Mortgage Rates Today, Oct. 15, 2024: Stand By for Thursday's Retail Sales Data
The average 30-year fixed rate mortgage is 6.55% today, unchanged since yesterday. The 15-year fixed mortgage rate stands at 5.64%, down by 0.01%. The 30-year FHA mortgage now averages 5.89%, having dropped by 0.02. Meanwhile, the 30-year jumbo mortgage rate is 7.18%, reflecting a decrease of 0.04%.
In brief
Mortgage rates move most often and decisively on important economic data. However, those aren't the only stimuli that can affect these rates.
So, looking at a sparse calendar, we can only say that mortgage rates today and this week are less likely than normal to move far. We can't promise anything.
And a couple of September economic reports, due Thursday morning, could have consequences for mortgage rates.
Retail sales figures may not normally be as important as those for employment and inflation but they're still crucial. After all, so far in 2024, personal consumption expenditures have represented close to 68% of America's gross domestic product (GDP).
Industrial production and capacity utilization data are also scheduled for Thursday. With so much of our industry offshored, these figures aren't as important as they used to be. But they could still have some effect on mortgage rates.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.55% | 6.59% | +-0% | +0.92% |
| 15-Year Fixed | 5.64% | 5.7% | -0.01% | +0.96% |
| 30-Year Fixed FHA | 5.89% | 6.72% | -0.02% | +0.83% |
| 30-Year Fixed VA | 5.99% | 6.14% | -0.04% | +0.95% |
| 30-Year Fixed USDA | 5.73% | 5.86% | -0.24% | +0.74% |
| 30-Year Fixed Jumbo | 7.18% | 7.21% | -0.04% | +0.95% |
| 5/6 Year ARM | 6.66% | 6.7% | +0.21% | +0.44% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.53% | 6.57% | +-0% | +0.85% |
| 15-Year Fixed | 5.47% | 5.53% | -0.04% | +0.78% |
| 30-Year Fixed FHA | 5.87% | 6.71% | -0.03% | +0.82% |
| 30-Year Fixed VA | 5.99% | 6.14% | -0.04% | +0.93% |
| 5/6 Year ARM | 6.7% | 6.77% | -0.02% | +0.4% |
Coming up
Mortgage rates today and this week
Bond markets were closed yesterday for the Columbus Day holiday. So, mortgage rates shouldn't have moved then.
This morning's sole economic report is the Empire State manufacturing survey for October, which rarely troubles mortgage rates.
And, similarly, tomorrow's import price index (IPI) seldom changes much. Given that markets last week shrugged off the much-more-important consumer price index, we're not expecting the report to set off fireworks tomorrow, absent some extraordinary figures.
We've already told you (above) about Thursday's reports.
And that leaves Friday. We're due September housing starts and building permits that morning. Perhaps surprisingly, housing data usually have very little influence on mortgage rates.
So, Thursday is the outstanding day in what looks set to be a dull week. But don't forget: Any news that affects the economy can move mortgage rates. So, a shortage of exciting economic reports doesn't guarantee stable rates.
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.
