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Average mortgage rates are up moderately week over week as of Wednesday, November 20, 2024, with the 30-year benchmark hovering under 7.00% — its highest level since July.
Average rates for 30-year and 15-year fixed mortgages open the week at 24-month lows as of Monday, September 23, 2024, nearly a week after the Federal Reserve announced a long-awaited cut to its ...
Average mortgage rates are trending down as of Thursday, September 19, 2024, a day after the Federal Reserve announced it was lowering its benchmark interest rate by 50 basis points to a range of ...
The Actual/360 method calls for the borrower for the actual number of days in a month. This effectively means that the borrower is paying interest for 5 or 6 additional days a year as compared to the 30/360 day count convention. Spreads and rates on Actual/360 transactions are typically lower, e.g., 9 basis points.
The average rate for shorter 15-year terms is 6.19% for purchase and 6.20% for refinance, down 11 basis points from 6.30% for purchase and 10 basis points from 6.30% for refinance this time last week.
United States money market funds report a 7-day SEC yield. The rate expresses how much the fund would yield if it paid income at the same level as it did in the prior 7 days for a whole year. It is calculated by taking the sum of the income paid out over the period divided by 7, and multiplying that quantity by 36500 (365 days x 100).
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TED spread (in red) and components during the financial crisis of 2007–08 TED spread (in green), 1986 to 2015. The TED spread is the difference between the interest rates on interbank loans and on short-term U.S. government debt ("T-bills").