Mortgage Rates for November 5, 2024
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Mortgage rates are dynamic, shifting with economic trends, new data, and lender risk assessments. In mid-September, the Fed lowered interest rates by a half-point for the first time since the pandemic, with speculation that it might cut rates once or twice more by year-end. Though the Fed doesn’t directly set fixed mortgage rates, its actions influence them, primarily through changes in the 10-year Treasury yield. This yield typically rises when economic confidence reduces demand for Treasury notes. If you’re ready to buy or sell, it may be wise to act now and shop for competitive mortgage offers rather than wait for market fluctuations.
All rate data is accurate as of November 5, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.93 percent, an increase of 7 basis points compared to last week. The average rate was lower just a month ago, at 6.46 percent. At this rate, monthly payments total $660.61 per $100,000 borrowed in principal and interest, an increase of $4.68 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 6.20 percent. At this rate, monthly payments total $855 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 5.350%, with a 5.852% APR available today in our mortgage lender network.
