Recent Interest Rate Drop. How much difference did it make?
- Derek Veldhouse Real Estate
- 11 minutes ago
- 2 min read
Mortgage rates are up and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.19%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.54%.
Rates dropped ahead of the October Federal Reserve meeting, which concluded on Wednesday with another quarter-point cut to the federal-funds rate. Average 30-year mortgage rates are now 85 basis points down from where they started the year, according to Freddie Mac. However, further decreases might hinge on whether the Fed continues cutting rates at future meetings.
In his press conference on Wednesday, Fed Chair Jerome Powell said that a rate cut in December is “not a foregone conclusion.” Yields on the 10-year Treasury, which mortgage rates typically track, rose following Powell’s comments. If the Fed is done lowering its benchmark rate, mortgage rates could remain near their current levels in the near term.
Top mortgage rates today
Current mortgage rates are up today and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until now.
Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.
Today's mortgage rates by loan type
Term | Today's average mortgage rate | Last week's average mortgage rate | Average mortgage rate change |
30-year fixed | 6.19% | 6.22% | -0.03% |
15-year fixed | 5.54% | 5.58% | -0.04% |
5/1 ARM | 5.47% | 5.50% | -0.03% |
30-year fixed jumbo | 6.29% | 6.32% | -0.03% |
Source: Bankrate.com. Data reflects interest rates, not APRs.
Today's refinance mortgage rates by loan type
Term | Today's average mortgage rate | Last week's average mortgage rate | Average mortgage rate change |
30-year fixed | 6.55% | 6.63% | -0.08% |
15-year fixed | 5.87% | 6.03% | -0.16% |
30-year fixed jumbo | 6.48% | 6.53% | -0.05% |
Source: Bankrate.com, Zillow.com. Data reflects interest rates, not APRs.
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