Mortgage Rates for September 24, 2024
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Mortgage rates have continued to decline in September, falling below 6.5 percent as of September 11. Slower inflation and weaker jobs data signal a likely rate cut by the Federal Reserve at its upcoming meeting on September 18. While the Fed doesn’t directly set mortgage rates, its actions influence them through the 10-year Treasury yield, which rises or falls based on economic confidence. Investors feeling secure about the economy typically drive yields higher, affecting mortgage rates. Regardless of these factors, buyers and sellers may find it better to act now rather than wait, and shopping for lenders can help secure the best deal.
All rate data is accurate as of September 24, 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, a decrease of 11 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.46 percent. At this rate, monthly payments total $614.42 per $100,000 borrowed in principal and interest, a decrease of $7.16 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 5.52 percent, down 2 points from last week. At this rate, monthly payments total $592 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 4.695 APR available today in our mortgage lender network.
