Mortgage Rates for October 7, 2024
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Mortgage rates fluctuate as the economy shifts, new data is released, and lenders adjust their risk tolerance. In mid-September, the Federal Reserve cut interest rates by half a point, marking its first reduction since the pandemic, and signaled that another cut might happen later this year. Mortgage rates declined in early September, falling below 6.5% as of September 11, driven by slower inflation and weaker job reports. While the Fed doesn’t directly control mortgage rates, its decisions impact them, as rates often follow the 10-year Treasury yield. Despite these market factors, homebuyers and sellers should still compare rates to secure the best possible deal for their situation.
All rate data is accurate as of October 7, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.29 percent, an increase of 7 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.39 percent. At this rate, monthly payments total $618.32 per $100,000 borrowed in principal and interest, an increase of $4.55 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 5.57 percent, up 16 points from last week. At this rate, monthly payments total $821 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 4.125 %, with a 4.455 APR available today in our mortgage lender network.
