Mortgage Rates for October 3, 2024
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Mortgage rates have continued to decline, dipping below 6.5% as of September 11, driven by slower inflation and weaker job numbers. This trend increases the likelihood that the Federal Reserve will cut rates during its upcoming meeting on September 18. While the Fed doesn’t directly set mortgage rates, its policies influence them, as mortgage rates often follow changes in the 10-year Treasury yield. This yield typically rises when investor confidence in the economy grows, which reduces demand for Treasury notes. Despite these market dynamics, homeowners and buyers should still focus on shopping around for the best mortgage rate to fit their personal needs.
All rate data is accurate as of October 3, 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. Notably, it was higher just a month ago, at 6.38 percent. At this rate, monthly payments total $612.47 per $100,000 borrowed in principal and interest.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 5.42 percent. At this rate, monthly payments total $813 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.
