Mortgage Rates for October 23, 2024
Mortgage rates are ever-changing, influenced by economic conditions, market data, and lender risk assessments. Recent movements include a half-point rate cut by the Federal Reserve in mid-September, marking the first decrease since the pandemic. Experts predict that the central bank may cut rates one or two more times by the end of the year. These shifts highlight the importance of monitoring daily rate changes as lenders adjust based on market volatility. Actual rates can differ, so comparing options from different lenders is essential.
All rate data is accurate as of October 23, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.66 percent, an increase of 11 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.20 percent. At this rate, monthly payments total $642.63 per $100,000 borrowed in principal and interest, an increase of $7.57 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 4.990 %, with a 5.293 APR available today in our mortgage lender network.