Mortgage Rates for October 16, 2024
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Based on economic conditions, new data, and lender risk tolerance, mortgage rates fluctuate daily. In September, the Federal Reserve cut interest rates by half a point, the first reduction since the pandemic, with the potential for more cuts by year-end. While the Fed doesn’t directly set fixed mortgage rates, its decisions influence them, as rates often follow the 10-year Treasury yield. Treasury yields rise when investors feel confident about the economy, including the Fed’s policies. Rather than trying to time the market, buyers should focus on financial readiness and monitor rates to secure the best deal.
All rate data is accurate as of October 16, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.55 percent, an increase of 9 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.17 percent. At this rate, monthly payments total $635.36 per $100,000 borrowed in principal and interest, an increase of $5.92 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 5.89 percent. At this rate, monthly payments total $838 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 4.500 %, with a 4.799 APR available today in our mortgage lender network.
