Current Mortgage Rates for October 4, 2024: 30-Year and 15-Year Loans

Current Mortgage Rates Overview for October 4, 2024

As of October 3, 2024, the average mortgage rates have seen some fluctuations. According to the latest data from Curinos, the average rate for a 30-year fixed mortgage is now 6.74%, up from 6.67% last week. This rate is a decrease from 6.87% last month and significantly lower than the 8.01% recorded a year ago.

For homeowners looking to borrow $100,000 at the current 30-year fixed rate, the monthly payment would be approximately $648, which is an increase from $643 the previous week.

15-Year Fixed Mortgage Rates

The average rate for 15-year fixed mortgages has also increased to 5.82%, up from 5.72% last week. This rate is lower than last month’s 6.05% and significantly down from 7.18% a year ago. Borrowers can expect to pay around $834 per month for every $100,000 borrowed at this rate, an increase from $829 last week.

Jumbo Mortgage Rates

For those considering 30-year jumbo loans, the average rate has risen to 6.74%, slightly up from 6.70% last week. This rate is lower than last year’s 7.95% but consistent with last month’s rate. At this jumbo rate, the monthly payment remains about $648 for every $100,000 borrowed, an increase from $645 last week.

How Rates are Determined

Curinos calculates these 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. Jumbo mortgages are calculated based on a loan amount of $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.

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