Mortgage Interest Rates Forecast
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Mortgage rates this week
Weekly mortgage rates fell for the first time since September in the week ending Nov. 14.
The 30-year fixed-rate mortgage averaged 6.79% APR, down seven 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 6.04% APR, down one basis point from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.59% APR, up two basis points from the previous week's average.
While mortgage rates have finally stopped their weeks-long upward trend, this slight dip won’t be enough to help home shoppers who have struggled to achieve their homeownership goals in 2024. At 6.79%, the 30-year average rate is only one basis point lower than it was in the week ending Feb. 15, despite two recent rate cuts. Forecasters are predicting that another 25-basis-point cut may be coming in December, but the combination of inflation and the incoming Trump administration make the picture much foggier for 2025.
November mortgage rate forecast
Mortgage rates are likely to head downward, slowly, following the election.
Forecasts from Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors all imply that mortgage rates will fall in the final three months of this year and gradually decline throughout next year. The three organizations predict that the 30-year mortgage will average 6% to 6.3% from October through December, and to settle below 6% in the final three months of 2025.
As of the end of October, the 30-year mortgage rate averaged 6.43% in the fourth quarter. For the predictions of lower rates in the fourth quarter to pan out, mortgage rates would need to fall decisively in November and December. Time is running short for that to happen.
