{"id":640922,"date":"2024-10-08T13:37:42","date_gmt":"2024-10-08T10:37:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/"},"modified":"2024-10-08T13:37:42","modified_gmt":"2024-10-08T10:37:42","slug":"average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/","title":{"rendered":"#Average rates jump sharply ahead of week&#8217;s key inflation reports"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a24386b44fb5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a24386b44fb5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#Mortgage_rates_for_October_8_2024\" >Mortgage rates for October 8, 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#Mortgage_rates_in_the_news\" >Mortgage rates in the news<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#September_18_2024_Fed_lowers_benchmark_rate_for_first_time_since_March_2020\" >September 18, 2024: Fed lowers benchmark rate for first time since March 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#What_to_expect_at_the_Feds_November_policy_meeting\" >What to expect at the Fed&#8217;s November policy meeting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#NAR_settlement_and_realtor_commission_changes\" >NAR settlement and realtor commission changes<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#4_top_factors_that_affect_your_mortgage_rate\" >4 top factors that affect your mortgage rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#Frequently_asked_questions_about_mortgage_rates\" >Frequently asked questions about mortgage rates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#What_are_mortgage_lenders\" >What are mortgage lenders?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#What_does_it_mean_to_refinance_a_mortgage\" >What does it mean to refinance a mortgage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#What_is_an_adjustable-rate_mortgage\" >What is an adjustable-rate mortgage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#Why_are_mortgage_rates_so_high\" >Why are mortgage rates so high?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#Can_I_negotiate_my_mortgage_rate\" >Can I negotiate my mortgage rate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#What_happens_to_my_mortgage_after_I_die\" >What happens to my mortgage after I die?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#I_already_own_a_home_Can_I_borrow_against_my_homes_equity_to_cover_a_high-dollar_or_unexpected_cost\" >I already own a home. Can I borrow against my home&#8217;s equity to cover a high-dollar or unexpected cost?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/buradabiliyorum.com\/en\/average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports\/#Sources\" >Sources<\/a><\/li><\/ul><\/nav><\/div>\n<div>Average mortgage rates are rising across the board as of Tuesday, October 8, 2024, with sharp moves higher on 30-year and 15-year terms less than three weeks after the Federal Reserve <a rel=\"nofollow noopener\" target=\"_blank\" href=\"#september-18-2024-fed-lowers-benchmark-rate-for-first-time-since-march-2020\" data-jump-link=\"\" data-ylk=\"slk:lowered its benchmark interest rate;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">lowered its benchmark interest rate<\/a> \u2014 the first Fed rate cut in four years. Fresh consumer spending and wholesale pricing data due for release later this week are set to reveal yet more about the state of the economy after last Friday&#8217;s employment report that showed stronger job growth in September than expected. Positive inflation trends in these two key inflation reports will influence when or how far the Fed cuts rates further after its <a rel=\"nofollow noopener\" target=\"_blank\" href=\"#what-to-expect-at-the-feds-november-policy-meeting\" data-jump-link=\"\" data-ylk=\"slk:next meeting in November;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">next meeting in November<\/a>. Mortgage lenders keep a close eye on the Fed rate, which responds to many of the same economic factors that can influence borrowing rates on large loans like mortgages.<\/p>\n<p>The current average interest rate for a 30-year fixed mortgage is 6.40% for purchase and 6.38% for refinance, an increase of 14 basis points from 6.26% for purchase and 17 basis points from 6.21% for refinance last Tuesday. The average rate for shorter 15-year terms is 5.72% for purchase and 5.68% for refinance, up 25 basis points from 5.47% for purchase and 16 basis points from 5.52% for refinance this time last week. The average purchase rate on a 30-year fixed jumbo mortgage is 6.61%.<\/p>\n<p><strong>\u2b50\ufe0f Must read: <\/strong>How much does a change in mortgage rates actually matter?