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Mortgage rates for today, February 12th, 2024

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Mortgage rates edged higher for all loan terms 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 rose.

Mortgage rates could gradually come down this year, according to Greg McBride, CFA, Bankrate chief financial analyst. Mortgage rates cooled at the tail end of 2023 with the Federal Reserve pausing its campaign of rate hikes to tame inflation. At its Jan. 31 meeting, the central bank announced it would hold off changing rates and affirmed its plan to slash rates this year. Rate hikes and cuts affect many areas of the economy, including the 10-year Treasury, a key benchmark for fixed-rate mortgages.

“The 10-year Treasury yield that serves as a baseline for fixed mortgage rates will have a bouncy journey lower, moving back above 4 percent early in 2024 but trending lower as inflation cools and the Fed gets closer to cutting rates,” says McBride. “For mortgage rates, that portends a general downtrend — albeit with fits and starts — in 2024.”

Loan type Today's rate Last week's rate Change
30-year fixed 7.16% 7.06% +0.10
15-year fixed 6.56% 6.49% +0.07
5/1 ARM 6.13% 6.10% +0.03
30-year fixed jumbo 7.22% 7.13% +0.09

Rates as of February 12, 2024.

The rates listed above are averages based on the assumptions indicated here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, February 12th, 2024 at 7:30 a.m.

Current 30 year mortgage rate moves higher, +0.10%

Today's average rate for the benchmark 30-year fixed mortgage is 7.16 percent, up 10 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.94 percent.

At the current average rate, you'll pay principal and interest of $676.08 for every $100,000 you borrow. That's an increase of $6.74 over what you would have paid last week.

15-year fixed mortgage rate climbs, +0.07%

The average rate for a 15-year fixed mortgage is 6.56 percent, up 7 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $874 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARM moves upward, +0.03%

The average rate on a 5/1 ARM is 6.13 percent, adding 3 basis points over the last 7 days.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially 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 6.13 percent would cost about $608 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

Jumbo loan interest rate moves upward, +0.09%

The average jumbo mortgage rate is 7.22 percent, up 9 basis points since the same time last week. A month ago, jumbo mortgages' average rate was lesser at 6.97 percent.

At the average rate today for a jumbo loan, you'll pay principal and interest of $680.14 for every $100,000 you borrow. That's up $6.08 from what it would have been last week.

Refinance rates

30-year fixed-rate refinance moves upward, +0.05%

The average 30-year fixed-refinance rate is 7.19 percent, up 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 7.10 percent.

At the current average rate, you'll pay $678.11 per month in principal and interest for every $100,000 you borrow. That's an additional $3.38 per $100,000 compared with last week.

Where are mortgage rates going?

At its meeting concluding Jan. 31, the Federal Reserve announced it was maintaining its current rate due to a resilient economy and strong jobs numbers. Policymakers also signaled the potential for three rate cuts in 2024.

“Inflation is coming down faster than has been expected but that will need to be sustained before the Fed feels comfortable cutting short-term interest rates,” says McBride. “Easing inflation pressures will help mortgage rates now, no waiting.”

Still, don’t expect rates to change drastically anytime soon.

“The budget deficit remains high, and the various inflation metrics remain above the comfort level,” says Lawrence Yun, Chief Economist with the National Association of Realtors. “That means the mortgage rates will likely be in the 6 percent to 7 percent range for most of the year.”At its meeting concluding Jan. 31, the Federal Reserve announced it was maintaining its current rate due to a resilient economy and strong jobs numbers. Policymakers also signaled the potential for three rate cuts in 2024.

“Inflation is coming down faster than has been expected but that will need to be sustained before the Fed feels comfortable cutting short-term interest rates,” says McBride. “Easing inflation pressures will help mortgage rates now, no waiting.”

Still, analysts don't anticipate mortgage rates to deviate much from the 6 percent range.

“The budget deficit remains high, and the various inflation metrics remain above the comfort level,” says Lawrence Yun, Chief Economist with the National Association of Realtors. “That means the mortgage rates will likely be in the 6 percent to 7 percent range for most of the year.”

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. The specific rate you’d qualify for is tied to your credit score, loan type and other variables.

What today's rates mean for you and 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.

You could save serious money on interest by getting 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

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.