Mortgage Rates for August 28, 2024

In August, mortgage rates dropped significantly, triggered by a disappointing jobs report that shook investor confidence and heightened expectations for a potential Federal Reserve rate cut in September. This anticipation remains strong.

While the Federal Reserve doesn’t directly set fixed mortgage rates, its actions do impact them. Mortgage rates are closely linked to the 10-year Treasury yield, the return on 10-year Treasury notes. The yield on these notes rises when demand decreases, often reflecting investor optimism about the economy and monetary policy.

However, the reality of buying or selling a home isn’t solely influenced by the Fed, inflation, or Treasury yields. If you’re in the market to buy or sell a home, it might be more advantageous to act now rather than trying to time the market. Regardless of current rates, comparing offers from different lenders is essential to secure the best possible deal.

All rate data is accurate as of August 28, 2024, at 7:30 a.m. ET.

Today’s 30-year mortgage interest rate

Today, the average 30-year fixed mortgage rate is 6.46 percent, a decrease of 8 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.83 percent. At this rate, monthly payments total $629.44 per $100,000 borrowed in principal and interest, a decrease of $5.26 per $100,000 compared to the previous week.

Today’s 15-year mortgage interest rate 

The latest average rate for a 15-year fixed mortgage is 5.91 percent, down 6 points from last week. At this rate, monthly payments total $839 per $100,000 borrowed.

Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 4.750 %, with a 5.104 APR available today in our mortgage lender network.