As of Oct. 22, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.75%, which is 0.12 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.88%, which is 0.13 percentage points higher than yesterday.

These are today's mortgage and refinance rates. Mortgage rates have increased this month, but they're still expected to go down throughout 2025.

The current average mortgage rate on a 30-year fixed mortgage is 7.00%, compared to 6.99% a week earlier, according to Curinos. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.

Most outstanding mortgages have a 6% or lower rate, which creates a " lock-in effect " for many current owners who don't want to swap a low rate for a higher one. This could limit homeowners’ willingness to sell, slowing or stalling the housing market.

Mortgage rates for October 22, 2024, are around 6.35%, according to Zillow data.  Mortgage rates have increased thanks to strong jobs data and shifting expectations around Fed rate cuts. Next year, rates should go down.