Mortgage rates this week
- The average rate on a 30-year fixed mortgage is up to 6.84% this week
- The average rate on a 15-year fixed mortgage is up to 6.02% this week
30-year fixed-rate mortgages
The average 30-year fixed mortgage rate increased to 6.84% this week, up from an average of 6.78% last week. A year ago at this time, the 30-year rate averaged 7.29%.
15-year fixed-rate mortgages
The average 15-year mortgage rate increased to 6.02%, up from an average of 5.99% last week. This time a year ago, the 15-year fixed rate averaged 6.67%.
Stop overpaying for home insurance
Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.
Officialhomeinsurance can help you do just that. Their online marketplace of vetted home insurance providers allows you to quickly shop around for rates from the country’s top insurance companies, and ensure you’re paying the lowest price possible for your home insurance.
Explore better ratesMortgage rate trends
See how mortgage rates have changed over the last three months. The average 30-year mortgage rate hit a high of 6.46% the week of August 22, while the average 15-year mortgage rate topped out at 5.62%, the same week.
| Week of | 30-year mortgage rate | 15-year mortgage rate |
|---|---|---|
| November 21, 2024 | 6.84% | 6.02% |
| November 14, 2024 | 6.78% | 5.99% |
| November 7, 2024 | 6.79% | 6.0% |
| October 31, 2024 | 6.72% | 5.99% |
| October 24, 2024 | 6.54% | 5.71% |
| October 17, 2024 | 6.44% | 5.63% |
| October 10, 2024 | 6.32% | 5.41% |
| October 3, 2024 | 6.12% | 5.25% |
| September 26, 2024 | 6.08% | 5.16% |
| September 18, 2024 | 6.09% | 5.15% |
| September 12, 2024 | 6.20% | 5.27% |
| September 5, 2024 | 6.35% | 5.47% |
| August 29, 2024 | 6.35% | 5.51% | August 22, 2024 | 6.46% | 5.62% |
What’s behind current mortgage rate trends?
Inflation: The current inflation rate is 2.6%, compared to 2.4% last month. Mortgage lenders often demand higher interest rates to compensate for the eroding purchasing power of money due to inflation.
Federal funds rate: The federal funds rate is set by central bank officials, and it’s the interest rate that banks charge one another for borrowing money. Central banks adjust key interest rates to control inflation or stimulate the economy, and mortgage rates can follow suit. The current federal funds rate is at 4.75% to 5.0%.
Need cash? Tap into your home equity
As home prices have increased, the average homeowner is sitting on a record amount of home equity. Savvy homeowners are tapping into their equity to consolidate debt, pay for home improvements, or tackle unexpected expenses. Rocket Mortgage, the nation's largest mortgage lender, offers competitive rates and expert guidance.
Get StartedHow mortgage rates affect your monthly payments
Say you’re buying a $500,000 property, have a 10% down payment and lock in a 30-year fixed mortgage at today’s average rate of 6.84%. Using a mortgage calculator, your monthly mortgage payment would be $3,943 a month, not including property taxes and insurance.
When buying a home, keep in mind that most lenders want you to keep your housing expenses at or under 30% of your gross income. Based on your income and expenses, use this calculator to find out how much home you could afford at today’s mortgage rates.
Mortgage application demand increases
Demand for mortgages increased 1.7% this week from a week earlier, according to the Mortgage Bankers Association (MBA).
Meanwhile, the Refinance Index increased 2% from the previous week and was 45% higher than the same week one year ago.
“Mortgage rates moved higher for the fourth consecutive week, with the 30-year fixed rate increasing to 6.90 percent, its highest level since July 2024.” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
"However, even with the uptick in rates, overall mortgage applications increased.”
Should you buy a home at the current mortgage rates?
With the current 30-year fixed mortgage rate at 6.84%, you might wonder if now is the right time to buy a home. To help you make the best decision, ask yourself a few questions.
Am I financially stable? Reflect on your current financial situation, including your income, job stability, and overall financial health. Use a mortgage income calculator to determine what monthly mortgage payment you could comfortably afford. Remember to factor in property taxes, insurance and maintenance costs.
Where do I see myself in 5, 10 years? Imagine yourself five, 10, 15 years from now. What does your career look like? Are you in the same city/state? Thinking about your long-term plans can help you determine if buying a home at today’s mortgage rates is a good idea or not.
How’s my credit score? Your credit score plays a significant role in the interest rate you'll be offered. If it’s on the low end, you may want to focus on boosting your score. With a higher credit score, you can qualify for the best mortgage rates available.
Find the Best Mortgage Rates to Fit Your Budget
Looking for a great mortgage rate? Don’t overpay on your home loan! Get updated mortgage rates, expert insights, and tips to lock in the best deal tailored to your needs. Save on monthly payments and make homeownership more affordable. Start your journey to savings now.
