Rates remain elevated | Mortgage rates for September 26, 2024

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Sep 26, 2024 / 4 min read

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Mortgage interest rates moved in different directions compared to last week, according to Bankrate data. Keep reading for a breakdown of how each loan type moved.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.20%	6.17%	+0.03
15-year fixed	5.42%	5.42%	N/C
5/1 ARM	5.63%	5.70%	-0.07
30-year fixed jumbo	6.33%	6.29%	+0.04

Rates last updated September 26, 2024.

The rates listed here 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 Thursday, September 26th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, 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, your housing needs might change regardless of the Fed, inflation and yields. If you want to buy a home or need to sell now, shop around to find the lowest-possible rate.

Current 30 year mortgage rate advances, +0.03%

Today's average rate for the benchmark 30-year fixed mortgage is 6.20 percent, an increase of 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.38 percent.

At the current average rate, you'll pay a combined $612.47 per month in principal and interest for every $100,000 you borrow. That's up $1.95 from what it would have been last week.

There are several advantages to choosing a fixed-rate mortgage , including predictable mortgage payments.

15-year mortgage rate goes unchanged

The average rate for a 15-year fixed mortgage is 5.42 percent, unchanged over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $813 per $100,000 borrowed.

5/1 ARM rate eases, -0.07%

The average rate on a 5/1 ARM is 5.63 percent, falling 7 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 5.63 percent would cost about $576 for each $100,000 borrowed over the initial five years.

Jumbo mortgage climbs, +0.04%

Today's average rate for jumbo mortgages is 6.33 percent, an increase of 4 basis points over the last week. This time a month ago, the average rate on a jumbo mortgage was above that at 6.57 percent.

At today's average rate, you'll pay $620.93 per month in principal and interest for every $100,000 you borrow. That's an extra $2.61 compared with last week.

30-year mortgage refinance stays put

The average 30-year fixed-refinance rate is 6.18 percent, unchanged from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.35 percent.

At the current average rate, you'll pay $611.17 per month in principal and interest for every $100,000 you borrow.

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 driven 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.