Mortgage Rates for September 23, 2024
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Mortgage rates continued to fall in early September, dipping below 6.5% as of Sept. 11. Slower inflation and weaker job numbers have made it likely the Federal Reserve will cut rates at its upcoming meeting on Sept. 18. While the Fed doesn’t directly control mortgage rates, its decisions influence the 10-year Treasury yield, which typically guides mortgage rate fluctuations. This yield rises when investor confidence in the economy strengthens, including their outlook on monetary policy. However, buying or selling a home shouldn’t solely depend on these factors; if you’re financially prepared, regularly check rates to secure the best lender deal.
All rate data is accurate as of July 30, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.17 percent, a decrease of 12 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.53 percent. At this rate, monthly payments total $610.52 per $100,000 borrowed in principal and interest, a decrease of $7.80 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 5.44 percent, down 15 points from last week. At this rate, monthly payments total $814 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 4.250 %, with a 4.572 APR available today in our mortgage lender network.
