Written by
Jeff Ostrowski
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.
Edited by
Suzanne De Vita
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
Reviewed by
Greg McBride, CFA
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Edited by
Suzanne De Vita
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
Reviewed by
Greg McBride, CFA
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Sep. 04, 2024 Advertiser DisclosureYou have money questions. Bankrate has answers.
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curved background image What type of home loan are you looking for? View all rates What type of loan are you looking for? View all rates How it works Compare top rates See low rates from over 100+ lenders. Select a lender Get custom quotes in under 2 minutes. See your savings You could take hundreds off your mortgage. On this page On this pageInfo Hover for more
APRs not included. For our most recent APR information, please visit our rate table Historical timeline 6 M 1 Y 5 Y 10 Y All Loan purpose Purchase Refinance How our rates are calculatedFor the week of September 1st , top offers on Bankrate are X % lower than the national average. On a $340,000 30 -year loan, this translates to $ XXX in annual savings.
On Wednesday, September 04, 2024, the current average 30-year fixed mortgage interest rate is 6.44%, down 2 basis points from a week ago. For homeowners looking to refinance, the national interest rate for a 30-year fixed refinance is 6.44%, flat from a week ago. Meanwhile, the average 15-year refinance interest rate is 5.91%, falling 4 basis point over the last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Written by
Jeff Ostrowski
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.
Edited by
Suzanne De Vita
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
Reviewed by
Greg McBride, CFA
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
On Wednesday, September 04, 2024, the national average 30-year fixed mortgage APR is 6.48%. The average 15-year fixed mortgage APR is 5.95%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Wednesday, September 04, 2024, the national average 30-year fixed mortgage APR is 6.48%. The average 15-year fixed mortgage APR is 5.95%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
ON THIS PAGECurrent mortgage rates
| 30 year fixed | 6.44% |
| 15 year fixed | 5.86% |
| 10 year fixed | 5.88% |
| 5/1 ARM | 6.03% |
On Wednesday, September 04, 2024, the current average 30-year fixed mortgage interest rate is 6.44%, down 2 basis points from a week ago. For homeowners looking to refinance, the national interest rate for a 30-year fixed refinance is 6.44%, flat from a week ago. Meanwhile, the average 15-year refinance interest rate is 5.91%, falling 4 basis point over the last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Mortgage rates fell to an average of 6.48% for 30-year loans, according to Bankrate’s lender survey.
Thirty-year mortgage rates haven’t been this low since April 2023. Rates began falling in July on promising inflation news, then dropped to the 6s in August after a blip of market volatility. Rates fell even more on expectations that the Federal Reserve will cut rates in September.
“The time has come for policy to adjust,” said Fed Chairman Jerome Powell in late August during the annual economic symposium in Jackson Hole, Wyoming.
Some prospective homebuyers are waiting for rates to fall farther. In a June Bankrate survey, 47 percent of homeowners said they’d need rates under 5 percent to feel comfortable buying a home this year.
Despite lower mortgage rates, home sales activity came in 2.5% lower in July compared to last year. Still, with the Federal Reserve widely expected to issue multiple rate cuts starting in September, there’s room for rates to fall further and sales to pick back up.
In the news: Should you refinance now or wait for a Fed cut?Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
"Mortgage rates have been fairly flat over the past week or so. With light holiday trading and no major economic report until next week's Non-Farm Payrolls, I expect this trend to continue. Mortgage rates flat in the coming week." - 8/28
Regional Vice President, William Raveis Mortgage
"Rates will remain rangebound as the markets wait for the next round of economic data. Bonds have baked in a rate cut in September. How big [of] a rate cut will be dependent on upcoming reports on inflation, employment and retail sales. Weak data will support a .50 rate cut but, more importantly for mortgage rates, help to bring bond yields down and mortgage rates with them." -8/28
President and chief economist, Naroff Economic Advisors, Holland, Pennsylvania
"Uncertainty over how much the Fed will cut in September creates the need to be a little cautious about how much more rates can fall in the short run." - 8/27
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.44% | 6.48% |
| 20-Year Fixed Rate | 6.24% | 6.29% |
| 15-Year Fixed Rate | 5.87% | 5.95% |
| 10-Year Fixed Rate | 5.92% | 6.00% |
| 5-1 ARM | 6.04% | 7.43% |
| 10-1 ARM | 6.45% | 7.52% |
| 30-Year Fixed Rate FHA | 6.65% | 6.70% |
| 30-Year Fixed Rate VA | 6.72% | 6.76% |
| 30-Year Fixed Rate Jumbo | 6.56% | 6.61% |
Rates as of Wednesday, September 04, 2024 at 6:30 AM
Bankrate displays two sets of rate averages through our surveys: the daily "overnight averages" and the weekly "Bankrate Monitor averages." For our overnight averages, the APRs and rates are calculated without considering a borrower’s existing relationship with the lender or automatic payment discounts. To determine the Bankrate Monitor mortgage rate averages, we gather APRs and rates from the 10 largest banks in 10 major U.S. markets, again without considering any existing relationship or automatic payments.
We partner with industry-leading advertisers who compensate us for featuring their products or services on our site when you click on specific links. This enables us to provide you with high-quality content, competitive rates and useful tools at no cost to you.
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.44% | 6.49% |
| 20-Year Fixed Rate | 6.31% | 6.36% |
| 15-Year Fixed Rate | 5.91% | 5.98% |
| 10-Year Fixed Rate | 5.93% | 6.02% |
| 5-1 ARM | 5.91% | 7.23% |
| 10-1 ARM | 6.44% | 7.59% |
| 30-Year Fixed Rate FHA | 6.86% | 6.90% |
| 30-Year Fixed Rate VA | 7.67% | 7.69% |
| 30-Year Fixed Rate Jumbo | 6.47% | 6.52% |
Rates as of Wednesday, September 04, 2024 at 6:30 AM
Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. And you also need to narrow down the best type of mortgage for your situation. Here’s how to do it:
It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.
Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:
When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.
While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with Bankrate's refinance calculator.
Learn more: Should you refinance in 2024?Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:
A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself. That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan. Learn more: What is a mortgage?
A mortgage rate lock guarantees (with a few exceptions) that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home, submit an offer and close. Most lenders offer a 30- to 45-day rate lock free of charge. Often, you’ll need to pay a fee to extend the lock period.
The closing costs on a mortgage encompass all of the fees associated with the loan, including the lender’s charges, typically an origination fee often equal to 1 percent of the loan principal and optional points. Closing costs also include third-party fees like the cost of an appraisal and title insurance. All together, these usually run anywhere from 2 percent to 5 percent of the amount you’re borrowing, above and beyond your down payment.
Depending on your needs, the best mortgage lenders are often the ones that offer the most competitive rates and fees, stellar customer service and convenience.
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.