<\/p>\n<p><strong><em>Purchase rates for Tuesday, October 8, 2024<\/em><\/strong><\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li><strong>30-year fixed rate<\/strong> \u2014 6.40%<\/p>\n<\/li>\n<li>\n<p><strong>20-year fixed rate <\/strong>\u2014 6.21%<\/p>\n<\/li>\n<li>\n<p><strong>15-year fixed rate<\/strong> \u2014 5.72%<\/p>\n<\/li>\n<li>\n<p><strong>10-year fixed rate<\/strong> \u2014 5.67%<\/p>\n<\/li>\n<li>\n<p><strong>5\/1 adjustable rate mortgage<\/strong> \u2014 5.99%<\/p>\n<\/li>\n<li>\n<p><strong>30-year fixed FHA rate<\/strong> \u2014 6.33%<\/p>\n<\/li>\n<li>\n<p><strong>30-year fixed VA rate<\/strong> \u2014 6.62%<\/p>\n<\/li>\n<li>\n<p><strong>30-year fixed jumbo rate<\/strong> \u2014 6.61%<\/p>\n<\/li>\n<\/ul>\n<p><strong><em>Refinance rates for Tuesday, October 8, 2024<\/em><\/strong><\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p><strong>30-year fixed rate<\/strong> \u2014 6.38%<\/p>\n<\/li>\n<li>\n<p><strong>20-year fixed rate<\/strong> \u2014 6.22%<\/p>\n<\/li>\n<li>\n<p><strong>15-year fixed rate<\/strong> \u2014 5.68%<\/p>\n<\/li>\n<li>\n<p><strong>10-year fixed rate<\/strong> \u2014 5.66%<\/p>\n<\/li>\n<li>\n<p><strong>5\/1 adjustable rate mortgage<\/strong> \u2014 5.89%<\/p>\n<\/li>\n<li>\n<p><strong>30-year fixed FHA rate<\/strong> \u2014 6.57%<\/p>\n<\/li>\n<li>\n<p><strong>30-year fixed VA rate<\/strong> \u2014 7.30%<\/p>\n<\/li>\n<li>\n<p><strong>30-year fixed jumbo rate<\/strong> \u2014 6.38%<\/p>\n<\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"#sources\" data-jump-link=\"\" data-ylk=\"slk:Source: Bankrate lender survey;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\"><em>Source: Bankrate lender survey<\/em><\/a><\/p>\n<p><strong><em>Freddie Mac weekly mortgage report: Mortgage rates tick up<\/em><\/strong><\/p>\n<p>Freddie Mac reports an average 6.12% for a 30-year fixed-rate mortgage, up 4 basis points from last week&#8217;s average 6.08%, according to its weekly Prime Mortgage Market Survey of nationwide lenders published on October 3, 2024. The fixed rate for a 15-year mortgage is 5.25%, up 9 basis points from last week&#8217;s average 5.16%. These figures are lower than a year ago, when rates averaged 7.49% for a 30-year term and 6.78% for a 15-year term.<\/p>\n<p>\u201cThe decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market\u2019s enthusiasm on rate cuts was premature,\u201d says Sam Khater, Freddie Mac\u2019s chief economist, of the latest data. \u201cZooming out to the bigger picture, mortgage rates have declined one and a half percentage points over the last 12 months, home price growth is slowing, inventory is increasing, and incomes continue to rise. As a result, the backdrop for homebuyers this fall is improving and should continue through the rest of the year.\u201d<\/p>\n<p>Freddie Mac updates its Prime Mortgage Market Survey data weekly on Thursdays at noon ET.<\/p>\n<h2 class=\"caas-jump-link-heading\" id=\"mortgage-rates-for-october-8-2024\"><span class=\"ez-toc-section\" id=\"Mortgage_rates_for_October_8_2024\"><\/span>Mortgage rates for October 8, 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mortgage rates are determined by many factors that include inflation rates, economic conditions, housing market trends and the Federal Reserve&#8217;s target interest rate. Lenders also consider your personal credit score, the amount available for your down payment, the property you&#8217;re interested in and other terms of the loan you&#8217;re requesting, like 30-year or 15-year offers.<\/p>\n<p>Because mortgage rates can fluctuate daily, it&#8217;s best to lock in a rate when you&#8217;re comfortable with the overall conditions of your mortgage or home loan.<\/p>\n<p><strong>Dig deeper<\/strong><\/p>\n<h2 class=\"caas-jump-link-heading\" id=\"mortgage-rates-in-the-news\"><span class=\"ez-toc-section\" id=\"Mortgage_rates_in_the_news\"><\/span>Mortgage rates in the news<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mortgage lenders keep a close eye on the benchmark federal funds target interest rate set by the Federal Reserve, the U.S.&#8217;s central bank. Called the Fed rate, it&#8217;s the benchmark that affects rates on deposit accounts, loans and other financial products. Typically, as the fed rate rises, so do APYs on savings products like CDs, high-yield savings accounts, money market accounts and home equity loans. Mortgage rates don&#8217;t follow the Fed rate as closely, but they do reflect the same elements the Fed evaluates when making decisions on the benchmark \u2014 especially inflation \u2014 which means as the Fed rate increases, mortgage rates also tend to rise.<\/p>\n<p>After increasing the target interest rate 11 times from March 2022 to July 2023 in an effort to combat the<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:12;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/america-latest-inflation-wave-corporations-182957694.html\" data-ylk=\"slk:highest inflation in four decades;cpos:12;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\"> highest inflation in four decades<\/a> coming out of the pandemic, the Federal Reserve announced a highly anticipated half-point cut to its federal funds target interest rate after its September 2024 policy meeting.