Mortgage Rates for November 4, 2024
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Mortgage rates fluctuate constantly as economic conditions, Federal Reserve decisions, and lender risk assessments shift daily. Recently, in mid-September, the Fed cut rates by half a point, marking the first reduction since the pandemic, with potential for one or two more cuts by year-end. Although the Fed doesn’t directly set fixed mortgage rates, its actions influence them, often in tandem with the 10-year Treasury yield. This yield tends to rise when economic optimism reduces demand for Treasury notes. Ultimately, while monitoring rates is beneficial, timing the market is difficult, so it’s best to proceed if you’re financially prepared to buy.
All rate data is accurate as of November 4, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.91 percent, an increase of 9 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.40 percent. At this rate, monthly payments total $659.27 per $100,000 borrowed in principal and interest, an increase of $6.01 per $100,000 compared to the previous week.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.17 percent. At this rate, monthly payments total $853 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 5.250%, with a 5.652% APR available today in our mortgage lender network.
