Mortgage rates for October 30, 2023: Rates trending about the same

Jamie Young

BLUEPRINT

Published 3:40 a.m. ET Oct. 30, 2023

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The average rate on a 30-year fixed mortgage is 8.21%, and on a 15-year fixed-rate mortgage, it's 7.29%. The average rate on a 30-year jumbo mortgage is 8.06%.

*Data accurate as of October 27, 2023, the latest data available.

30-year fixed mortgage rates

The average mortgage rate for 30-year fixed loans fell today to 8.21% from 8.25% last week, according to data from Curinos. This is up from last month's 7.90% and up from a year ago when it was 5.99%.

At the current 30-year fixed rate, you'll pay about $752 each month for every $100,000 you borrow — down from about $754 last week.

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15-year fixed mortgage rates

The mortgage rates for 15-year fixed loans inched down today to 7.29% from 7.36% last week. Today's rate is up from last month's 7.13% and up from a year ago when it was 5.42%.

At the current 15-year fixed rate, you'll pay about $917 each month for every $100,000 you borrow, down from about $921 last week.

30-year jumbo mortgage rates

The mortgage rates for 30-year jumbo loans fell today to 8.06% from 8.12% last week. This is up from last month's 7.69% and up from 5.77% last year.

At the current 30-year jumbo rate, you'll pay around $742 each month for every $100,000 you borrow, down from about $746 last week.

Methodology

To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.

Frequently asked questions (FAQs)

On May 3, 2023, the Federal Reserve announced a third interest rate hike for the year — this time by 25 basis points. While the Fed doesn't set mortgage rates, this increase in the federal funds rate could lead individual lenders to raise their home loan rates, too.

If you already have a mortgage, how this could affect your monthly payment will depend on if your loan has a fixed or adjustable rate. A fixed rate stays the same over the life of the loan, meaning your payments will never change. An adjustable rate, however, can fluctuate according to market conditions — which means you could see a rise in your monthly payments.

For example, if you take out an ARM for $250,000 with an interest rate of 5.5%, your initial monthly payments would be $1,719. But after the initial period is over, and the ARM switches to a variable rate, your payments could increase if the rate rises. If the rate rose just 25 basis points (5.75%), for instance, your payments would increase to $1,750.