Rates decline - Mortgage rates for September 11, 2024

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Sep 11, 2024 / 3 min read

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Mortgage rates were down 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 moved lower.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.30%	6.44%	-0.14
15-year fixed	5.64%	5.87%	-0.23
5/1 ARM	5.88%	6.04%	-0.16
30-year fixed jumbo	6.43%	6.56%	-0.13

Rates last updated September 11, 2024.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, September 11th, 2024 at 7:30 a.m. ET.

Market mortgage rates constantly change as the economy ebbs and flows, 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, 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.

30-year mortgage eases, -0.14%

Today's average 30-year fixed-mortgage rate is 6.30 percent, a decrease of 14 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 6.56 percent.

At the current average rate, you'll pay principal and interest of $618.97 for every $100,000 you borrow. That's a decline of $9.16 from last week.

There are various benefits to choosing a fixed-rate mortgage , including predictable mortgage payments.

15-year mortgage rate falls, -0.23%

The average rate for a 15-year fixed mortgage is 5.64 percent, down 23 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $825 per $100,000 borrowed.

5/1 adjustable rate mortgage declines, -0.16%

The average rate on a 5/1 adjustable rate mortgage is 5.88 percent, sliding 16 basis points from a week ago.

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 falls, -0.13%

The average rate you'll pay for a jumbo mortgage is 6.43 percent, down 13 basis points from a week ago. Last month on the 11th, jumbo mortgages' average rate was above that at 6.69 percent.

At today's average rate, you'll pay principal and interest of $627.47 for every $100,000 you borrow. That represents a decline of $8.55 over what it would have been last week.

Current 30 year mortgage refinance rate retreats, -0.12%

The average 30-year fixed-refinance rate is 6.32 percent, down 12 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.55 percent.

At the current average rate, you'll pay $620.28 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $7.85 lower.

When will mortgage rates go down?

With all signs pointing to a Fed cut in September, there’s room for mortgage rates to fall more in the coming months and into 2025.

“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.