Mortgage Interest Rates Forecast

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Written by Holden Lewis
Senior Writer/Spokesperson
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Edited by Johanna Arnone
Assigning Editor
Fact Checked

Mortgage rates this week

Fixed mortgage rates rose for the fifth week in a row in the week ending Oct. 24 in the wake of a strong jobs report for September.

  • The 30-year fixed-rate mortgage averaged 6.6% APR, up 14 basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

  • The 15-year fixed-rate mortgage averaged 5.78% APR, up 11 basis points from the previous week's average.

  • The 5-year adjustable-rate mortgage averaged 7.54% APR, up two basis points from the previous week's average.

Mortgage rates jumped higher a few weeks ago, after the September employment report showed that job creation was stronger than expected, and have kept climbing. Even so, forecasters predict that mortgage rates will fall over the next few months, and the Federal Reserve is expected to cut short-term interest rates at its next meeting, a couple of days after the election.

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Mortgage loans from our partners

New American Funding - PURCHASE logo
Check Rate

on New American Funding

New American Funding

4.5

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New American Funding - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
500

Min. down payment 
3.5%

Check Rate

on New American Funding

Rocket Mortgage - PURCHASE logo
Check Rate

on Rocket Mortgage

Rocket Mortgage

5.0

NerdWallet rating 
Rocket Mortgage - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 
3.5%

Check Rate

on Rocket Mortgage

Veterans United - PURCHASE logo
Check Rate

on Veterans United

Veterans United

4.5

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Veterans United - PURCHASE logo

4.5

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Min. credit score 
620

Min. down payment 
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October mortgage rate forecast

Mortgage interest rates fell for the last five months, but October breaks the streak. Mortgage rates went down in previous months in anticipation of action from the Federal Reserve.

On Sept. 18, the Federal Reserve announced a 50-basis-point rate cut. Now, mortgage rates may idle around 6% until markets and the Fed catch up.

Forecasts from Fannie Mae and the Mortgage Bankers Association see mortgage interest rates moving lower, but it's not a dramatic drop. It's barely a slope. In a somewhat unusual twist, Fannie Mae and the MBA's forecasts for the near future aren't just similar, they are nearly identical.

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