Mortgage Rates Today, Oct. 18, 2024: Becalmed Rates Unlikely to Move Far Today
The average 30-year fixed rate mortgage is 6.63% today, an increase of 0.03% since yesterday. The 15-year fixed mortgage rate stands at 5.69%, the same as one day ago. The 30-year FHA mortgage now averages 5.98%, having risen by 0.08. Meanwhile, the 30-year jumbo mortgage rate is 7.18%, reflecting a decrease of 0.03%.
In brief
Mortgage rates today probably won't be affected much by this morning's September figures for housing starts and building permits. At least, these numbers typically pass below the radar of the investors who largely determine those rates.
Of course, economic reports are only the main drivers of changes in mortgage rates. So, we can never dismiss the possibility of some unexpected piece of market-moving news emerging during the day and creating its own momentum.
Yesterday's economic reports were mostly better than expected. And, sure enough, mortgage rates rose in response.
If there was a surprise, it was the smallness of that rise. These rates have certainly shifted higher so far in October. But recent movements have been muted.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.63% | 6.67% | +0.03% | +1% |
| 15-Year Fixed | 5.69% | 5.75% | +-0% | +1.04% |
| 30-Year Fixed FHA | 5.98% | 6.81% | +0.08% | +0.96% |
| 30-Year Fixed VA | 6.11% | 6.26% | +0.1% | +1.13% |
| 30-Year Fixed USDA | 5.98% | 6.12% | +0.22% | +1.03% |
| 30-Year Fixed Jumbo | 7.18% | 7.2% | -0.03% | +1% |
| 5/6 Year ARM | 6.67% | 6.7% | +0.01% | +0.42% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.6% | 6.64% | +0.02% | +0.89% |
| 15-Year Fixed | 5.53% | 5.59% | +0.02% | +0.88% |
| 30-Year Fixed FHA | 5.97% | 6.8% | +0.08% | +0.95% |
| 30-Year Fixed VA | 6.11% | 6.26% | +0.09% | +1.13% |
| 5/6 Year ARM | 6.72% | 6.79% | +0.01% | +0.38% |
Coming up
Mortgage rates today and over the coming months
Mortgage rates today are appreciably higher than they were a month ago. But they're way lower than they were a year ago.
According to Freddie Mac, those for 30-year, fixed-rate mortgages (FRMs) averaged 6.44% during the week ending Oct. 17, 2024. They peaked at 7.79% for the week ending Oct. 25, 2023.
Yesterday, Fannie Mae published its October housing forecast. And it's still expecting mortgage rates to fall further. But be aware that we're looking at a gentle drift downward, not a steep tumble.
Fannie reckons they'll probably average 6.0% for a 30-year FRM in the current quarter (Q4/24) and be down to 5.6% this time next year (Q4/25).
The Mortgage Bankers Association (MBA) should publish its October mortgage finance forecast within the next week or so. And we'll let you know whether it concurs with Fannie as soon as we know.
Fannie and the MBA aren't always on the same page. But the MBA's September forecast expected a 5.8% rate during the last quarter of next year. So, it will be a surprise if the two are far apart this month.
All this reinforces a message that we've been consistently plugging in recent months: Further falls in mortgage rates are likely to be glacial.
So, if you're waiting for significantly lower rates before making your move in the housing market, you could be hanging around for years. And now might be a good time to reframe your expectations and revisit your strategy.
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.
