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Nov. 06, 2024
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On Wednesday, November 06, 2024, the national average 30-year fixed mortgage APR is 6.94%. The average 15-year fixed mortgage APR is 6.23%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Wednesday, November 06, 2024, the national average 30-year fixed mortgage APR is 6.94%. The average 15-year fixed mortgage APR is 6.23%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage rate news this week - Oct. 31, 2024

Mortgage rates push toward 7%

Mortgage rates rose again this week, averaging 6.88 percent for 30-year fixed loans, according to Bankrate’s lender survey.

That’s still lower than mortgage rates in the first half of the year. With the Federal Reserve cutting its benchmark interest rate in September, the cost of a mortgage had slipped to a 24-month low. However, that’s edged back up in recent weeks as the Fed gears up for its next meeting concluding Nov. 7.

“Mortgage rates have generally been on the rise since the Federal Reserve cut the short-term federal funds rate by 50 basis points in September,” says Lisa Sturtevant, chief economist at Bright MLS. “The upward trajectory may seem paradoxical; however, it is rather reflective of the interconnected set of factors that influence mortgage rates.”

Rates to keep rising


Heather Devoto

Vice President, Branch Manager, First Home Mortgage, McLean, VA

"I’m anticipating rates to continue to rise in the coming week, as traders increasingly focus on the upcoming presidential election." - Oct. 30

Ken Johnson

Walker Family Chair of Real Estate, University of Mississippi.

"Is it uncertainty over the presidential election? Is it capital fleeing the Treasury markets for equities and other private investments? Is it worries over inflation reigniting? Well, it really does not matter, in terms of mortgage rates. Clearly, there is a sell-off in Treasurys, which is driving yields up. Mortgage rates will quickly follow. Next week, we can expect to see an increase in long-term mortgage rates." - Oct. 29

Sean Salter

Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University, Murfreesboro, TN

"Rates in the mortgage market seem to have decoupled from Fed rates, if only temporarily, and both bond markets and mortgage markets seem to be headed higher. Reports that 2024 Q3 GDP growth was slower than expected is not a good sign for the U.S. economy and certainly not a good sign for additional rate cuts in the short term." - Oct. 30

 

Product Interest Rate APR
30-Year Fixed Rate 6.90% 6.94%
20-Year Fixed Rate 6.78% 6.83%
15-Year Fixed Rate 6.16% 6.23%
10-Year Fixed Rate 6.17% 6.24%
5-1 ARM 6.32% 7.10%
10-1 ARM 6.47% 7.27%
30-Year Fixed Rate FHA 6.99% 7.03%
30-Year Fixed Rate VA 7.00% 7.04%
30-Year Fixed Rate Jumbo 6.87% 6.92%

Rates as of Wednesday, November 06, 2024 at 6:30 AM

 

Learn more: Interest rate vs. APR

How to compare mortgage rates

Getting the best possible rate on your mortgage can make a big difference in your monthly budget — not to mention potentially thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you narrow down the best type of mortgage for your situation and comparison-shop. Here’s how to do it:

  • Decide on the right type of mortgage. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan. Our mortgage calculator can help you estimate your monthly mortgage payment in various scenarios.
  • Shop around. Mortgage rates change often and vary widely by lender, loan type and term. When comparing lenders, pay attention to the APR, not just the interest rate. The APR, or annual percentage rate, reflects the total cost of the loan, including the interest rate and other fees.
  • See what others have to say. Check out our mortgage lender reviews and other testimonials to uncover the lenders with attractive rates and top-notch customer experience. 
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Why compare mortgage rates?

It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Our mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars spent or saved over the life of a mortgage.

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you’re buying.
  • Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
  • Mortgage points. Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payments. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed. For more details, see Bankrate’s guide to mortgage points.
  • The size of your down payment. If you put down less than 20 percent of the purchase amount, you may pay a higher rate.

How does the Federal Reserve affect mortgage rates?

Like any other financial product, the cost of a mortgage fluctuates with the happenings of the economy, including Federal Reserve decisions. The central bank doesn’t set specific mortgage rates, but its policies set the tone for what banks and other lenders charge for loans.

How to refinance your current mortgage

As interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense — especially with rates expected to trend down in the next year or two. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with our refinance calculator.

Next steps to getting a mortgage

Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:

Mortgage FAQ

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride