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Yahoo Personal Finance

Mortgage and refinance rates today, October 10, 2024: Rates finally drop

Laura Grace Tarpley · Lead Editor and Content Strategist, Mortgages
6 min read

After several straight days of increases, most mortgage rates have finally fallen today. According to Zillow, the average 30-year fixed mortgage rate is down four points to 6.15%, the 15-year fixed rate has fallen six basis points to 5.41%, and the 5/1 ARM rate has dropped by seven basis points to 6.77%.

Yes, these declines are relatively small — but mortgage rates aren't expected to nosedive before the end of 2024. Rates will probably remain flat and even inch up a little before falling throughout 2025. So, if you're ready to buy a house soon, holding out for lower rates might not be worth it.

Dig deeper: When will mortgage rates go down? A look at 2024 and 2025.

Today's mortgage rates

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

  • 30-year fixed: 6.15%

  • 20-year fixed: 6.00%

  • 15-year fixed: 5.41%

  • 5/1 ARM: 6.77%

  • 7/1 ARM: 6.90%

  • 30-year VA: 5.53%

  • 15-year VA: 5.00%

  • 5/1 VA: 5.82%

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

Learn more: 5 strategies to get the lowest mortgage rates

Today's mortgage refinance rates

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

  • 30-year fixed: 6.29%

  • 20-year fixed: 6.04%

  • 15-year fixed: 5.56%

  • 5/1 ARM: 6.79%

  • 7/1 ARM: 6.57%

  • 30-year VA: 5.48%

  • 15-year VA: 5.25%

  • 5/1 VA: 5.28%

  • 30-year FHA: 5.38%

  • 15-year FHA: 5.19%

  • 5/1 FHA: 4.84%

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 higher than purchase mortgage rates.

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Monthly mortgage payment calculator

Yahoo Finance has a free mortgage payment calculator to help you see how various mortgage rates will impact your monthly payments.

Our calculator goes even deeper by including factors like homeowners insurance and property taxes in your calculation. You can even add private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be.

How do mortgage rates work?

A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates.