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 fourth daily increase, 30-year refi rates have risen to their most expensive level in more than 10 weeks—rising up from the 19-month low they sank to in September.

As of Oct. 23, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.88%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is 0.12 percentage points higher than yesterday.

Why are home prices still rising even as mortgage rates have gone higher? A number of people predicted that home prices would experience a steep drop as mortgage rates rose, but that’s not what has happened.

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.

Applications for mortgages fell to the lowest level in three months as high rates weighed on home buyers. Activity as measured by the market composite index — a measure of mortgage application volume — was down in the past week,

A viral online post compares interest rates and gas prices before and after Biden’s presidency. “Remember how on November 5th, 2020 gas was $1.80 a gallon and interest rates were 2.75%,” the post reads. Another reads: “Friendly PSA: Gas Was $2.30 A Gallon And Interest Rates Were 2.75% Back On January 20th, 2021.”

Rates on 30-year loans had wavered for two weeks, but have now pushed higher for four days, reaching their highest level since July. Most other loan types also climbed.