Mortgage Rates for September 10, 2024
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Mortgage rates dropped in August following a weaker jobs report, prompting investors to expect a Federal Reserve rate cut in September. While the Fed doesn’t directly set fixed mortgage rates, its policies influence them through the 10-year Treasury yield. When the economy seems strong, demand for Treasury notes falls, pushing yields—and mortgage rates—up. However, when economic uncertainty rises, as in August, demand for Treasury notes increases, causing yields and mortgage rates to decline. Instead of waiting on the Fed or market trends, homebuyers should focus on their financial readiness and regularly compare rates to find the best lender.
All rate data is accurate as of September 10, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.39 percent, a decrease of 7 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.57 percent. At this rate, monthly payments total $624.85 per $100,000 borrowed in principal and interest, a decrease of $4.59 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 5.74 percent, down 20 points from last week. At this rate, monthly payments total $830 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 4.458 APR available today in our mortgage lender network.
