Mortgage Rates on October 1, 2024
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Mortgage rates have continued to fall, dropping below 6.5% as of September 11. The decrease is primarily driven by slower inflation and weaker job numbers, making it likely that the Federal Reserve will cut rates at its next meeting on September 18. While the Fed doesn’t directly set mortgage rates, its decisions affect them through changes in the 10-year Treasury yield, which mortgages typically follow. When the economy is strong, and investors feel confident, the yield tends to rise, impacting mortgage rates. Regardless of market trends, if you’re planning to buy or sell a home, shopping around for the best mortgage rate is essential.
All rate data is accurate as of October 1, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.26 percent, a decrease of 3 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.44 percent. At this rate, monthly payments total $616.37 per $100,000 borrowed in principal and interest, an increase of $1.95 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 5.47 percent, down 3 points from last week. At this rate, monthly payments total $815 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 4.125 %, with a 4.455 APR available today in our mortgage lender network.
