Current Mortgage Rates for October 8, 2024: 30-Year, 15-Year, and Jumbo Loans
Current Mortgage Rates for October 8, 2024
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As of October 7, 2024, the average mortgage rates have seen some fluctuations. The average rate for a 30-year fixed mortgage is currently 6.96%, which is an increase from 6.67% last week. This rate is also higher than last month’s average of 6.75%, but it shows a decrease compared to last year’s rate of 7.99%.
If you borrow $100,000 at the current 30-year fixed rate, your monthly payment would be approximately $663, up from $643 last week.
For those considering a 15-year fixed mortgage, the average rate has risen to 6.1%, up from 5.75% last week. This rate is higher than last month’s 5.91% but lower than last year’s 7.24%. At this rate, your monthly payment would be about $849 for every $100,000 borrowed, an increase from $830 last week.
The average rate for 30-year jumbo loans has also increased to 7.01%, up from 6.7% last week. This rate is higher than last month’s 6.7% but lower than last year’s 7.93%. For a 30-year jumbo mortgage, borrowing $100,000 would result in a monthly payment of approximately $666, compared to $645 last week.
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. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.
If you’re ready to buy a home, now is the time to compare the best mortgage lenders to find the right deal for you!