Assuming a 3.5% down payment and excluding tax and insurance, the typical payment at today’s 6.44% mortgage rate on a median-priced $425,000 home is roughly $2,576 per month. Last week, a median-priced home at a 6.32% mortgage rate would have cost homebuyers $2,544 per month—$32 less than what buyers would pay today.

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.