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"september-18-2024-fed-lowers-benchmark-rate-for-first-time-since-march-2020\"><span class=\"ez-toc-section\" id=\"September_18_2024_Fed_lowers_benchmark_rate_for_first_time_since_March_2020\"><\/span>September 18, 2024: <strong>Fed lowers benchmark rate for first time since March 2020<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At the conclusion of its sixth rate-setting policy meeting of 2024 on September 18, 2024, the Federal Reserve announced it was lowering the federal funds target interest rate by 50 basis points to a range of 4.75% to 5.00% \u2014 the first cut since the Fed began raising rates in March 2022 \u2014 from a 23-year high of 5.25% to 5.50%.<\/p>\n<p>A half-point cut isn\u2019t typical of the Fed\u2019s decisions, which historically call for measured quarter-point reductions, but points to an urgency in keeping the economy healthy, easing a slowdown in the labor market and averting a recession.<\/p>\n<p>In its<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:13;pos:1\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20240918a.htm\" data-ylk=\"slk:post-meeting statement;cpos:13;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\"> post-meeting statement<\/a>, the Federal Reserve said it was lowering the target range &#8220;in light of the progress on inflation and the balance of risks,&#8221; acknowledging it&#8217;s &#8220;gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.&#8221;<\/p>\n<p>Economists<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:14;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/fed-dot-plot-suggests-central-bank-will-slash-interest-rates-two-more-times-in-2024-after-mega-50-basis-point-cut-182511834.html\" data-ylk=\"slk:estimate at least two additional rate cuts this year;cpos:14;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\"> estimate at least two additional rate cuts this year<\/a> with an additional four cuts anticipated in 2025.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"what-to-expect-at-the-feds-november-policy-meeting\"><span class=\"ez-toc-section\" id=\"What_to_expect_at_the_Feds_November_policy_meeting\"><\/span>What to expect at the Fed&#8217;s November policy meeting<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It&#8217;s too early to predict what the Federal Reserve will decide at its next policy meeting on November 6 and November 7, 2024, though many experts expect the Fed will announce additional cuts to the federal funds rate in the year to come. The <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:15;pos:1\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" data-ylk=\"slk:CME FedWatch Tool;cpos:15;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">CME FedWatch Tool<\/a>, which measures market expectations for Fed fund rate changes, projects a 87% chance the Fed will cut rates by a quarter point to a range of 4.50% to 4.75% at its November meeting.<\/p>\n<p>Economists are keeping a close eye on inflation and labor reports amid speculation as to timing of future cuts to the Fed rate. Signs of cooling inflation paved the way for September\u2019s first rate cut, with economic data indicating a continued decline from a<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:16;pos:1\" href=\"https:\/\/www.bls.gov\/opub\/ted\/2022\/consumer-prices-up-9-1-percent-over-the-year-ended-june-2022-largest-increase-in-40-years.htm\" data-ylk=\"slk:peak of 9.1% in June 2022;cpos:16;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\"> peak of 9.1% in June 2022<\/a> to rates that have ranged from 2.5% and 4% since May 2023.<\/p>\n<p>An eagerly awaited<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:17;pos:1\" href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" data-ylk=\"slk:jobs report released October 4;cpos:17;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\"> jobs report released October 4<\/a> showed much stronger job growth than projected and a drop in the unemployment rate. Employers added 254,000 new jobs to payrolls in September, more than the 150,000 expected, with the unemployment rate down to 4.1% from 4.2% in August, making it less likely the Fed will make another half-point cut this year.