Mortgage Rates for November 12, 2024
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Mortgage rates fluctuate daily based on economic conditions, investor sentiment, and risk tolerance from lenders. Recent Federal Reserve moves, like the November quarter-point rate cut following a September half-point cut, influence the broader economic landscape. While the Fed doesn’t directly set fixed mortgage rates, its decisions impact them indirectly by affecting the 10-year Treasury yield, a standard benchmark. Rates typically rise when investor confidence grows, as demand for Treasury notes falls. If you’re ready to buy or sell a home, it’s often best to focus on finding favorable lender terms rather than waiting for rates to drop.
All rate data is accurate as of November 12, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.90 percent, a decrease of 3 basis points from last week. The average rate was lower just a month ago, at 6.55 percent. At this rate, monthly payments total $658.60 per $100,000 borrowed in principal and interest/
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.21 percent. At this rate, monthly payments total $855 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 5.250 %, with a 5.590 % APR available today in our mortgage lender network.
