The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

The median interest rate on a 30-year fixed-rate mortgage is 6.99% as of November 7, which is 0.11 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.13%, which is 0.13 percentage points higher than yesterday.

These are today's mortgage and refinance rates. Mortgage rates are forecast to go down in 2025, but if inflation reignites, that outlook could change.

US mortgage rates continued to climb, putting a further damper on refinancing and homebuying activity. The contract rate on a 30-year mortgage increased 8 basis points to 6.81% in the week ended Nov.

The Fed cut rates for the second time this year. Learn how this impacts mortgage rates and what to expect in the coming months.

The latest rise, to 6.79% for a 30-year mortgage, reflects bond market concern about President-elect Trump’s agenda. It extends an uptick in mortgage rates despite expected Federal Reserve rate cuts.

Although Trump has vowed to somehow lower mortgage rates if elected, the prospect of his election victory had been driving mortgage rates higher in recent weeks. After touching a two-year low in mid-September, mortgage rates have risen for five consecutive weeks, hitting 6.72% last week, according to Freddie Mac.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.00% for a 15-year fixed-rate mortgage.

October netted 293 new development contracts, the most this year, led by luxury signings at The Henry, 255 East 77th Street and The Cortland.