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.

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.

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.

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 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.

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.

Interest rates and gas prices were lower before Biden’s presidency. However, the numbers cited in the post are not precise and lack some context. The posts appear to reference the 30-year fixed mortgage rate—the interest rate at which borrowers can repay a 30-year home loan.