Mortgage Rates for October 21, 2024
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Mortgage rates change as the economy evolves, new data is released, and lenders assess daily risk. In mid-September, the Federal Reserve cut interest rates by half a point, the first since the pandemic, with potential for more cuts before the year ends. While the Fed doesn’t directly set fixed mortgage rates, its decisions influence rates, often following changes in the 10-year Treasury yield. When confidence in the economy is high, the 10-year yield rises, affecting mortgage rates. If you’re ready to buy or sell a home, comparing lenders is best to find the best rate.
All rate data is accurate as of October 21, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.58 percent, an increase of 1 basis point compared to last week. Notably, the average rate was lower just a month ago, at 6.23 percent. At this rate, monthly payments total $637.34 per $100,000 borrowed in principal and interest, an increase 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 5.89 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 4.875 %, with a 5.219 APR available today in our mortgage lender network.
