National mortgage rates jumped 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 jumped.
| Loan type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.46% | 6.20% | +0.26 |
| 15-year fixed | 5.78% | 5.48% | +0.30 |
| 5/1 ARM | 5.96% | 5.80% | +0.16 |
| 30-year fixed jumbo | 6.54% | 6.33% | +0.21 |
Rates last updated October 9, 2024.
These rates are marketplace 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, October 9th, 2024 at 7:30 a.m. ET.
Market mortgage rates shift up and down as the economy changes, 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 mid-September, the central bank cut interest rates by a half-point, the first such move since the pandemic. The Fed projected that another rate cut might still come this year, depending on economic data.
Historical mortgage rates: How do today’s rates compare to years past?
Mortgage rates have continued their fall into September, dipping below 6.5 percent as of Sept. 11. Slower inflation and weaker jobs numbers make it almost certain the Fed will cut rates at its next meeting on Sept. 18.
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.
Current 30 year mortgage rate moves upward, +0.26%
The average rate you’ll pay for a 30-year fixed mortgage today is 6.46 percent, an increase of 26 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.27 percent.
At the current average rate, you’ll pay $629.44 per month in principal and interest for every $100,000 you borrow. That’s $16.97 higher compared with last week.
Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of the loan.
15-year mortgage rate climbs, +0.30%
The average rate for the benchmark 15-year fixed mortgage is 5.78 percent, up 30 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $832 per $100,000 borrowed.
5/1 ARM rate rises, +0.16%
The average rate on a 5/1 adjustable rate mortgage is 5.96 percent, adding 16 basis points from a week ago.
Monthly payments on a 5/1 ARM at 5.96 percent would cost about $597 for each $100,000 borrowed over the initial five years.
Current jumbo mortgage rate moves upward, +0.21%
The average rate you’ll pay for a jumbo mortgage is 6.54 percent, up 21 basis points over the last seven days. This time a month ago, the average rate was below that at 6.37 percent.
At today’s average rate, you’ll pay $634.70 per month in principal and interest for every $100,000 you borrow. That’s $13.77 higher compared with last week.
Today’s 30-year mortgage refinance rate moves higher, +0.26%
The average 30-year fixed-refinance rate is 6.48 percent, up 26 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.30 percent.
At the current average rate, you’ll pay $630.75 per month in principal and interest for every $100,000 you borrow. That’s up $16.98 from what it would have been last week.
When will mortgage rates go down?
With the Fed now cutting rates, mortgage rates could continue to fall some through the end of 2024 and into 2025.
“The Fed cuts rates by half a percentage point right out of the gate and the Summary of Economic Projections saw expectations of higher unemployment and lower inflation than was forecast just three months ago. This will sustain the downward momentum in mortgage rates,” says Greg McBride, CFA, chief financial analyst for Bankrate.
Lower rates have already prompted some homeowners to refinance, but more could be making the choice to refi if rates drop further. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to a CoreLogic. As rates decline, refinancing could become an option for more 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
- Latest mortgage news for this week
- Compare current 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.
