{"id":21753,"date":"2025-10-14T02:20:55","date_gmt":"2025-10-14T02:20:55","guid":{"rendered":"https:\/\/finderica.com\/?p=21753"},"modified":"2025-10-14T02:20:55","modified_gmt":"2025-10-14T02:20:55","slug":"mortgage-rates-today-monday-october-13-noticeably-lower","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=21753","title":{"rendered":"Mortgage Rates Today, Monday, October 13: Noticeably Lower"},"content":{"rendered":"
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If you’ve been waiting for lower mortgage rates, today just might be your day.<\/span><\/p>\n<\/div>\n

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The average interest rate on a 30-year, fixed-rate mortgage dropped to 6.14% APR, according to rates provided to SS by Zillow. This is 14 basis points lower than Friday and five basis points lower than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.<\/span><\/p>\n<\/div>\n

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A significant drop is eye-catching, but bear in mind that you should consider mortgage interest rates’ overall direction, not just what’s going on today. That said, if you like what you see, it might be time to get serious about your home search or start checking that refi math.<\/span><\/p>\n<\/div>\n

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Average mortgage rates, last 30 days<\/span><\/span><\/h3>\n<\/div>\n

\ud83d\udcc9 When will mortgage rates drop? <\/span><\/span><\/h3>\n
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Mortgage rates are <\/span>constantly changing,<\/span><\/span> since a major part of <\/span>how rates are set<\/span><\/span> depends on reactions to new inflation reports, job numbers, Fed meetings, global news \u2026 you name it. For example, even tiny changes in the bond market can shift mortgage pricing.<\/span><\/p>\n<\/div>\n

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Usually, the Nerds are <\/span>looking ahead<\/span> to a big data drop. But because of the <\/span>government shutdown<\/span>, info we’d expect to arrive shortly \u2014 like the <\/span>CPI report<\/span> scheduled for Wednesday \u2014 is in limbo. Reportedly, the CPI will be delivered late, on Oct. 24, as furloughed employees are recalled to prepare the report. We’ve already missed the jobs report that was slated for Oct. 3. Those official numbers are helpful for future projections, since they can provide clues to the Federal Reserve’s likely moves; after all, data is vital to the Fed’s decision making.<\/span><\/p>\n<\/div>\n

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In case that’s not enough pressure, the Federal Reserve’s next meeting is at the end of this month and the central bankers are at a pivotal moment, having just <\/span>cut rates in September<\/span>. For now, we’ll be keeping a close eye on the markets \u2014 as will the Fed.<\/span><\/p>\n<\/div>\n

\ud83c\udfe1 Should I start shopping for a home?<\/span><\/span><\/h3>\n
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There is no universal \u201cright\u201d time to start shopping \u2014 what matters is whether you can comfortably afford a mortgage now at today\u2019s rates. <\/span><\/p>\n<\/div>\n

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If the answer is yes, don\u2019t get too hung up on whether you could be missing out on lower rates later; you can refinance down the road. Focus on getting <\/span>preapproved<\/span><\/span>, comparing lender offers, and understanding what monthly payment works for your budget.<\/span><\/p>\n<\/div>\n

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SS\u2019s <\/span>affordability calculator<\/span><\/span> can help you estimate your potential monthly payment. If a new home isn\u2019t in the cards right now, there are still things you can do to strengthen your buyer profile. Take this time to pay down existing debts and build your down payment savings. Not only will this free up more cash flow for a future mortgage payment, it can also get you a better interest rate when you\u2019re ready to buy. <\/span><\/p>\n<\/div>\n

\ud83d\udd12 Should I lock my rate?<\/span><\/span><\/h3>\n
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If you already have a quote you\u2019re happy with, you should consider <\/span>locking your mortgage rate<\/span><\/span>, especially if your lender offers a float-down option. A float-down lets you take advantage of a better rate if the market drops during your lock period.<\/span><\/p>\n<\/div>\n

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Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.<\/span><\/p>\n<\/div>\n

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\ud83e\udd13 <\/span>Nerdy Reminder:<\/span><\/span> Rates can change daily, and even hourly. If you\u2019re happy with the deal you have, it\u2019s okay to commit.<\/span><\/p>\n<\/div>\n<\/div>\n

\ud83d\udd01 Should I refinance?<\/span><\/span><\/h3>\n
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Refinancing might make sense if today\u2019s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs). <\/span><\/p>\n<\/div>\n

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With rates where they are right now, you may want to start considering a refi if your current rate is around 6.64% or higher.<\/span><\/p>\n<\/div>\n

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Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term or turn home equity into cash? For example, you might be more comfortable with paying a higher rate for a <\/span>cash-out refinance<\/span><\/span> <\/span><\/span>than you would for a rate-and-term refinance, so long as the overall costs are lower than if you kept your original mortgage and added a HELOC or home equity loan. <\/span><\/p>\n<\/div>\n

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If you’re looking for a lower rate, use SS’s <\/span>refinance calculator<\/span><\/span> to estimate savings and understand how long it would take to break even on the costs of refinancing.<\/span><\/p>\n<\/div>\n

\ud83e\uddd0 Why is the rate I saw online different from the quote I got?<\/span><\/span><\/h3>\n
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The rate you see advertised is a <\/span>sample rate<\/span><\/span> \u2014 usually for a borrower with perfect credit, making a big down payment, and paying for <\/span>mortgage points<\/span><\/span>. That won’t match every buyer’s circumstances.<\/span><\/p>\n<\/div>\n

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In addition to market factors outside of your control, your customized quote depends on your:<\/span><\/p>\n<\/div>\n

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