11 October 2024

Current Mortgage Rates for October 2, 2024: 30-Year, 15-Year, and Jumbo Loans

Discover the latest mortgage rates for October 2, 2024, including 30-year, 15-year, and jumbo loan options. Stay informed about your borrowing options!

Current Mortgage Rates for October 2, 2024

As of October 1, 2024, mortgage rates have shown some fluctuations. Here’s a detailed overview of the average rates for various mortgage types:

30-Year Fixed Mortgage: The average rate is now at 6.71%, an increase from last week's 6.67%. This rate is significantly lower than last month’s 6.87% and last year’s 8.03%. For every $100,000 borrowed at this rate, the monthly payment will be approximately $646, up from $643 last week.
15-Year Fixed Mortgage: The average rate has risen to 5.77%, compared to 5.72% last week. This is a decrease from last month’s 6.05% and last year’s 7.2%. Borrowers will pay about $831 each month for every $100,000 borrowed, an increase from $829 last week.
30-Year Jumbo Mortgage: The average rate for jumbo loans is now 6.76%, up from 6.74% last week. This rate has decreased from last month’s 6.74% but is lower than last year’s 7.92%. Monthly payments will be around $649 for every $100,000 borrowed, slightly up from $648 last week.

These rates are calculated based on a standardized set of parameters by Curinos, which includes an owner-occupied, one-unit property with a loan amount of $350,000 for conventional mortgages and $766,550 for jumbo mortgages. The calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.

If you’re considering purchasing a home, now is a good time to compare the best mortgage lenders to find the right fit for your financial needs.