Mortgage rates for October 23, 2024, are around 6.35%, according to Zillow data.  Rates have been elevated this month, and they may not drop in the near term.  In 2025, mortgage rates should ease as inflation slows and the Fed lowers its benchmark rate.

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.

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.

Assuming a 3.5% down payment and excluding tax and insurance, the typical payment at today’s 6.44% mortgage rate on a median-priced $425,000 home is roughly $2,576 per month. Last week, a median-priced home at a 6.32% mortgage rate would have cost homebuyers $2,544 per month—$32 less than what buyers would pay today.

These are today's mortgage and refinance rates. Mortgage rates are up this month, but they're still down over a full percentage point from last year.