Current Mortgage Rates for October 1, 2024: 30-Year, 15-Year, and Jumbo Loans

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As of October 1, 2024, the average mortgage rates have shown some fluctuations. The average rate for a 30-year fixed mortgage stands at 6.67%, while the 15-year fixed mortgage averages 5.75%. Jumbo mortgages are currently averaging 6.72%.

Data is accurate as of September 30, 2024, which is the latest available information.

According to data from Curinos, the mortgage rates for 30-year fixed loans have remained steady at 6.67% week-over-week. This rate has decreased from 6.89% last month and significantly from 7.96% a year ago. For every $100,000 borrowed at this rate, the monthly payment will be approximately $643, which remains unchanged from last week.

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In contrast, the average rate for 15-year fixed mortgages has seen a slight increase to 5.72%, up from 5.69% last week. This rate is also lower than last month’s 6.16% and last year’s 7.22%. Borrowers can expect to pay around $829 per month for every $100,000 borrowed at this rate, which is a slight increase from $827 last week.

For 30-year jumbo loans, the average rate has decreased to 6.72%, down from 6.76% last week. This is also a decrease from last month’s 6.76% and last year’s 7.77%. Monthly payments for jumbo loans will be about $646 for every $100,000 borrowed, down from $649 last week.

Curinos calculates average mortgage rates using a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is set at $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.