Mortgage Rates for October 18, 2024
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Mortgage rates fluctuate based on economic conditions, lender risk tolerance, and Federal Reserve decisions. In mid-September, the Fed cut interest rates by half a point, the first since the pandemic, with the potential for more cuts by year-end. While the Fed doesn’t set fixed mortgage rates directly, its actions impact rates, as they tend to follow changes in the 10-year Treasury yield. When the economy is strong, the 10-year yield rises, affecting mortgage rates. If you’re ready to buy or sell a home, regularly checking rates can help you find the best deal.
All rate data is accurate as of October 18, 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, a decrease of 1 basis point 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, a decrease of $0.66 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 5.83 percent. At this rate, monthly payments total $835 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 5.070 APR available today in our mortgage lender network.
