Mortgage Rates for October 25, 2024

Mortgage rates fluctuate daily due to economic shifts, new data, and lender risk assessments. Federal Reserve actions, like September’s half-point rate cut, can influence mortgage rates indirectly, though they don’t set fixed rates directly. Mortgage rates often follow the 10-year Treasury yield, which rises when investors feel confident about the economy. Still, timing the market is challenging, so checking mortgage rates regularly can help if you’re ready to buy. The best approach is to shop for lenders to find the most affordable rate for your financial situation.

All rate data is accurate as of October 25, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.80 percent, an increase of 25 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.22 percent. At this rate, monthly payments total $651.93 per $100,000 borrowed in principal and interest, an increase of $16.57 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 6.07 percent. At this rate, monthly payments total $848 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 4.8%, with a 5.293 APR available today in our mortgage lender network.