Today, mortgage rates have not changed substantially. Zillow reports that 5/1 ARM rates are stable at 6.70%, the 30-year fixed mortgage rate is down 2 basis points to 6.57%, and the 15-year fixed rate is down 3 basis points to 5.83%. Today’s Mortgage Rates most likely won’t change significantly if the Fed lowers its rate by the 25 basis points that many economists had predicted.
It’s likely that mortgage rates will drop in 2025 if inflation keeps declining and the economy cools or enters a recession. Interest rates can increase in any given week, though, as they are notoriously unpredictable and influenced by a variety of factors.
Today’s Mortgage Rates, November 4, 2024
Over the past few weeks, mortgage rates have remained largely unchanged. Strong economic statistics caused rates to rise early in October, and Zillow data shows that they have now leveled off in the mid-6% range. However, this week may see changes in rates. Election Day is Tuesday, and the results could have a significant impact on the 10-year Treasury yield. Usually, mortgage rates fluctuate in response to this yield. If Trump wins, rates may rise, while if Harris wins, they may somewhat decline, as investors and economists view Trump’s proposed plans as more inflationary than Harris’.
Mortgage Rates Today
| Mortgage type | Avg. rate today |
| 30-year fixed | 6.63% |
| 20-year fixed | 6.54% |
| 15-year fixed | 5.94% |
| 7/1 ARM | 6.88% |
| 5/1 ARM | 6.66% |
| 30-year FHA | 4.66% |
| 30-year VA | 5.95% |
Mortgage interest rates forecast next 90 days
The Federal Reserve intervened to curb the raging inflation in 2022, that caused the avg. 30-year fixed-rate mortgage to increase in 2023. As inflation started to decline, the Fed changed its monetary policy, skipping rises in September and reducing them further in the future. Additionally, a lot of experts think that mortgage interest rates will progressively decline in 2024 due to the economy’s decreasing indicators. Naturally, rates may increase on any given week or if the economy is rocked by another world event.
This Could Be a Big Week for Mortgage Rates
Recent rate movement and a number of election results are objectively correlated. Though remarks from a number of well-known investors have strengthened the argument that a Trump victory would lead to higher rates, correlation is not always causation. It is noteworthy that a large number of them qualify that by stating that it is more about the possibility of complete Republican control of the White House and Congress.
On the one hand, there is undoubtedly a link at play here. It is by no means flawless, though. A significant amount of interest rate movement is also undoubtedly caused by other significant events during this time period; perhaps enough movement to make us reconsider our assumption that we can even predict how rates will respond to the election.
Will mortgage rates decrease in November 2024?
The central bank had previously held off on raising rates at eight consecutive meetings, preferring to wait for the economy to cool naturally. Mortgage rates continue to exhibit their infamous volatility in 2024. Next week, mortgage rates may drop if the mortgage market adopts a cautious stance toward a potential recession. However, if lenders take into consideration the Federal Reserve’s actions to combat inflation or if a worldwide incident creates economic uncertainty, rates may increase.
Good mortgage rate Today
Zillow reports that the average 30-year mortgage rate in the country is 6.57%, while the average 15-year mortgage rate is 5.83%. However, since these are national averages, your local average may differ. In the United States, averages tend to be lower in less expensive regions and higher in more expensive ones. So the average 30-year FMR currently is 6.57% and a high credit score, a large down payment, and a low debt-to-income ratio (DTI) could, however, result in an even better rate.
How to get a low mortgage rate
Typically, those with low debt-to-income ratios, exceptional or excellent credit ratings, and larger down payments receive the lowest mortgage rates from lenders. Try increasing your savings, raising your credit score, or paying off some debt before you start looking for a house if you want a cheaper rate.
If you are not in a great hurry and don’t mind waiting until the end of 2024 or early 2025, waiting for rates to drop is probably not the best way to acquire the lowest mortgage rate right now. If you’re prepared to purchase, the ideal strategy to reduce your rate is most likely to concentrate on your personal budget.
How to select a lender for your mortgage
Get preapproved for a mortgage from three or four different lenders to see which one is best for you. Applying to each of them quickly will provide you with the most accurate comparisons and have less of an effect on your credit score. You should consider more than simply interest rates when selecting a lender.
Analyze the mortgage annual percentage rate (APR), which accounts for costs, interest rates, and any applicable discounts. The APR, is the actual cost of borrowing money each year and probably the important figure to consider when comparing mortgage providers is this one.
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Niamh Prescott has a degree in Mass Communication and an MBA in Finance. She has worked for two media houses and is now running her own media company.