<\/p>\n<p>The fresh employment data is continued good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for the economy after a one-two punch of twin inflation reports in mid-September. The consumer price index<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:18;pos:1\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" data-ylk=\"slk:released on September 11;cpos:18;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\"> released on September 11<\/a> showed consumer prices rose 2.5% year over year in August, down from 2.9% in July \u2014 the<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:19;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/inflation-consumer-prices-rise-at-slowest-pace-since-early-2021-132305109.html\" data-ylk=\"slk:lowest index reading since March 2021;cpos:19;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\"> lowest index reading since March 2021<\/a>. The producer price index<a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:20;pos:1\" href=\"https:\/\/www.bls.gov\/news.release\/ppi.nr0.htm\" data-ylk=\"slk:released on September 12;cpos:20;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\"> released on September 12<\/a> reported a modest 0.2% increase in wholesale prices \u2014 or the prices manufacturers pay to producers of goods and services \u2014 in August from July, in line with expectations. Fresh consumer price index data is due for release on Thursday, followed by the producer price index on Friday.<\/p>\n<p>At a conference in Nashville on September 30, Federal Reserve Chair Jerome Powell said &#8220;the economy is in solid shape,&#8221; and that the Federal Reserve &#8220;intend(s) to use our tools to keep it there,&#8221; making its decisions &#8220;meeting by meeting.&#8221; He added, &#8220;This is not a committee that feels like it&#8217;s in a hurry to cut rates quickly.\u201c<\/p>\n<p>The Powell-led rate-setting panel will announce a rate decision at the conclusion of its meeting on Thursday, November 7, 2024, at 2 p.m. ET.<\/p>\n<p><strong>Dig deeper:<\/strong> When\u2019s the next Federal Reserve meeting? What to expect \u2014 and how it affects your finances<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"nar-settlement-and-realtor-commission-changes\"><span class=\"ez-toc-section\" id=\"NAR_settlement_and_realtor_commission_changes\"><\/span>NAR settlement and realtor commission changes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On April 23, a judge granted preliminary <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval to a $418 million antitrust settlement with the National Association of Realtors that ends customary real estate broker commissions of up to 6% of a home\u2019s purchase price. Effective August 17, real estate agents are required to provide interested buyers with a representation agreement before touring a home. This agreement is a new step designed to introduce transparency into the buyer&#8217;s relationship with the agent, the agent&#8217;s fees and how those fees are paid. The settlement isn\u2019t expected to affect mortgage rates, yet it paves the way for consumers to negotiate what they pay for an agent\u2019s services, saving them money in the long run.<\/p>\n<h2 class=\"caas-jump-link-heading\" id=\"4-top-factors-that-affect-your-mortgage-rate\"><span class=\"ez-toc-section\" id=\"4_top_factors_that_affect_your_mortgage_rate\"><\/span>4 top factors that affect your mortgage rate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The difference of even half a percentage point on your interest rate can save you hundreds of dollars a month and thousands of dollars over the life of your mortgage, but the mortgage rate you&#8217;re ultimately offered depends on the mortgage you&#8217;re interested in, payments you&#8217;re willing to pay up front and your overall financial health.<\/p>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p><strong>Your credit score.<\/strong> Knowing your credit score can help you shop around for lenders you&#8217;re likely to get approval through, as well as understand the type of mortgage for your lifestyle and income. The best mortgage rates go to borrowers with good to excellent credit \u2014 typically a FICO credit score of at least 670 \u2014 though even with fair credit, you may be able to find a mortgage offering decent rates.<\/p>\n<\/li>\n<li>\n<p><strong>Your down payment. <\/strong>The more money you can put down toward your home, the better it benefits your interest rate. Paying at least 20% of your home&#8217;s purchase price up front <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly results in a lower interest rate \u2014 <em>and <\/em>you can avoid mortgage insurance, which increases your total cost.<\/p>\n<\/li>\n<li>\n<p><strong>Your loan term. <\/strong>While the 30-year mortgage remains a popular way for Americans to purchase homes, you can find terms of 20 years, 15 years and 10 years. Shorter loan terms usually come with lower interest rates, though with higher monthly payments. Longer mortgage terms can result in smaller monthly payments, though you&#8217;ll pay higher total interest over the life of your loan.