Mortgage Interest Rates Today: Low Rates on November 29, 2023

Get the latest on mortgage rates and find out how to save money on your mortgage in the long run.

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This month, mortgage rates have seen a significant drop, with 30-year mortgage rates now around 60 basis points lower than they were at the beginning of November. The cooling economic data has played a role in reducing the upward pressure on mortgage rates. The Consumer Price Index slowed to 3.2% year over year last month, indicating that inflation is finally coming down to a more sustainable level.

As the economy stabilizes, we can expect mortgage rates to start heading down. However, substantial rate drops may not occur until the Federal Reserve begins cutting the federal funds rate. For those looking to buy a home, it's important to keep an eye on future Federal Reserve meetings to gauge where rates might go in the coming months.

Our free mortgage calculator can help you see how today's mortgage rates would impact your monthly payments. By inputting different rates and term lengths, you can understand how much you'll pay over the entire length of your mortgage. Click "More details" for tips on how to save money on your mortgage in the long run.

Last week, the average 30-year fixed mortgage rate was 7.29%, marking a 15-basis-point decrease from the previous week, according to Freddie Mac. The 30-year fixed-rate mortgage is the most common type of home loan, allowing you to pay back what you borrowed over 30 years, with a fixed interest rate for the life of the loan.

Average 15-year mortgage rates were 6.67% last week, a nine-basis-point drop from the previous week, according to Freddie Mac data. If you're looking for the predictability of a fixed rate but want to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you.

Mortgage rates began increasing from historic lows in the second half of 2021 and have increased over three percentage points in 2022. As inflation comes down, mortgage rates are expected to recede as well, possibly falling closer to 6% by the end of 2024.

For homeowners looking to leverage their home's value to cover a big purchase, a home equity line of credit (HELOC) may be a good option while waiting for mortgage rates to ease. A HELOC allows you to borrow against the equity in your home and tap into the money without replacing your entire mortgage.

The Federal Reserve has been increasing the federal funds rate this year to slow economic growth and control inflation. While mortgage rates aren't directly impacted by changes to the federal funds rate, they often trend up or down ahead of Fed policy moves. However, experts believe the central bank is done raising rates, which means mortgage rates should ease somewhat. Once the Fed cuts rates, mortgage rates should fall even further.