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October 23rd, 2024 by

Compare current mortgage rates for today

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Oct. 23, 2024

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Top offers on Bankrate vs. national average interest rates

Historical timeline
Loan purpose
Top offers on Bankrate: 5.96%
National average:  6.57%

For the week of October 20th, top offers on Bankrate are X% lower than the national average. On a $340,000 30-year loan, this translates to $XXX in annual savings.

Today's national mortgage interest rate trends

For today, Wednesday, October 23, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 6.66%, rising 11 basis points over the last seven days. For homeowners looking to refinance, today's national average interest rate for a 30-year fixed refinance is 6.67%, up 12 basis points over the last week. In addition, the current average 15-year fixed refinance interest rate is 6.01%, increasing 10 basis points compared to this time last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it's crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender's interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

Mortgage rate news this week - Oct. 17, 2024

Mortgage rates stay above 6.5%

Mortgage rates rose again this week, averaging 6.59 percent for 30-year fixed loans, according to Bankrate's lender survey.

That's still much lower than mortgage rates in the first half of the year. With the Federal Reserve cutting its benchmark interest rate in September, the cost of a mortgage had slipped to a 24-month low. However, that's edged back up in recent weeks.

"In the words of Jerome Powell, the Fed is 'recalibrating' interest rates," says Greg McBride, CFA, chief financial analyst for Bankrate. "Markets are recalibrating too, to reflect the fact that interest rates won't come down as quickly as had been previously expected."

Yet, buyers are optimistic. In a recent Fannie Mae survey, a record 42 percent of respondents said they anticipate lower mortgage rates in the next year.

Experts predict rates to trend flat

Melissa Cohn

Regional Vice President, William Raveis Mortgage

"Mortgage rates are going to be range bound as the economy has been sending mixed signals. Stronger data including the September jobs report has caused mortgage rates to rise in the past two weeks, and with little data other than retail sales this week, rates are going to be sticky." - Oct. 16

Learn more: Weekly mortgage rate trend predictions

 

Product Interest Rate APR
30-Year Fixed Rate 6.66% 6.70%
20-Year Fixed Rate 6.49% 6.55%
15-Year Fixed Rate 5.99% 6.06%
10-Year Fixed Rate 5.98% 6.05%
5-1 ARM 6.16% 7.08%
10-1 ARM 6.43% 7.25%
30-Year Fixed Rate FHA 6.85% 6.89%
30-Year Fixed Rate VA 6.87% 6.91%
30-Year Fixed Rate Jumbo 6.71% 6.76%

Rates as of Wednesday, October 23, 2024 at 6:30 AM

 

Learn more: Interest rate vs. APR

  • Why trust Bankrate's mortgage rates

How to compare mortgage rates

Getting the best possible rate on your mortgage can make a big difference in your monthly budget — not to mention potentially thousands saved in interest over the life of the loan. You won't know what rates you qualify for, though, unless you narrow down the best type of mortgage for your situation and comparison-shop. Here's how to do it:

  • Decide on the right type of mortgage. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan. Our mortgage calculator can help you estimate your monthly mortgage payment in various scenarios.
  • Shop around. Mortgage rates change often and vary widely by lender, loan type and term. When comparing lenders, pay attention to the APR, not just the interest rate. The APR, or annual percentage rate, reflects the total cost of the loan, including the interest rate and other fees.
  • See what others have to say. Check out our mortgage lender reviews and other testimonials to uncover the lenders with attractive rates and top-notch customer experience. 
Learn more: How to get a mortgage

Why compare mortgage rates?

It's been proven: Shopping with multiple lenders can save you up to $1,200 a year. Our mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars spent or saved over the life of a mortgage.

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what's happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you'll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you'll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you're obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you're buying.
  • Whether you're a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
  • Mortgage points. Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payments. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed. For more details, see Bankrate's guide to mortgage points.
  • The size of your down payment. If you put down less than 20 percent of the purchase amount, you may pay a higher rate.
Learn more: How to compare mortgage offers

How does the Federal Reserve affect mortgage rates?

Like any other financial product, the cost of a mortgage fluctuates with the happenings of the economy, including Federal Reserve decisions. The central bank doesn't set specific mortgage rates, but its policies set the tone for what banks and other lenders charge for loans.

Learn more: How the Fed impacts mortgage rates

How to refinance your current mortgage

As interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn't much different from your original mortgage application, and you'll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense — especially with rates expected to trend down in the next year or two. If you're considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with our refinance calculator.
Learn more: Should you refinance in 2024?

article belongs to bankrate.com

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Tags: avocados, california, Fallbrook, groves, realtor, sunshine properties real estate, land for sale, agent, for sale, house, homes, home, mortgage , buying, selling, house for sale, estate, manufactured home

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