Mortgage Rates for October 4, 2024
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Mortgage rates fluctuate as the economy evolves, and lenders assess daily risk based on new data. In mid-September, the Federal Reserve cut interest rates by half a point, its first cut since the pandemic, and hinted at the possibility of another reduction later this year. Mortgage rates dropped below 6.5% by September 11, driven by slower inflation and weaker job numbers, making further rate cuts likely. Though the Fed doesn’t directly control mortgage rates, its decisions influence them, as rates often follow the 10-year Treasury yield. Homebuyers and sellers should always compare rates to secure the best deal regardless of market trends.
All rate data is accurate as of October 4, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.23 percent, an increase of 1 basis point compared to last week. Notably, the average rate was higher just a month ago, at 6.37 percent. At this rate, monthly payments total $614.42 per $100,000 borrowed in principal and interest, an increase of $.65 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, up 10 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.
