Rates down | Current mortgage rates for September 2, 2024

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Sep 02, 2024 / 3 min read

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National mortgage rates dropped across the board compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.42%	6.51%	-0.09
15-year fixed	5.84%	5.91%	-0.07
5/1 ARM	6.04%	6.05%	-0.01
30-year fixed jumbo	6.57%	6.63%	-0.06

Rates as of September 2, 2024.

These rates are marketplace averages based on the assumptions shown here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, September 2nd, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, 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 drops, -0.09%

Today's average rate for the benchmark 30-year fixed mortgage is 6.42 percent, a decrease of 9 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.69 percent.

At the current average rate, you'll pay a combined $626.82 per month in principal and interest for every $100,000 you borrow. That's $5.91 lower, compared with last week.

Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.

15-year mortgage rate drops, -0.07%

The average 15-year fixed-mortgage rate is 5.84 percent, down 7 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $835 per $100,000 borrowed.

5/1 ARM moves down, -0.01%

The average rate on a 5/1 adjustable rate mortgage is 6.04 percent, sliding 1 basis point since the same time last week.

Monthly payments on a 5/1 ARM at 6.04 percent would cost about $602 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate trends down, -0.06%

The average rate for a 30-year jumbo mortgage is 6.57 percent, down 6 basis points over the last seven days. Last month on the 2nd, the average rate was higher at 6.88 percent.

At today's average rate, you'll pay a combined $636.68 per month in principal and interest for every $100,000 you borrow. That represents a decline of $3.96 over what it would have been last week.

Today's 30-year mortgage refinance rate moves down, -0.08%

The average 30-year fixed-refinance rate is 6.41 percent, down 8 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.65 percent.

At the current average rate, you'll pay $626.16 per month in principal and interest for every $100,000 you borrow. That's a decline of $5.25 from 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 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.