Today's Mortgage Rates, November 10, 2024 | Mortgage Rates Are Slow to Come Down

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• Mortgage rates for November 10, 2024, are hovering in the mid-6% range. 
• Experts predict that rates will trend down soon, but recent uncertainty has kept them elevated.
• Whether mortgage rates rise or fall next year depends on inflation and the economy. 

Even though the Federal Reserve has now lowered the federal funds rate twice this year, mortgage rates remain elevated.

Last week, the Federal Reserve lowered its benchmark rate by 25 basis points, following a 50-basis-point cut in September. Mortgage rates don't directly track the federal funds rate, but many experts have predicted that as the Fed lowers rates this year and in 2025, mortgage rates will go down.

However, other forces are keeping mortgage rates high. First, there's the labor market. September's blockbuster jobs report boosted rates as investors dialed back their expectations around future Fed cuts. October's jobs report was much cooler, but this was chalked up to the impact of the recent hurricanes and strikes, so rates didn't move much in response.  

Mortgage rates are also up as a result of the presidential election. Many economists believe that some of President-elect Trump's proposed policies could reignite inflation if implemented. If inflation starts to rise again, the Fed would likely need to respond by raising the federal funds rate. The uncertainty around whether this will come to pass has helped push mortgage rates up in recent weeks.

Current Mortgage Rates

Current Refinance Rates

Mortgage Calculator

Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.

Click "More details" for tips on how to save money on your mortgage in the long run.

30-Year Mortgage Rates Today

Average 30-year mortgage rates are hovering in the mid-6% range, according to Zillow data. Rates averaged around 6.24% in October. 

The 30-year fixed-rate mortgage is the most popular home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.

The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms, like a 15-year mortgage. 

15-Year Mortgage Rates Today

Average 15-year mortgage rates are hovering in the high 5% range, according to Zillow data. In October, 15-year rates averaged 5.56%.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.

Average Refinance Mortgage Rates Today

Refinance rates have gone up in recent weeks. Last month, 30-year refinance rates averaged 6.35%, while 15-year refinance rates were around 5.67%.

5-Year Mortgage Rate Trends

Here's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

What Factors Influence Mortgage Rates?

Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.

While many of these factors are out of your control, you can work on improving your credit score, paying off debt, and saving for a larger down payment to ensure you get the best rate possible. 

How Does the Fed Rate Affect Mortgage Rates?

The Fed increased the federal funds rate dramatically in 2022 and 2023 to try to slow economic growth and get inflation under control. Inflation has since slowed significantly, but it's still a bit above the Fed's 2% target rate.

Mortgage rates aren't directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed policy to affect the broader economy. 

Fed officials started cutting rates at their meeting in September, and they lowered rates again in November. Mortgage rates are still elevated, but they should ease as the Fed continues cutting rates. 

How Low Will Mortgage Rates Go?

Mortgage rates have been dropping for several months now. But they'll likely remain in the low 6% range for the rest of the year. We may see rates tick down further in 2025.

Mortgage rates are unlikely to drop back down to the historic lows of 2020 and 2021, when 30-year fixed rates fell below 3%. But rates are expected to go down throughout the next year or two, and it's possible rates could ultimately settle in closer to 5% in a few years. 

Should I Refinance Now or Wait for Mortgage Rates To Drop?

Because rates are lower now, some homeowners may be wondering if it's a good time to refinance. If you have a high interest rate on your current mortgage and could save on your monthly payment by refinancing into a lower rate, it could be worth it to refinance now.

On the other hand, because mortgage rates are expected to go down further, you might benefit from waiting to refinance.

Whether it makes sense for you to refinance ultimately comes down to how much you'll pay to refinance and how much you can save on your mortgage payment. If you save enough each month that you can recoup your out-of-pocket expenses relatively quickly, then refinancing may be worth it. You could also refinance now and then refinance again once rates drop further — it just depends on what makes sense for you financially. 

How Do Mortgage Interest Rates Work?

Your mortgage interest rate is how much you'll pay to borrow money for a home purchase or refinance. Each month, you'll make a payment to pay back the funds you borrowed, and a portion of that payment will go toward paying the interest you owe. 

The portion of your monthly payment that goes toward interest will go down over time through a process called amortization. As you pay off more of your mortgage, the loan balance is reduced, lowering your interest costs.

For example, say you get a mortgage of $300,000 with an interest rate of 6.5% to buy a home. Every month, you'll pay about $1,896. On your very first mortgage payment, only $271 of that amount will go toward reducing your loan balance, while $1,625 will be paid in interest. But if you fast foward 20 years, $992 of that same monthly payment will be applied to the loan balance, and about $905 will go toward interest. 

You can ask your lender for an amortization schedule to see the breakdown of your payments throughout the life of the loan, or you can use an online amortization calculator.

How Often Do Mortgage Rates Change?

Mortgage rates change throughout the day, and they can fluctuate day-to-day or week-to-week based on what's going on in the economy. If economic conditions are relatively stable, mortgage rates might not move much. But uncertainty or expectations that conditions will change soon can send rates up or down. 

How to Shop for Mortgage Rates

Mortgage lenders don't all offer the exact same rates, so you could save a lot of money by shopping around for the best rate. 

Experts generally recommend getting quotes from a few different lenders — consider applying with at least three lenders to get an idea of the range of rates available to you. If you're still early in the process, you can apply for preapproval, which allows you to get an estimate of your rate while you're still searching for homes. If you're under contract on a home, you can apply for regular approval, which will give you a more accurate picture of what you'll pay with a given lender. 

Be sure to look at the overall offer. If you have to pay a lot in fees to get a lower rate, it might not be worth it. Also consider other benefits and features that are important to you, like if a lender has great customer service or down payment assistance.