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.

One of the main drawbacks to taking a 30-year mortgage is that you’ll pay significantly more in interest over the life of the loan. In the example above, total interest for the 30-year option will cost $70,450, while the 15-year will amount to $25,306. That's why it's also so important to compare mortgage lenders and what they can offer.

With a slight increase Friday, 30-year mortgage refi rates are near their highest level in two months, after hitting a 19-month low in mid-September.

In a fluctuating financial environment, there are times when mortgage rates hit historic lows, presenting a golden opportunity for homeowners. One of the most

The current median interest rate is 6.75% for a 30-year fixed-rate mortgage and 5.88% for a 15-year fixed-rate mortgage As of Oct. 22, according to Credible data gathered from more than 500 U.S. lenders*,

Mortgage rates for October 22, 2024, are around 6.35%, according to Zillow data.  Mortgage rates have increased thanks to strong jobs data and shifting expectations around Fed rate cuts. Next year, rates should go down.

Mortgage rates surged to 6.44% for a 30-year fixed loan in the week ending Oct. 17—the highest in roughly two months. In the face of these elevated rates, the number of applications for home purchases went down this week.