<\/p>\n<\/li>\n<li>\n<p><strong>Interest rate type. <\/strong>Mortgage rates come with two basic types of rates \u2014 fixed and variable. Fixed-rate mortgages offer a consistent interest rate over the life of your loan, whereas adjustable-rate mortgages (ARMs) often start with a lower fixed rate for an agreed-on time and then adjust to a variable rate based on market conditions for the remainder of your term. Choosing between these two rates depends on your financial goals and tolerance for risk.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Dig deeper:<\/strong> 6 ways to get the lowest rate on your next mortgage<\/p>\n<h2 class=\"caas-jump-link-heading\" id=\"frequently-asked-questions-about-mortgage-rates\"><span class=\"ez-toc-section\" id=\"Frequently_asked_questions_about_mortgage_rates\"><\/span>Frequently asked questions about mortgage rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 class=\"caas-jump-link-heading\" id=\"what-are-mortgage-lenders\"><span class=\"ez-toc-section\" id=\"What_are_mortgage_lenders\"><\/span><strong>What are mortgage lenders?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Lenders are financial institutions that loan money to homebuyers. A lender is different from a loan servicer, which typically handles the operational tasks of your loan, like processing payments, talking directly with borrowers and sending monthly statements.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"what-does-it-mean-to-refinance-a-mortgage\"><span class=\"ez-toc-section\" id=\"What_does_it_mean_to_refinance_a_mortgage\"><\/span><strong>What does it mean to refinance a mortgage?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance, the new lender pays off your old mortgage and you then pay your monthly statements from the new lender.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"what-is-an-adjustable-rate-mortgage\"><span class=\"ez-toc-section\" id=\"What_is_an_adjustable-rate_mortgage\"><\/span>What is an adjustable-rate mortgage?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An adjustable-rate mortgage \u2014 commonly called an ARM \u2014 is a type of home loan with a variable rate. Unlike a fixed-rate mortgage, which locks in an interest rate and predictable payments that apply over the full loan term, an ARM starts at an initial fixed rate for a period of three years or longer, after which it adjusts to a higher rate and then further adjusts periodically over the remaining life of the loan.<\/p>\n<p>For a 5\/1 adjustable-rate mortgage, the first number indicates the number of years at the fixed rate \u2014 or five years \u2014 and the second number indicates the rate at which the mortgage rate readjusts after \u2014 in this case, each year or annually.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"why-are-mortgage-rates-so-high\"><span class=\"ez-toc-section\" id=\"Why_are_mortgage_rates_so_high\"><\/span>Why are mortgage rates so high?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mortgage rates are influenced by complicated factors like inflation, employment rates, the bond market and the overall economy. While the Federal Reserve doesn&#8217;t set mortgage rates, this central bank of the U.S. sets benchmark rates that indirectly affect rates on financial products like mortgages, personal loans and deposit accounts.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"can-i-negotiate-my-mortgage-rate\"><span class=\"ez-toc-section\" id=\"Can_I_negotiate_my_mortgage_rate\"><\/span><strong>Can I negotiate my mortgage rate?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It&#8217;s not likely \u2014 lenders consider the market conditions and other financial factors when determining rates. You can, however, ask about how you can reduce costs in other ways when comparing mortgage lenders. For instance, many lenders offer lower rates in exchange for &#8220;mortgage points&#8221; \u2014 upfront fees you pay to your lender. A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan. Learn more in our guide to getting the lowest rate on your next mortgage.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"what-happens-to-my-mortgage-after-i-die\"><span class=\"ez-toc-section\" id=\"What_happens_to_my_mortgage_after_I_die\"><\/span>What happens to my mortgage after I die?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Your home&#8217;s mortgage is treated a little differently from your other debt, which is typically settled through your estate before any assets are passed along to your heirs. Most mortgages aren\u2019t transferable, which means the home must be paid off in full to transfer the property title.<\/p>\n<p>But that also means only those who signed on to the loan can be held liable for a mortgage. Learn more about what happens to your mortgage after death.<\/p>\n<h3 class=\"caas-jump-link-heading\" id=\"i-already-own-a-home-can-i-borrow-against-my-homes-equity-to-cover-a-high-dollar-or-unexpected-cost\"><span class=\"ez-toc-section\" id=\"I_already_own_a_home_Can_I_borrow_against_my_homes_equity_to_cover_a_high-dollar_or_unexpected_cost\"><\/span>I already own a home. Can I borrow against my home&#8217;s equity to cover a high-dollar or unexpected cost?