Mortgage Rates for October 15, 2024
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Mortgage rates fluctuate based on various factors, including economic data and lenders’ risk tolerance. The Federal Reserve’s recent rate cut in mid-September, its first since the pandemic, shapes the market. While the Fed doesn’t directly set fixed mortgage rates, its decisions influence the 10-year Treasury yield, which affects mortgage rates. As the yield rises with economic confidence, mortgage rates may follow. Rather than waiting for the market to shift, buyers and sellers should focus on comparing lenders to find the best possible rate now.
All rate data is accurate as of October 15, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.60 percent, an increase of 20 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.24 percent. At this rate, monthly payments total $638.66 per $100,000 borrowed in principal and interest, an increase of $13.15 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 5.92 percent. At this rate, monthly payments total $840 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 4.995 APR available today in our mortgage lender network.
