Mortgage Rates for September 9, 2024
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In August, mortgage rates dropped after a weaker jobs report unsettled investors, heightening expectations for a Federal Reserve rate cut in September. Though the Fed doesn’t directly set fixed mortgage rates, its decisions impact them. Mortgage rates generally move with the 10-year Treasury yield, which tends to rise when investors are confident about the economy. However, factors like the Fed, inflation, or yields shouldn’t be the sole reasons for deciding when to buy or sell a home. If you’re financially ready, consistently checking mortgage rates can help you secure the best deal.
All rate data is accurate as of September 9, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.37 percent, an increase of 5 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.59 percent. At this rate, monthly payments total $623.54 per $100,000 borrowed in principal and interest, a decrease of $3.28 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 5.71 percent, down 13 points from last week. At this rate, monthly payments total $828 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 4.575 APR available today in our mortgage lender network.
