What’s wrong with this picture,” prospective homebuyers may be asking. The Federal Reserve cut interest rates by .50% but mortgage rates have risen for th

Most outstanding mortgages have a 6% or lower rate, which creates a " lock-in effect " for many current owners who don't want to swap a low rate for a higher one. This could limit homeowners’ willingness to sell, slowing or stalling the housing market.

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.

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.

The median home price dropped from $429,990 in August to $425,000 in September. Mortgage rates rose to 6.44% this week for a 30-year fixed loan, up from 6.32% last week. What impact do these changes have on your monthly mortgage payment?

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*,

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.