Key Rates Move Higher for Homebuyers: Today’s Mortgage Rates for Oct. 23, 2024

A few important mortgage rates are moving up. But rate cuts from the Fed should help mortgage rates fall in the long term.

Mortgage rates began falling late this summer as worrying economic indicators (rising unemployment) led investors to believe the Federal Reserve would begin cutting rates. Leading up to the Fed’s Sept. 18 jumbo rate cut, mortgage rates had reached their lowest point in roughly two years. However, since then, rates have increased rapidly in response to strong economic data, specifically September’s labor report, even while inflation continues to ease.

Check out our weekly mortgage forecast for a more in-depth look at what’s next for Fed rate cuts, labor data and inflation.

The average for a 30-year fixed mortgage is 6.66% today, up 0.11% since one week ago. The average rate for a 15-year fixed mortgage is 5.99%, which is an increase of ...