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. 06, 2024 Advertiser DisclosureYou have money questions. Bankrate has answers.
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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 Friday, September 06, 2024, the current average 30-year fixed mortgage interest rate is 6.38%, remaining stable over the last week. For homeowners looking to refinance, today's national average interest rate for a 30-year fixed refinance is 6.35%, unchanged from a week ago. Mortgage rates have jumped around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly shift down, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
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 Friday, September 06, 2024, the national average 30-year fixed mortgage APR is 6.43%. The average 30-year fixed refinance APR is 6.39%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Friday, September 06, 2024, the national average 30-year fixed mortgage APR is 6.43%. The average 30-year fixed refinance APR is 6.39%, 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 Friday, September 06, 2024, the current average 30-year fixed mortgage interest rate is 6.38%, remaining stable over the last week. For homeowners looking to refinance, today's national average interest rate for a 30-year fixed refinance is 6.35%, unchanged from a week ago. Mortgage rates have jumped around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly shift down, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.
The average rate on a 30-year fixed mortgage — the most popular type of home loan — ticked down to 6.47% this week, according to Bankrate’s lender survey.
The cost of a 30-year mortgage often parallels the 10-year Treasury yield, which declined in recent weeks after softer economic data fueled concerns the Federal Reserve has kept interest rates too high for too long. The Fed doesn’t set mortgage rates, but its decisions move markets that influence them.
After slashing rates during the pandemic and then raising them in 2022 and 2023, the central bank is widely expected to start cutting rates this month.
“The time has come for policy to adjust,” said Fed Chairman Jerome Powell in August during the annual economic symposium in Jackson Hole, Wyoming.
Today’s mortgage rates largely reflect that probability, but there’s still room for rates to keep falling if the Fed makes multiple cuts in the coming months.
In the news: Should you refinance now or wait for a Fed cut?| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.38% | 6.43% |
| 20-Year Fixed Rate | 6.06% | 6.11% |
| 15-Year Fixed Rate | 5.68% | 5.76% |
| 10-Year Fixed Rate | 5.63% | 5.71% |
| 5-1 ARM | 5.99% | 7.20% |
| 10-1 ARM | 6.47% | 6.97% |
| 30-Year Fixed Rate FHA | 6.26% | 6.31% |
| 30-Year Fixed Rate VA | 6.36% | 6.41% |
| 30-Year Fixed Rate Jumbo | 6.54% | 6.59% |
Rates as of Friday, September 06, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.35% | 6.39% |
| 20-Year Fixed Rate | 6.09% | 6.14% |
| 15-Year Fixed Rate | 5.70% | 5.78% |
| 10-Year Fixed Rate | 5.66% | 5.74% |
| 5-1 ARM | 5.87% | 6.92% |
| 10-1 ARM | 6.45% | 6.94% |
| 30-Year Fixed Rate FHA | 6.33% | 6.38% |
| 30-Year Fixed Rate VA | 6.26% | 6.31% |
| 30-Year Fixed Rate Jumbo | 6.36% | 6.41% |
Rates as of Friday, September 06, 2024 at 6:30 AM
If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:
President, Ameris Mortgage
"From a consumer standpoint, the 30-year fixed-rate mortgage is typically the most popular because it offers borrowers lower monthly payments while providing long-term stability and predictability. Stretching out the loan over 30 years significantly reduces the monthly payment compared to a shorter term like a 15-year mortgage. This may make homeownership more affordable and attainable, especially for first-time buyers who may not have a lot of upfront cash or significant savings. With a lower payment, there's more wiggle room in the household budget for other expenses. Because a 30-year fixed-rate mortgage offers a set interest rate for the entire loan term, a borrower’s monthly payment stays the same throughout those 30 years, providing peace of mind and budgeting stability."
Principal writer, Home Lending
"The 30-year loan wins the popularity contest for a simple reason: affordability. A 30-year amortization schedule offers a much lower monthly payment than a 20-, 15- or 10-year loan. With home prices near record highs and mortgage rates up sharply since the pandemic, most buyers would struggle to qualify for a mortgage of a shorter term. Meanwhile, 30-year loans also are popular among a subset of financially savvy homeowners who could afford a shorter term but prefer to maximize the mortgage and put the proceeds in the stock market."
With a 30-year fixed-rate mortgage, your mortgage rate stays the same for every one of your 360 monthly payments. The benefits of that feature become apparent over time: As overall prices rise and your income grows, your mortgage payment stays the same.
One twist to 30-year mortgages comes from the calculus behind the amortization schedule: In the early years of a 30-year loan, you pay much more interest than principal. Learn more: Guide to fixed-rate mortgages
Mortgage rates are volatile, so the decision to lock your rate is a bit of a gamble. Lock in too early, and you might miss the opportunity for a better rate. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days. Some lenders offer a free rate lock for a specified period.
A longer rate lock tends to be more expensive. For example, a borrower who chooses a 30-day lock on a fixed-rate 30-year loan might pay a 4 percent rate and zero points, while a 60-day lock might cost 1 point (equal to 1 percent of the loan) or a slightly higher rate with a half-point.
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 our refinance calculator.
Ready to buy a house? Find the best mortgage rate with these eight easy steps.
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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.
