Mortgage Rates for October 22, 2024
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Average mortgage rates have fluctuated due to economic shifts and lender risk assessments. While the Federal Reserve doesn’t directly set mortgage rates, its recent decisions are crucial. In mid-September, the Fed cut interest rates by 0.5%, the first cut since the pandemic. More rate cuts may come by year’s end. Mortgage rates often follow the 10-year Treasury yield, which rises when investor confidence in the economy is strong. Still, whether buying or selling, it’s wise to shop around for the best rate available.
All rate data is accurate as of October 22, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.64 percent, an increase of 4 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.18 percent. At this rate, monthly payments total $641.30 per $100,000 borrowed in principal and interest, an increase of $2.64 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 5.99 percent. At this rate, monthly payments total $843 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 5.231 APR available today in our mortgage lender network.
