Rates increase | Mortgage rates for today, April 26, 2024

Mortgage interest rates jumped for all types of loans compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged higher.

Some forecasters are rethinking the expectation that mortgage rates come down this year. The movement of fixed mortgage rates parallels the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions.

“The issue of inflation remains unsettled,” says Ken Johnson of Florida State University. “This is putting upward pressure on mortgage rates through the yield on 10-year Treasurys.”

Although the Fed still expects to cut rates in 2024, policymakers opted not to at the central bank's latest meeting, thanks in part to inflation that hasn't yet returned to the Fed's 2 percent target.

The Fed meets next on May 1 — peak spring homebuying season.

Whether mortgage rates move up or down, though, it’s hard to time the market. Often, the decision to buy a home comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than chancing that buying a home will become more affordable.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	7.30%	7.26%	+0.04
15-year fixed	6.71%	6.70%	+0.01
5/1 ARM	6.78%	6.74%	+0.04
30-year fixed jumbo	7.39%	7.37%	+0.02

Rates as of April 26, 2024.

These rates are averages based on the assumptions indicated here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, April 26th, 2024 at 7:30 a.m. ET.

Today's 30-year mortgage rate increases, +0.04%

Today's average 30-year fixed-mortgage rate is 7.30 percent, an increase of 4 basis points since the same time 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 $685.57 per month in principal and interest for every $100,000 you borrow. That's an increase of $2.72 over what you would have paid last week.

There are various advantages to choosing a fixed-rate mortgage when buying new house, including predictable mortgage payments.

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

15-year mortgage rate moves upward, +0.01%

The average rate for a 15-year fixed mortgage is 6.71 percent, up 1 basis point over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $883 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.

5/1 adjustable rate mortgage rises, +0.04%

The average rate on a 5/1 ARM is 6.78 percent, rising 4 basis points since the same time last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.78 percent would cost about $651 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.

Jumbo mortgage advances, +0.02%

Today's average rate for jumbo mortgages is 7.39 percent, an increase of 2 basis points over the last seven days. This time a month ago, the average rate on a jumbo mortgage was lower at 7.01 percent.

At the average rate today for a jumbo loan, you'll pay $691.70 per month in principal and interest for every $100,000 you borrow. That's an extra $1.37 compared with last week.

Mortgage refinance rates

Today's 30-year mortgage refinance rate increases, +0.04%

The average 30-year fixed-refinance rate is 7.29 percent, up 4 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.88 percent.

At the current average rate, you'll pay $684.89 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $2.71 higher.

Where are mortgage rates going?

If and when the Fed cuts interest rates depends on incoming economic data, such as the rate of inflation and the jobs market.

“While the majority of Fed members still expect three rate cuts this year, Atlanta Fed President Bostic is now predicting just one rate cut in the fourth quarter,” says Melissa Cohn of William Raveis Mortgage. “Not the news we want for the spring market.”

Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.

These broader factors influence overall rate movement. Depending on your credit score and finances, you could be quoted a rate that's higher or lower than the trend.

What current rates mean for your mortgage

While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

"All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, senior economic analyst for Bankrate. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

More on current mortgage rates

• Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare current mortgage rates for today

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.