Majority of rates fall | Today's mortgage rates, September 6, 2024

Written by

Sep 06, 2024 / 3 min read

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Mortgage interest rates were mostly lower compared to a week ago, according to Bankrate data. Rates for 15-year fixed, 5/1 ARMs and jumbo mortgages moved lower, while rates for 30-year fixed mortgages stayed the same.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.38%	6.38%	N/C
15-year fixed	5.68%	5.76%	-0.08
5/1 ARM	5.99%	6.09%	-0.10
30-year fixed jumbo	6.54%	6.57%	-0.03

Rates accurate as of September 6, 2024.

These rates are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, September 6th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, policymakers and investors digest new data 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 fixed-rate mortgage holds firm

Today's average 30-year fixed-mortgage rate is 6.38 percent, unchanged over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.51 percent.

At the current average rate, you'll pay a combined $624.20 per month in principal and interest for every $100,000 you borrow.

15-year mortgage rate moves down, -0.08%

The average rate you'll pay for a 15-year fixed mortgage is 5.68 percent, down 8 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $827 per $100,000 borrowed.

5/1 ARM moves lower, -0.10%

The average rate on a 5/1 ARM is 5.99 percent, falling 10 basis points from a week ago.

Monthly payments on a 5/1 ARM at 5.99 percent would cost about $599 for each $100,000 borrowed over the initial five years.

Jumbo mortgage drops, -0.03%

The average rate for a 30-year jumbo mortgage is 6.54 percent, a decrease of 3 basis points from a week ago. A month ago, the average rate was above that at 6.70 percent.

At today's average jumbo rate, you'll pay a combined $634.70 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $1.98 lower.

30-year mortgage refinance holds firm

The average 30-year fixed-refinance rate is 6.35 percent, unchanged over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.52 percent.

At the current average rate, you'll pay $622.24 per month in principal and interest for every $100,000 you borrow.

When will mortgage rates go down?

With the widely-expected Fed cut in September, there’s room for mortgage rates to fall more for the remainder of this year and into next year.

“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.

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.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.