30-year rates fall - Mortgage rates for today, August 30, 2024

Mortgage rates were mostly lower compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo mortgages each declined, while rates for adjustable rate mortgages stayed flat.

Rates accurate as of August 30, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, August 30th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, new data comes in and lenders decide how much risk they’re willing to tolerate on a given day.

Historical mortgage rates: How do today’s rates compare to years past?

Mortgage rates tumbled in August after a weaker jobs report spooked investors and fueled further expectation for a Federal Reserve rate cut in September. That expectation still stands.

The Fed doesn’t outright determine fixed mortgage rates, but its decisions matter. Mortgages tend to increase or decrease with the 10-year Treasury yield, the effective yield rate on 10-year Treasury notes. The 10-year yield rises when there’s less demand for notes — and this tends to happen when investors feel confident in the economy, including monetary policy.

Still, the Fed, inflation and yields shouldn’t necessarily drive your decision to buy or sell a home. There’s no surefire way to time the housing market, either. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

30-year mortgage eases, -0.11%

The average rate you'll pay for a 30-year fixed mortgage today is 6.38 percent, a decrease of 11 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.75 percent.

At the current average rate, you'll pay principal and interest of $624.20 for every $100,000 you borrow. That's down $7.21 from what it would have been last week.

15-year mortgage rate eases, -0.08%

The average 15-year fixed-mortgage rate is 5.76 percent, down 8 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $831 per $100,000 borrowed.

5/1 ARM rate holds firm

The average rate on a 5/1 adjustable rate mortgage is 6.09 percent, unchanged from a week ago.

Monthly payments on a 5/1 ARM at 6.09 percent would cost about $605 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate eases, -0.09%

The average jumbo mortgage rate today is 6.57 percent, down 9 basis points over the last week. A month ago, the average rate on a jumbo mortgage was higher at 6.89 percent.

At today's average jumbo rate, you'll pay $636.68 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $5.95 lower.

Current 30 year mortgage refinance rate declines, -0.10%

The average 30-year fixed-refinance rate is 6.35 percent, down 10 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 6.76 percent.

At the current average rate, you'll pay $622.24 per month in principal and interest for every $100,000 you borrow. That's down $6.54 from what it would have been last week.

When will mortgage rates go down?

With the widely-expected Fed cut in September, there’s room for mortgage rates to fall more in the coming months and into 2025.

“The expectation is that the Federal Reserve will be cutting interest rates multiple times over the next year or two, so a consistent downtrend in mortgage rates well into next year is a reasonable assumption,” says Greg McBride, CFA, chief financial analyst for Bankrate.

The sudden drop in rates in August spurred some homeowners to refinance, but that was short-lived. Homebuyers and homeowners largely plan to hold out for even lower rates, according to Bankrate’s recent Mortgage Rates Survey, which found that 47 percent of homeowners would need rates under 5 percent to feel comfortable buying a home in 2024.

For homeowners wondering whether to refinance, “the time to start thinking about it is when you can shave one-half to three-quarters of a percentage point off your rate,” McBride says.

More on current mortgage rates

• Expert poll: Mortgage rate trend predictions for this week
• Latest mortgage news for this week
• Compare current mortgage rates

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

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