Mortgage Interest Rates Forecast

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Written by Holden Lewis
Senior Writer/Spokesperson
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Edited by Jeanette Margle
Lead Assigning Editor
Fact Checked

Mortgage rates this week

Fixed mortgage rates marched upward for the sixth week in a row in the week ending Oct. 31 as the economy continued to grow.

  • The 30-year fixed-rate mortgage averaged 6.75% APR, up 15 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 6.02% APR, up 24 basis points from the previous week's average.

  • The 5-year adjustable-rate mortgage averaged 7.51% APR, down three basis points from the previous week's average.

The economy expanded at a 2.8% annual rate in the third quarter, according to the Bureau of Economic Analysis. That was a little slower than the pace of economic growth in the second quarter — a sign that the economy is on track for the soft landing that the Federal Reserve is trying to accomplish. A soft landing is a reduction in inflation without triggering a recession.

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New American Funding - PURCHASE logo
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Rocket Mortgage - PURCHASE logo

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Veterans United - PURCHASE logo
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on Veterans United

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Veterans United - PURCHASE logo

4.5

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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

NerdWallet rating 
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

NerdWallet rating 
Veterans United - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
0%

Check Rate

on Veterans United

November mortgage rate forecast

November's mortgage rate forecast is for rates to remain relatively unchanged until doubt about the election has evaporated. The direction of mortgage rates is anyone's guess after that, depending on who wins the White House and which parties will control the House and Senate.

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 all 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.

At the end of October, the 30-year mortgage rate has 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.

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