Mortgage Rates for October 14, 2024
Written By
Mortgage rates fluctuate as the economy shifts, influenced by factors like Federal Reserve decisions, investor sentiment, and lender risk tolerance. In mid-September, the Fed cut interest rates by half a point, marking the first decrease since the pandemic. Although the Fed doesn’t directly set fixed mortgage rates, its actions can indirectly affect them, as mortgage rates often track with the 10-year Treasury yield. The 10-year yield rises when investor confidence in the economy is high, driving mortgage rates higher. For buyers and sellers, waiting for the perfect rate might not always be ideal, so comparing lenders can help secure the best deal regardless of market conditions.
All rate data is accurate as of October 14, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.57 percent, an increase of 28 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.34 percent. At this rate, monthly payments total $636.68 per $100,000 borrowed in principal and interest, an increase of $18.36 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 5.86 percent. At this rate, monthly payments total $836 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 4.750 %, with a 5.019 APR available today in our mortgage lender network.
