Mortgage Rates for September 4, 2024
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In August, mortgage rates fell after a weak jobs report raised expectations of a Federal Reserve rate cut in September. While the Fed doesn’t directly set mortgage rates, its policies impact them through the 10-year Treasury yield, which mortgage rates follow. When investors feel optimistic about the economy, the yield rises, often increasing mortgage rates. However, waiting for market shifts isn’t always practical. If you’re financially ready to buy or sell, focus on shopping for the best lender deal instead of timing the market.
All rate data is accurate as of September 4, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.44 percent, a decrease of 2 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.52 percent. At this rate, monthly payments total $628.13 per $100,000 borrowed in principal and interest, a decrease of $1.31 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 6.56 percent, down 2 points from last week. At this rate, monthly payments total $636 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.