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes. If it\u2019s cash you\u2019re after to pay for home renovations, pay off high-interest credit card debt or cover an emergency, tapping into your home\u2019s value is a way to unlock lower rates without refinancing \u2014 and without losing your low-rate mortgage. You typically need good to excellent credit and to have built enough equity in your home. Learn how to get equity out of your home as rates come down.<\/p>\n<p><em>Editor&#8217;s note: Rates shown are as of Tuesday, October 8, 2024, at 6 a.m. ET. APYs and promotional rates for some products can vary by region and are subject to change.<\/em><\/p>\n<h2 class=\"caas-jump-link-heading\" id=\"sources\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:29;pos:1\" href=\"https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/#mortgage-industry-insights\" data-ylk=\"slk:Mortgage Industry Insights;cpos:29;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">Mortgage Industry Insights<\/a>, Bankrate. Accessed October 8, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:30;pos:1\" href=\"https:\/\/www.freddiemac.com\/research\/forecast\/20240923-us-economy-continues-expand\" data-ylk=\"slk:U.S. Economic, Housing and Mortgage Market Outlook \u2013 September 2024;cpos:30;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">U.S. Economic, Housing and Mortgage Market Outlook \u2013 September 2024<\/a>, Freddie Mac. Accessed September 25, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:31;pos:1\" href=\"https:\/\/www.freddiemac.com\/pmms\" data-ylk=\"slk:Primary Mortgage Market Survey;cpos:31;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">Primary Mortgage Market Survey<\/a>, Freddie Mac. Accessed October 4, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:32;pos:1\" href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" data-ylk=\"slk:Employment Situation Summary;cpos:32;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">Employment Situation Summary<\/a>, U.S. Bureau of Labor and Statistics. Accessed October 7, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:33;pos:1\" href=\"https:\/\/www.bls.gov\/ces\/notices\/2024\/2024-preliminary-benchmark-revision.htm\" data-ylk=\"slk:2024 Preliminary Benchmark Revision;cpos:33;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">2024 Preliminary Benchmark Revision<\/a>, U.S. Bureau of Labor and Statistics. Accessed August 5, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:34;pos:1\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" data-ylk=\"slk:Consumer Price Index Summary,;cpos:34;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">Consumer Price Index Summary,<\/a> U.S. Bureau of Labor and Statistics. Accessed September 12, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:35;pos:1\" href=\"https:\/\/www.bls.gov\/news.release\/ppi.nr0.htm\" data-ylk=\"slk:Producer Price Index News Release summary;cpos:35;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">Producer Price Index News Release summary<\/a>, U.S. Bureau of Labor and Statistics. Accessed September 13, 2024.<\/p>\n<\/li>\n<li>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:36;pos:1\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" data-ylk=\"slk:CME FedWatch Tool;cpos:36;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link rapid-noclick-resp\">CME FedWatch Tool<\/a>, CME Group. Accessed October 8, 2024.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.aol.com\/finance\/daily-mortgage-rates-for-oct-8-2024-average-rates-jump-sharply-ahead-of-weeks-key-inflation-reports-103741177.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Average mortgage rates are rising across the board as of Tuesday, October 8, 2024, with sharp moves higher on 30-year and 15-year terms less than three weeks after the Federal Reserve lowered its benchmark interest rate \u2014 the first Fed rate cut in four years. Fresh consumer spending and wholesale pricing data due for release&#8230;<\/p>\n","protected":false},"author":1,"featured_media":640923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/V4QWYJHQ_1qk5IHzAU00Fw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD04MDE-\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2024-09\/61b8bd20-84ec-11ef-b8bf-6a6e4ed32fab","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-640922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/640922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=640922"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/640922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/640923"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=640922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=640922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=640922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}