This page contains affiliate links. We receive compensation from our partners (see our advertiser disclosure for details). Our opinions are our own. Learn how we rate mortgages for unbiased reviews.
- As of October 15, 2024, mortgage rates average around 6.30%, according to Zillow.
- Strong economic data has driven mortgage rates higher this month.
- Rates are expected to decrease in 2025, though they may stay steady in the short term.
The economy is improving, leading to rising mortgage rates.
In early October, the Bureau of Labor Statistics reported 254,000 new jobs were added, far exceeding the expected 147,000. Additionally, September’s inflation data was higher than anticipated.
Investors are closely monitoring economic updates to gauge potential rate cuts by the Federal Reserve, which may lower rates twice by 25 basis points before the end of 2024.
Today’s Mortgage Rates
| Mortgage Type | Average Rate Today |
|---|---|
| Data not available | |
(Data provided by Zillow)
Today’s Refinance Rates
| Refinance Type | Average Rate Today |
|---|---|
| Data not available | |
(Data provided by Zillow)
Mortgage Calculator
Use our free mortgage calculator to see how rates affect your monthly payments.
Current 30-Year Rates
The average 30-year mortgage rate is around 6.30%, an increase from the 5.74% average in September.
Current 15-Year Rates
The average 15-year mortgage rate is in the mid-5% range but has also risen this month.
Current Refinance Rates
Refinance rates are up from last month, with 30-year rates averaging 5.89%.
5-Year Mortgage Rate Trends
Check out trends for 30-year and 15-year rates over the past five years.
Factors Influencing Mortgage Rates
Mortgage rates are influenced by economic trends, Federal Reserve policies, state rates, loan types, and personal financial profiles.
When Will Rates Drop?
Forecasts suggest rates may decrease, particularly in 2025, depending on economic conditions.
Will Home Prices Drop in 2024?
Home prices are expected to rise this year due to limited supply, despite decreasing mortgage rates.
How to Choose a Mortgage
Decide between fixed-rate and adjustable-rate mortgages based on your needs and financial situation.
Fixed vs. Adjustable-Rate Mortgages
Fixed-rate mortgages offer stability, while adjustable-rate mortgages may start lower but can change over time.
Conventional vs. Government-Backed Mortgages
Conventional loans suit borrowers with strong credit. Government-backed options like FHA, VA, and USDA are better for those with lower credit scores or limited funds for down payments.
Choosing a Term Length
The mortgage term affects your payment structure; a longer term results in lower monthly payments but higher total interest costs.
`
