Mortgage Rates for October 29, 2024
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Mortgage rates fluctuate daily due to economic conditions, lender risk assessments, and new public data. A recent Federal Reserve decision in mid-September lowered interest rates by half a point, with possible further cuts expected this year. While the Fed doesn’t directly set mortgage rates, its actions influence the 10-year Treasury yield, which mortgage rates often follow. Generally, higher yields arise when investor confidence in the economy is strong, reducing Treasury demand. Regardless of these factors, exploring different lenders can help you secure the best available rate if you’re considering buying or selling.
All rate data is accurate as of October 29, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.86 percent, an increase of 22 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 $655.93 per $100,000 borrowed in principal and interest, an increase of $14.63 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 6.17 percent. At this rate, monthly payments total $853 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 5.125%, with a 5.453% APR available today in our mortgage lender network.
