Mortgage Rates for October 2, 2024
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Mortgage rates have fallen below 6.5% since September 11, driven by slower inflation and weaker job numbers. With these economic indicators, the Federal Reserve will likely cut rates at its next meeting on September 18. While the Fed doesn’t directly control fixed mortgage rates, its actions influence them through the 10-year Treasury yield, which rises when investor confidence is high. However, life’s housing decisions may not always align with economic trends. If you’re ready to buy or sell, it’s wise to shop for the best mortgage deal, regardless of current market conditions.
All rate data is accurate as of October 2, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.20 percent, an increase of 2 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.43 percent. At this rate, monthly payments total $612.47 per $100,000 borrowed in principal and interest, an increase of $1.30 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 5.48 percent, down 2 points from last week. At this rate, monthly payments total $816 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 4.125 %, with a 4.455 APR available today in our mortgage lender network.
