Mortgage Rates for September 3, 2024
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In August, mortgage rates dropped following a weaker jobs report that raised expectations of a Federal Reserve rate cut in September. Although the Fed doesn’t directly set mortgage rates, its policies influence them through the 10-year Treasury yield, which mortgages track closely. When investor confidence in the economy is high, the yield tends to rise, pushing mortgage rates higher. However, these economic factors shouldn’t dictate your home-buying decision. Instead, focus on your financial readiness and regularly monitor rates to secure the best lender deal.
All rate data is accurate as of September 3, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.46 percent, a decrease of 8 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 $657.26 per $100,000 borrowed in principal and interest, a decrease of $4.60 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 5.94 percent, down 2 points from last week. At this rate, monthly payments total $841 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 4.6%, with a 4.9 APR available today in our mortgage lender network.
