Market insights

What rates mean for you

Personalized takeaways based on this week's rate data — written for buyers, not bankers. Read today's Daily Briefing →

FRED data · Last checked Nov 2, 11:33 AM EST

Checks every 60 min. Source publication dates vary.

Trend

Rates fell this week

The average 30-year fixed rate fell by 0.08 percentage points to 7.24%. Lower rates can save you money on your monthly payment.

Context

Compared to a year ago

Today's 30-year fixed rate is +1.02% vs. roughly a year ago. That's a meaningful shift in borrowing costs for the same home price.

Context

ARM vs 30-year fixed

Freddie Mac stopped publishing live 5/1 ARM rates in Nov 2022. The last recorded 5/1 ARM was 6.06% (2022-11-10). Compare today's 30-year fixed at 7.24% and ask lenders directly for current ARM quotes.

Tip

FHA rate snapshot

FHA 30-year rates (Optimal Blue index) are at 7.00% — about 0.24 points below the conventional 30-year fixed. FHA allows down payments as low as 3.5%, but you'll pay mortgage insurance for the life of the loan in most cases.

Context

Jumbo loan premium

Jumbo 30-year rates are at 7.36% — 0.12 points above the conforming 30-year fixed. Jumbo loans apply when your loan amount exceeds local conforming limits (often $766k+ in 2024).

Impact

What a 0.25% change means

On a $350,000 loan, your principal & interest payment at 7.24% is about $2,385/mo. If rates go up 0.25%, that rises to ~$2,445/mo (+$60). If they drop 0.25%, it falls to ~$2,326/mo.

Tip

First-time buyer tip

Higher rates aren't a reason to panic — they're a reason to run the numbers. A larger down payment, buying slightly below your max budget, or exploring rate buy-downs can all reduce your monthly cost.

Tip

15-year vs 30-year

Right now, 15-year rates are about 0.64 points lower than 30-year (6.60% vs 7.24%). You'll pay more per month on a 15-year loan, but you'll build equity faster and pay far less interest over time.

Mortgage & housing headlines

Google News RSS · Updated Nov 2, 11:32 AM EST

View all news →