll pay a combined $652.59 per month in principal and interest for every $100,000 you borrow. That's $6.65 higher compared with last week.

Today's 30-year mortgage refinance rate moves higher, +0.19%

The average 30-year fixed-refinance rate is 6.86 percent, up 19 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.22 percent.

At the current average rate, you'll pay $655.93 per month in principal and interest for every $100,000 you borrow. That's an additional $12.64 per $100,000 compared with last week.

When will mortgage rates go down?

With the Fed now making cuts, mortgage rates could continue to fall through the end of 2024 and into 2025. There might be some bouncing around, however. Recently, rates have inched back up.

“In the words of Jerome Powell, the Fed is ‘recalibrating’ interest rates. Markets are recalibrating too, to reflect the fact that interest rates won’t come down as quickly as had been previously expected.” says Greg McBride, CFA, chief financial analyst for Bankrate.

As mortgage rates hover in the mid-6s, existing-home sales activity backtracked in September, down 3.5 percent year-over-year, according to the National Association of Realtors.

“There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy,” said Lawrence Yun, chief economist of NAR.

Some homebuyers 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.

Lower rates have also prompted some homeowners to refinance, with more potentially to follow. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to 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.

More on current mortgage rates

• Expert poll: Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare today's mortgage rates

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.