Current Mortgage Rates for October 9, 2024: 30-Year, 15-Year, and Jumbo Loans

Current Mortgage Rates for October 9, 2024

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As of October 8, 2024, mortgage rates have seen notable changes. The average rate for a 30-year fixed mortgage is currently 6.98%, up from 6.71% last week. This represents an increase from last month's rate of 6.75% and a decrease from 7.99% a year ago. With this rate, borrowers can expect to pay approximately $664 each month for every $100,000 borrowed, an increase from $646 last week.

For those considering a 15-year fixed mortgage, the average rate has risen to 6.16% from 5.77% last week. This is also an increase from 5.91% last month and a decrease from 7.24% last year. At this rate, monthly payments will be around $853 for every $100,000 borrowed, up from $831 last week.

In the jumbo loan category, the average rate for a 30-year jumbo mortgage is now 7.02%, up from 6.7% last week. This rate is consistent with last month’s 6.7% but lower than last year's 7.93%. Borrowers will pay roughly $667 per month for every $100,000 borrowed, an increase from $645 last week.

Curinos, the source of these mortgage rates, uses a standardized set of parameters to determine averages. 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, assuming 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, now is the time to compare the best mortgage lenders to find the right deal for you!