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.

A new map shows which U.S. states have seen the sharpest increase in mortgage rates this year, driven by a combination of economic factors, including inflation and fluctuating real-estate demand. Colorado was the state with the largest average mortgage interest rate increase between the first and second quarters of 2024,

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.