Mortgage Rates Today, Nov. 29, 2024: Slow Day for Data But Not Necessarily for Rates
The average 30-year fixed rate mortgage is 6.7% today, a decrease of 0.03% since yesterday. The 15-year fixed mortgage rate stands at 5.8%, down by 0.02%. The 30-year FHA mortgage now averages 6%, having stayed the same. Meanwhile, the 30-year jumbo mortgage rate is 7.15%, reflecting a decrease of 0.06%.
In brief
Most days, mortgage rates are driven by economic data. A report that shows a weakening economy tends to drag them lower. And one that reflects a strengthening economy exerts upward pressure.
But data aren't the only drivers. If that were the case, we could confidently predict that mortgage rates today won't move, because no reports are on the schedule.
As it is, we can make no such prediction. To start with, those rates have always been responsive to geopolitical news that might affect the economy. In particular, cabinet appointments and policy announcements by President-elect Donald Trump have recently driven changes.
And today there are two other technical factors in play.
First, many top people on Wall Street will be taking extended holiday breaks. They leave behind skeleton staffs, some of whom are likely less experienced than their bosses. And that presents a risk of heightened volatility if they encounter unexpected news.
And, secondly, today is the last business day of the month. And many investors use month ends to tidy up their portfolios, shoring up losses and realizing gains. Of course, that involves extra trades, which themselves can generate volatility.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.7% | 6.74% | -0.03% | -0.25% |
| 15-Year Fixed | 5.8% | 5.86% | -0.02% | -0.23% |
| 30-Year Fixed FHA | 6% | 6.83% | +-0% | -0.32% |
| 30-Year Fixed VA | 5.99% | 6.15% | -0.03% | -0.39% |
| 30-Year Fixed USDA | 5.88% | 6.02% | -0.13% | -0.35% |
| 30-Year Fixed Jumbo | 7.15% | 7.17% | -0.06% | -0.19% |
| 5/6 Year ARM | 6.59% | 6.62% | -0.07% | -0.27% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.67% | 6.71% | -0.05% | -0.27% |
| 15-Year Fixed | 5.65% | 5.71% | -0.02% | -0.23% |
| 30-Year Fixed FHA | 5.97% | 6.8% | +-0% | -0.34% |
| 30-Year Fixed VA | 6% | 6.15% | -0.04% | -0.4% |
| 5/6 Year ARM | 6.64% | 6.7% | -0.01% | -0.19% |
Coming up
Mortgage rates today
As described above, economic data won't drive mortgage rates today. But other forces could change them.Next week
However, next week is mostly about the labor market, with four employment-related reports. By far the most important of those is November's jobs report, which is due on Friday. Arguably, that is the single most important economic report of all at the moment. And it could easily push mortgage rates sharply higher or lower.
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.
