Mortgage and refinance rates today, October 2, 2024: Rates are up since last week

Most mortgage and refinance rates have increased over the last week. According to Zillow, the 30-year fixed mortgage rate is up 12 basis points to 5.90%, and the 30-year fixed refinance rate has risen by six basis points to 5.91%.

Still, rates are lower than they were a couple months ago. Are you ready to buy a home? It may be good to go ahead and start the process rather than try to time the real estate market. If you’re considering refinancing, you might want to hold off until late 2024 or even 2025 since many expect rates to fall over the next several months.

Learn more: Is it a good time to buy a house?

Mortgage rates today

Here are the current mortgage rates, according to our latest Zillow data:

30-year fixed: 5.90%
20-year fixed: 5.62%
15-year fixed: 5.07%
5/1 ARM: 6.29%
7/1 ARM: 6.35%
30-year VA: 5.14%
15-year VA: 4.92%
5/1 VA: 5.80%

Remember that these are the national averages and rounded to the nearest hundredth.

Mortgage refinance rates today

Here are today’s mortgage refinance interest rates, according to the latest Zillow data:

30-year fixed: 5.91%
20-year fixed: 5.62%
15-year fixed: 5.16%
5/1 ARM: 6.54%
7/1 ARM: 6.23%
30-year VA: 5.17%
15-year VA: 5.02%
5/1 VA: 5.25%

As with the purchase mortgage rates, these are national averages we’ve rounded to the nearest hundredth. Keep in mind that refinance rates are usually a little higher than rates on your original mortgage.

Learn more: Is now a good time to refinance your mortgage?

Mortgage calculator

Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments. This can help you decide whether to buy a home or refinance in the near future.

Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.

How mortgage rates have changed this week

30-year fixed rates increase (+0.12%)

Today’s 30-year fixed rate is 5.90%, which is up 12 basis points from last week’s 5.78%.

On a $300,000 mortgage, a 5.90% rate on a 30-year term would result in a monthly mortgage payment of $1,779 toward principal and interest.

20-year fixed rates go up (+0.07%)

The 20-year fixed rate is 5.62% today, up seven basis points since last Wednesday.

A 5.62% rate on a $300,000, 20-year mortgage means you would pay $2,084 toward principal and interest each month. A 20-year term can be a nice balance between a 30-year and 15-year term because you’ll pay off your mortgage faster and pay less in interest, but your monthly payments won’t be as high as with a 15-year mortgage loan.

15-year fixed rates rise (+0.15%)

The current 15-year fixed rate is 5.07%, an increase of 15 basis points since last week.

With a 15-year term and 5.07% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,383. However, you would pay off your loan much more quickly than with a longer term and pay less in interest.

Learn more: 15-year vs. 30-year mortgages

5/1 ARM rates soar (+0.46%)

The mortgage interest rate is 6.29% on a 5/1 adjustable-rate mortgage (ARM) today, which is up since this time last week.

If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.29% rate will result in a $1,855 monthly payment for the first five years. Then, your rate will increase or decrease once per year for the remaining 25 years.

7/1 ARM rates inch up (+0.05%)

Today’s 7/1 ARM mortgage rate is 6.35%. This time last week, the rate was 6.30%.

A 6.35% rate means your monthly payment on a $300,000 mortgage will be $1,867 for the first seven years, then it will change annually for the last 23 years of your term.

Dig deeper: Best mortgage lenders for first-time home buyers

30-year VA loan rates tick down (-0.02%)

The current 30-year VA loan rate is 5.14%, which is down from last week’s 5.16%.

VA loans also typically come with lower rates. You also don’t have to pay annual mortgage insurance premiums, which can make them more affordable than FHA loans. If you’re affiliated with the military, a VA loan can be a great choice.

A 30-year, $300,000 mortgage with a 5.14% rate would result in a monthly payment of $1,636.

