Mortgage Rates Today: As the dust settles following the 2024 U.S. presidential election, mortgage rates have experienced notable shifts. According to Zillow’s latest data, the 30-year fixed mortgage rate has risen to 6.63%, up by four basis points from yesterday, while the 5/1 adjustable-rate mortgage (ARM) also increased to 6.63%, marking an eight-basis-point climb. With the election results influencing economic expectations, mortgage interest rates are expected to continue rising in the short term.
The connection between mortgage rates and the economy is evident in the wake of the election. Mortgage rates generally follow the trends of the 10-year Treasury yield, which has seen consistent increases in recent weeks. Investors have responded to the possibility of a Trump presidency, leading to higher yields. On top of that, mortgage rates may also be influenced by the Federal Reserve’s decisions on the federal funds rate, as well as comments from Chairman Jerome Powell, which could affect the broader financial landscape.
In addition to the rise in mortgage rates, there has been a significant uptick in refinance rates. According to Zillow, the average 30-year refinance rate has now reached 6.64%, while the 15-year refinance rate stands at 5.91%. For homeowners looking to refinance, it’s crucial to consider the timing of these adjustments and potential long-term impacts on monthly payments.
Current National Mortgage Rates
- 30-year fixed: 6.63%
- 15-year fixed: 5.79%
- 5/1 ARM: 6.63%
- 30-year VA loan: 6.00%
Mortgage Refinance Rates
- 30-year fixed refinance: 6.64%
- 15-year fixed refinance: 5.91%
- 5/1 ARM refinance: 6.63%
For potential homebuyers or those considering refinancing, it’s important to keep a close eye on the fluctuations in mortgage rates, especially with the presidential election’s potential impact on the broader economy. While rates are higher, strategic planning can help secure the best possible terms, especially when considering factors such as credit score and down payment size.
As mortgage rates continue to climb, staying informed and shopping around for the best rates remains key. Use tools like mortgage calculators to help estimate monthly payments and find the best deal based on your financial situation. Whether you’re buying a new home or refinancing an existing loan, staying proactive in a shifting market is crucial for long-term financial stability.
