Rates decline | Current mortgage rates, September 23, 2024

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Sep 23, 2024 / 4 min read

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Mortgage rates were down across all terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.17%	6.29%	-0.12
15-year fixed	5.44%	5.59%	-0.15
5/1 ARM	5.77%	5.85%	-0.08
30-year fixed jumbo	6.35%	6.39%	-0.04

Rates last updated September 23, 2024.

The rates listed here are averages based on the assumptions 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 23rd, 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.

That includes Federal Reserve decisions. In mid-September, the central bank cut interest rates by a half-point, the first such move since the pandemic. The Fed projected that another rate cut might still come this year, depending on economic data.

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

Mortgage rates have continued their fall into September, dipping below 6.5 percent as of Sept. 11. Slower inflation and weaker jobs numbers make it almost certain the Fed will cut rates at its next meeting on Sept. 18.

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.

Current 30 year mortgage rate slides, -0.12%

The average rate for a 30-year fixed mortgage for today is 6.17 percent, down 12 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.53 percent.

At the current average rate, you'll pay $610.52 per month in principal and interest for every $100,000 you borrow. That's down $7.80 from what it would have been last week.

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to spread payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate retreats, -0.15%

The average 15-year fixed-mortgage rate is 5.44 percent, down 15 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $814 per $100,000 borrowed.

5/1 adjustable rate mortgage moves lower, -0.08%

The average rate on a 5/1 adjustable rate mortgage is 5.77 percent, ticking down 8 basis points over the last week.

Monthly payments on a 5/1 ARM at 5.77 percent would cost about $585 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate eases, -0.04%

The average jumbo mortgage rate today is 6.35 percent, down 4 basis points from a week ago. This time a month ago, the average rate for jumbo mortgages was higher at 6.72 percent.

At today's average jumbo rate, you'll pay $622.24 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $2.61 lower.

30-year mortgage refinance retreats, -0.19%

The average 30-year fixed-refinance rate is 6.15 percent, down 19 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.46 percent.

At the current average rate, you'll pay $609.23 per month in principal and interest for every $100,000 you borrow. That's a decline of $12.35 from last week.

When will mortgage rates go down?

With the Fed now cutting rates, mortgage rates could continue to fall some through the end of 2024 and into 2025.

“The Fed cuts rates by half a percentage point right out of the gate and the Summary of Economic Projections saw expectations of higher unemployment and lower inflation than was forecast just three months ago. This will sustain the downward momentum in mortgage rates,” says Greg McBride, CFA, chief financial analyst for Bankrate.

Lower rates have already caused some homeowners to refinance, but more could be making the choice to refi if rates drop further. Nearly 3 million outstanding mortgages have a rate at or above 6.75 percent, according to a CoreLogic. Refinancing could make sense for these borrowers as rates retreat.

“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.

For purchase loans, many are still holding out for lower rates, according to Bankrate’s Mortgage Rates Survey, which found that 47 percent of homeowners would need rates under 5 percent to feel comfortable buying a home in 2024.

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.