Mortgage Rates for October 17, 2024
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Based on economic conditions, new data, and lender risk tolerance, mortgage rates fluctuate daily. In September, the Federal Reserve reduced interest rates by half a point, marking the first cut since the pandemic, with 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 are confident in the economy, including Fed policies. If you need to buy or sell a home now, shopping around for the best mortgage rate available is essential.
All rate data is accurate as of October 17, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.54 percent, an increase of 2 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.16 percent. At this rate, monthly payments total $634.70 per $100,000 borrowed in principal and interest, an increase of $1.32 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 5.82 percent. At this rate, monthly payments total $834 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 5.115 APR available today in our mortgage lender network.
