Today’s 30-year mortgage interest rates rise to 6.99% while 15-year terms increase to 6.13%
Thinking about taking out a mortgage loan? Current mortgage rates climb to 6.99% for 30-year terms, while 15-year terms rise to 6.13%.
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Updated December 27, 2024, 6:55 AM EST
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The median interest rate on a 30-year fixed-rate mortgage is 6.99% as of November 1, which is 0.11 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.13%, which is 0.13 percentage points higher than yesterday.
Mortgage interest rates crept higher last week according to Freddie Mac, buoyed by continued job growth. While higher rates and home prices have kept some would-be homebuyers on the sidelines, the Federal Reserve considers the economy to be in good shape overall. Policymakers are poised to lower the federal funds rate at their November meeting, though it may take time for homebuyers to feel the effects.
With mortgage rates changing daily, it's a good idea to check today's rate before applying for a loan. It's also important to compare different lenders' current interest rates, terms, and fees to ensure you get the best deal.
Median mortgage interest rates are calculated based on rates from over 500 mortgage lenders in all 50 states. The data collected daily by Credible is based on a $400,000 purchase price, $80,000 down payment, single-family primary residence, and a 740+ FICO score.
Current interest rate for 30-year mortgage: 6.99%
Today’s 30-year fixed-rate mortgage interest rate is 6.99%, 0.11 percentage points higher than yesterday.
While mortgage rates can vary, it’s essential to recognize their effect on your monthly payment. For instance, a $350,000 mortgage with a 30-year term at a 5.5% fixed interest rate would result in a monthly payment of $1,987.26. In comparison, the same mortgage with a 6.5% fixed rate would raise the monthly payment to $2,212.24.
Current interest rate for 20-year mortgage: 6.88%
Today’s 20-year fixed-rate mortgage interest rate is 6.88%, 0.25 percentage points higher than yesterday.
Interest rates on mortgages fluctuate, so it’s crucial to understand how they impact your monthly payment. For example, a $350,000 mortgage with a 20-year term at a 5.25% fixed interest rate would result in a monthly payment of $2,065.88. The same mortgage with a 6.25% interest rate would raise the monthly payment to $2,558.25.
Current interest rate for 15-year mortgage: 6.13%
Today’s 15-year fixed-rate mortgage interest rate is 6.13%, 0.13 percentage points higher than yesterday.
It’s important to understand how interest rates influence your monthly payment before you take out a home loan. For instance, a $350,000 mortgage with a 15-year term at a 4.75% fixed interest rate would result in a monthly payment of $2,722.41. In contrast, the same mortgage with a 5.75% fixed interest rate would have a monthly payment of $2,906.44.
Current interest rate for 10-year mortgage: 6.13%
Today’s 10-year fixed-rate mortgage interest rate is 6.13%, unchanged from yesterday.
While mortgage interest rates can vary, it’s important to understand how they can influence your monthly payment. For example, a $350,000 mortgage with a 10-year term at a 4.5% fixed interest rate would result in a monthly payment of $3,627.34. In comparison, the same mortgage with a 5.5% fixed interest rate would raise the monthly payment to $3,798.42.
How do mortgage rates work?
When you take out a mortgage loan to purchase a home, you’re borrowing money from a lender. The lender will charge interest on the amount you borrowed to compensate for that risk.
Expressed as a percentage, a mortgage interest rate is the cost of borrowing money. It can vary based on several factors, such as your credit score, debt-to-income ratio (DTI), down payment, loan amount, and repayment term.
When you get a mortgage, you’ll typically receive an amortization schedule, which shows your payment schedule for the life of the loan. It also indicates how much of each payment goes to reduce the principal balance versus the interest.
Keep in mind:
A mortgage’s interest rate is not the same as its annual percentage rate (APR) — an APR includes both the interest rate and any other lender fees or charges.
You'll spend more money on interest and less on the principal balance at the beginning of your loan term. Over time, as the amount you owe decreases, you'll pay more toward the principal and less toward interest.
Your mortgage interest rate can be either fixed or adjustable. With a fixed-rate mortgage, the rate will be consistent for the duration of the loan. With an adjustable-rate mortgage (ARM), the interest rate can fluctuate with the market.