Current Mortgage Interest Rates as of October 22, 2024
As of October 22, 2024, mortgage interest rates continue to be a significant factor for homeowners and potential buyers. The national average for a 30-year fixed mortgage rate stands at 6.58%, rising by 1 basis point compared to the previous week.
The average 30-year fixed refinance interest rate is also at 6.58%, unchanged from the same time last week. For 15-year fixed refinance loans, the average interest rate has risen to 5.93%, an increase of 3 basis points over the last week.
Other loan types also show similar trends. The 20-year fixed mortgage rate is at 6.42%, while the 15-year fixed mortgage rate is at 5.89%. The 10-year fixed mortgage rate is 5.86%, and the 5/1 Adjustable Rate Mortgage (ARM) is at 6.09%.
Despite the current rates, there is optimism that mortgage rates will ease down in 2024. The Federal Reserve has forecasted one to two rate cuts before the end of 2024, contingent on inflation aligning with their 2% target range. This potential decrease could make refinancing more attractive, especially for those looking to capitalize on growing home equity through cash-out refinances.
It is crucial for borrowers to compare offers from multiple lenders, as rates and fees can vary widely. Tools provided by financial websites like Bankrate can help in finding the best mortgage options based on individual needs and qualifications.
