Mortgage rates for October 23, 2024, are around 6.35%, according to Zillow data.  Rates have been elevated this month, and they may not drop in the near term.  In 2025, mortgage rates should ease as inflation slows and the Fed lowers its benchmark rate.

With a third daily increase, 30-year mortgage refi rates have risen to their highest level since mid-August—rising up from the 19-month low registered in September.

As of Oct. 21, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.63%, which is unchanged from Friday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.75%, which is 0.13 percentage points lower than Friday.

Thinking about taking out a mortgage loan? Current mortgage rates stay at 6.63% for 30-year terms, while 15-year terms decrease to 5.75%. Valerie Morris is a content editor with a focus on personal finance.

Assuming a 3.5% down payment and excluding tax and insurance, the typical payment at today’s 6.44% mortgage rate on a median-priced $425,000 home is roughly $2,576 per month. Last week, a median-priced home at a 6.32% mortgage rate would have cost homebuyers $2,544 per month—$32 less than what buyers would pay today.

These are today's mortgage and refinance rates. Mortgage rates are up this month, but they're still down over a full percentage point from last year.