Mortgage Rates for October 28, 2024

Mortgage rates change daily with economic conditions, lender risk assessments, and newly released data. Federal Reserve decisions, like September’s half-point rate cut, impact rates indirectly, even though the Fed doesn’t directly set fixed mortgage rates. Rates often align with the 10-year Treasury yield, which rises with economic confidence and lower demand for Treasury notes. Still, it’s tough to time the market based on the Fed or other factors. If you’re ready to buy or sell, comparing lenders can help you secure the lowest available rate.

All rate data is accurate as of October 28, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.82 percent, an increase of 24 basis points compared to last week. Notably, the average rate was lower just a month ago, at 6.26 percent. At this rate, monthly payments total $653.26 per $100,000 borrowed in principal and interest, an increase of $15.92 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 6.10 percent. At this rate, monthly payments total $849 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 5.2 % APR available today in our mortgage lender network.