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30-year fixed rates increase - Mortgage rates for February 13, 2024

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Mortgage rates moved in different directions this week, according to rate data compiled by Bankrate. See the table below for a detailed breakdown of how each loan type moved.

Mortgage rates could gradually come down this year, according to Greg McBride, CFA, Bankrate chief financial analyst. Rates drifted downward in November and December of 2023 as the Federal Reserve held off on raising rates further. At its Jan. 31 meeting, the central bank announced it would hold off changing rates and hinted at the potential for three rate cuts in 2024. 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 7.14% 7.11% +0.03
15-year fixed 6.52% 6.55% -0.03
5/1 ARM 6.14% 6.11% +0.03
30-year fixed jumbo 7.19% 7.19% N/C

Rates last updated February 13, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, February 13th, 2024 at 7:30 a.m.

30-year mortgage climbs, +0.03%

The average rate for a 30-year fixed mortgage for today is 7.14 percent, an increase of 3 basis points over the last week. Last month on the 13th, the average rate on a 30-year fixed mortgage was lower, at 7.00 percent.

At the current average rate, you'll pay a combined $674.73 per month in principal and interest for every $100,000 you borrow. That's up $2.02 from what it would have been last week.

Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to spread loan payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate moves lower, -0.03%

The average rate for a 15-year fixed mortgage is 6.52 percent, down 3 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $872 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment, 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 faster.

5/1 adjustable rate mortgage advances, +0.03%

The average rate on a 5/1 adjustable rate mortgage is 6.14 percent, up 3 basis points over the 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 those who expect to refinance or sell before the first or second adjustment. Rates could be considerably 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 6.14 percent would cost about $609 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan's terms.

Jumbo loan interest rate holds firm

The average jumbo mortgage rate is 7.19 percent, unchanged over the last seven days. This time a month ago, the average rate on a jumbo mortgage was below that at 7.05 percent.

At today's average rate, you'll pay $678.11 per month in principal and interest for every $100,000 you borrow.

Refinance rates

Current 30 year mortgage refinance rate falls, -0.03%

The average 30-year fixed-refinance rate is 7.18 percent, down 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 7.16 percent.

At the current average rate, you'll pay $677.43 per month in principal and interest for every $100,000 you borrow. That's down $2.04 from what it would have been last week.

Where are mortgage rates going?

At its meeting concluding Jan. 31, the Federal Reserve announced it is keeping rates unchanged due to a stronger-than-expected economy. 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, 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.”

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 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

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.