Mortgage Rates for September 11, 2024
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Mortgage rates dropped in August after a weaker-than-expected jobs report raised investor concerns, fueling expectations for a Federal Reserve rate cut in September. While the Fed doesn’t directly set fixed mortgage rates, its decisions influence market trends. Mortgage rates typically move in tandem with the 10-year Treasury yield, which increases when investor confidence in the economy is high. However, market dynamics like inflation and Treasury yields may not matter as much in everyday decisions. If you’re ready to buy or sell a home, it might be wiser to act now rather than wait, and shopping around for the best lender could help secure a favorable deal.
All rate data is accurate as of September 11, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.30 percent, a decrease of 14 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.56 percent. At this rate, monthly payments total $618.97 per $100,000 borrowed in principal and interest, a decrease of $9.16 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 5.64 percent, down 23 points from last week. At this rate, monthly payments total $825 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 4.375 %, with a 4.677 APR available today in our mortgage lender network.
