Today’s mortgage rates for April 17, 2024: Rates slightly rise
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“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Published 8:57 a.m. UTC April 17, 2024
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Today’s 30-year fixed mortgage rate is 7.73% while a 15-year fixed-rate mortgage is 6.98%. Rates on 30-year jumbo mortgages are 7.67%.
*Data accurate as of April 16, 2024, the latest data available.
30-year fixed mortgage rates
According to data from Curinos, mortgage rates for a 30-year fixed-rate loan sit at 7.73%. This means they’ve risen from 7.34% last week. Last month, rates were at 7.44%, putting today’s rates significantly higher and up from 5.93% last year.
The 30-year fixed-rate average today is 1.40 percentage points below the 52-week high of 9.13% and 2.10 percentage points higher than the 52-week low of 5.63%.
At the current 30-year fixed rate, you'll pay about $714 each month for every $100,000 you borrow — up from around $694 last week.
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15-year fixed mortgage rates
The mortgage rates for 15-year fixed loans inched up today to 6.98% from 6.60% last week. Today's rate is up from last month’s 6.69% and up from a year ago when it was 5.30%.
At the current 15-year fixed rate, you'll pay about $896 each month for every $100,000 you borrow, up from about $880 last week.
30-year jumbo mortgage rates
The mortgage rates for 30-year jumbo loans rose today to 7.67% from 7.31% last week. This is up from last month’s 7.24% and up from 5.77% last year.
At the current 30-year jumbo rate, you'll pay around $709 each month for every $100,000 you borrow, up from about $699 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
If you’re not planning on keeping a home for a long time, an ARM could be the better option — especially if fixed-rate loans have much higher rates at the time. This is because ARMs tend to have lower rates to start than fixed-rate mortgages, though your rate can increase over time.
While a fixed-rate loan will have the same rate throughout the entire term, an ARM will start with a fixed rate for a set amount of time and then switch to a variable rate that can change for the remainder of your loan term. For example, a 5/1 ARM will have a fixed rate for five years (the “5” in 5/1), then switch to a variable rate that can change once a year (the “1” in 5/1).
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
