Mortgage Rates for October 30, 2024
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Mortgage rates shift with economic changes, new data, and lenders’ risk tolerance. This includes Federal Reserve moves; in mid-September, the Fed cut interest rates by half a point, its first reduction since the pandemic, with potential for more cuts this year. Although the Fed doesn’t directly set mortgage rates, its policies impact the 10-year Treasury yield, which mortgages often track. Generally, yields rise when investors are confident in the economy, reducing Treasury demand. Ultimately, your decision to buy or sell a home shouldn’t hinge solely on rates—if you’re financially prepared, monitor rates and explore lenders for the best option.
All rate data is accurate as of October 30, 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 20 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 $13.30 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 5.250%, with a 5.652% APR available today in our mortgage lender network.
