Mortgage Rates Today, Nov. 22, 2024: Experts More Gloomy About Future Falls in Rates
The average 30-year fixed rate mortgage is 6.92% today, a decrease of 0.02% since yesterday. The 15-year fixed mortgage rate stands at 5.99%, down by 0.03%. The 30-year FHA mortgage now averages 6.23%, having risen by 0.01. Meanwhile, the 30-year jumbo mortgage rate is 7.36%, reflecting a decrease of 0.03%.
In brief
Mortgage rates today may remain fairly calm. But their future is less rosy than it was a month ago.
Yesterday, Fannie Mae and the Mortgage Bankers Association (MBA) published their November forecasts, which include future mortgage rates. And they're downbeat compared to October's predictions.
Fannie now reckons rates for 30-year, fixed-rate mortgages (FRMs) will average 6.4% next year. Its October forecast was for 5.7% that year.
The MBA has similarly trimmed its forecasts. It now also expects rates for 30-year FRMs to average 6.4% next year. Last month, it was forecasting 5.9%.
Meanwhile, both organizations expect only the smallest movements in 2026. Fannie thinks those same rates will average 6.1% that year and the MBA 6.3%.
What does this mean for first-time buyers and for homeowners who wish to move or refinance? It suggests that you might wait a very long time for the rate you were hoping for. And it might be better to bite the bullet and make your move now.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.92% | 6.96% | -0.02% | +0.06% |
| 15-Year Fixed | 5.99% | 6.06% | -0.03% | +0.1% |
| 30-Year Fixed FHA | 6.23% | 7.06% | +0.01% | +0.08% |
| 30-Year Fixed VA | 6.3% | 6.46% | +0.02% | +0% |
| 30-Year Fixed USDA | 6.24% | 6.38% | +-0% | +0.01% |
| 30-Year Fixed Jumbo | 7.36% | 7.38% | -0.03% | +0.15% |
| 5/6 Year ARM | 6.69% | 6.72% | +0% | +0.25% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.91% | 6.95% | -0.03% | +0.08% |
| 15-Year Fixed | 5.84% | 5.91% | -0.02% | +0.11% |
| 30-Year Fixed FHA | 6.21% | 7.04% | +0.01% | +0.06% |
| 30-Year Fixed VA | 6.32% | 6.47% | +0.03% | +0.01% |
| 5/6 Year ARM | 6.67% | 6.7% | -0.09% | +0.19% |
Coming up
Mortgage rates today
There are three reports due this morning. These often affect mortgage rates but typically in only limited and temporary ways.
The first two are November purchasing managers' indexes (PMIs) from S&P Global. These are "flashes," meaning they're preliminary figures and subject to change later.
PMIs can be influential because they measure activity in organizations' purchasing departments. And that's a pretty good gauge of future economic activity.
Here are markets' expectations for this morning, reported by MarketWatch:
- November PMI for the services sector — Markets expecting 55.0, up from 54.1 in October
- November PMI for the manufacturing sector — Markets expecting 48.8, up from October's 48.5
- November consumer sentiment — Markets expecting 73.5, up from October's 73.0
For these to exert downward pressure on mortgage rates, we need to see lower-than-expected numbers across the board.
Fed Gov. Michelle Bowman is the only top central bank official with a speaking engagement today. As with other Fed speeches this week, markets will be hoping she talks up the chances of a cut to general interest rates next month. That might help mortgage rates today.
Peter Warden has been covering mortgage, real estate, and personal finance for 15 years. He has appeared on The Mortgage Reports, Credit Sesame, Bills.com, and other publications.
