Majority of rates decrease - Mortgage rates for September 24, 2024

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Sep 24, 2024 / 4 min read

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National mortgage rates were mostly lower compared to a week ago, according to Bankrate data. The average rates for 30-year fixed, 15-year fixed and 5/1 ARM loans decreased, while rates for jumbo loans increased.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.23%	6.34%	-0.11
15-year fixed	5.52%	5.66%	-0.14
5/1 ARM	5.88%	5.90%	-0.02
30-year fixed jumbo	6.49%	6.48%	+0.01

Rates last updated September 24, 2024.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, September 24th, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, new data releases 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, crossing below the 6.5 percent mark 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, real life doesn't necessarily consider the Fed, inflation and yields. If you're in a position to buy or sell a home now, it might be better to make a move than try to wait out the market. Wherever prevailing rates are, shop lenders to help uncover the best deal.

Current 30 year mortgage rate slides, -0.11%

The average rate you'll pay for a 30-year fixed mortgage today is 6.23 percent, a decrease of 11 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.46 percent.

At the current average rate, you'll pay $614.42 per month in principal and interest for every $100,000 you borrow. That represents a decline of $7.16 over what it would have been last week.

Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll fork up over the life of the loan.

15-year mortgage rate moves down, -0.14%

The average rate you'll pay for a 15-year fixed mortgage is 5.52 percent, down 14 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost $818 per $100,000 borrowed.

5/1 ARM rate drops, -0.02%

The average rate on a 5/1 ARM is 5.88 percent, down 2 basis points over the last week.

Monthly payments on a 5/1 ARM at 5.88 percent would cost about $592 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate advances, +0.01%

The average rate for a jumbo mortgage is 6.49 percent, an increase of 1 basis point from a week ago. Last month on the 24th, jumbo mortgages' average rate was above that at 6.56 percent.

At today's average rate, you'll pay principal and interest of $631.41 for every $100,000 you borrow. That's an increase of $0.66 over what you would have paid last week.

30-year mortgage refinance rate declines, -0.19%

The average 30-year fixed-refinance rate is 6.15 percent, down 19 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.44 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 down $12.35 from what it would have been 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 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.