Mortgage rates rise slightly on November 1, 2024

As of November 1, 2024, the average interest rate for a 30-year fixed mortgage is 6.90%, up from 6.80% last week. This type of mortgage remains popular due to its lower monthly payments compared to shorter terms. The average rate for a 15-year fixed mortgage is now 6.16%, an increase from 6.07% last week. While these loans have higher monthly payments, they typically offer lower interest rates and less total interest paid over time. For 5/1 adjustable rate mortgages, the average rate is 6.38%, rising from 6.26% last week. These loans often start with lower rates but can change after five years, depending on market conditions.