15-year VA loan rates incline (+0.09%)

Today’s 15-year VA loan rate is 4.92% — a nine-basis-point incline from last week.

With $300,000 mortgage loan that has a 15-year term and 4.92% rate, you’d pay $2,360 monthly toward the principal and interest.

5/1 VA ARM rates skyrocket (+0.19%)

The 5/1 VA ARM rate today is 5.80%, which is a 19-point increase from last week.

If you got a 5/1 VA ARM with a 30-year term and 5.80% rate, you’d pay $1,760 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.

Learn more: Best VA loan lenders

How mortgage refinance rates have changed this week

30-year fixed refinance rates incline (+0.06%)

Today’s 30-year fixed refinance rate is 5.91%, up from last week’s 5.85%.

If you refinance into a $300,000 mortgage with a 30-year term and 5.91% rate, your new monthly mortgage payment toward principal and interest will be $1,781.

20-year fixed refinance rates tick up (+0.05%)

The current 20-year fixed refinance rate is 5.62%, which is five basis points higher than this time last week.

A new 20-year $300,000 mortgage with a 5.62% rate would result in a $2,084 monthly principal and interest payment.

15-year fixed refinance rates increase (+0.19%)

The 15-year fixed refinance rate is 5.16%, a 19-basis-point increase since last week.

A refinanced mortgage with a $300,000 principal, 15-year term, and 5.16% rate would result in a $2,397 monthly payment.

5/1 ARM refinance rates skyrocket (+0.40%)

Today’s 5/1 ARM refinance rate is 6.54%, 40 basis points higher than last week.

A 5/1 ARM with a 6.54% rate and $300,000 principal would lead to a $1,904 monthly payment for the first five years of your refinanced mortgage. Then, your rate will go up or down annually for the last 25 years of your mortgage.

7/1 ARM refinance rates soar (+0.55%)

The 7/1 ARM refinance rate is 6.23% today, a 55-basis-point incline since last week.

If you get a 7/1 ARM mortgage with a 6.23% rate, your monthly payment will be $1,843 on a $300,000 loan. After the first seven years, your rate will adjust annually for the remaining 23 years.

30-year VA refinance rates decline (-0.08%)

The 30-year VA refinance rate is 5.17% today, down eight basis points since last week.

A 30-year $300,000 mortgage with a 5.17% rate will result in a $1,642 monthly payment toward your principal and interest.

15-year VA refinance rates drop (-0.08%)

Today’s 15-year VA refinance rate is 5.02%, down eight basis points over the last week.

A 15-year refinanced mortgage for $300,000 with a 5.02% rate would cost you $2,376.

5/1 ARM refinance rates plummet (-0.28%)

The 5/1 ARM refinance rate is 5.25%, down 28 basis points from last week’s 5.53%.

A 5/1 ARM with a 5.25% rate and $300,000 mortgage will result in a $1,657 monthly payment for the first five years. Then, your rate will increase or decrease for the remaining 25 years of your term.

Dig deeper: How soon can you refinance your mortgage after buying a home?

Today’s mortgage rates: FAQs

What are mortgage interest rates doing today?

Most of today’s mortgage rates have increased since last Thursday. According to Zillow, the 30-year fixed rate is up by 12 basis points since last week, and the 15-year fixed rate is up by 15 basis points.

Are refinance rates dropping?

Mortgage refinance rates have been dropping in general over the last couple of months, but most have increased since this time last week. For example, the 30-year refinance rate is up six basis points at 5.91%.

How do you get the lowest mortgage rate?

To get the lowest mortgage rate in the current housing market, make a sizable down payment, have an excellent credit score, and keep your debt-to-income ratio (DTI) low. The stronger your personal finances, the lower your interest rate should be.

Should I lock in my mortgage rate today or wait?

It’s impossible to predict the best day for a mortgage rate lock because rates shift from day to day. But locking in your rate early can be helpful so you can know what your monthly budget as a homeowner will be as soon as possible.