The mortgage offers advertised on grew more attractive in the past week. The average rate on mortgages clicked on by Bankrate readers Thursday fell to 2.4 percent, down 8 basis points from the previous Thursday.

This “clicked-on” rate reflects purchase mortgages and refinances with all terms, including 30- and 15-year loans. The rates may include discount points.

The sweetest deals come with caveats. For instance, to score the best combination of rate and costs, you’ll generally need a credit score of 740 or higher and a down payment of 20 percent or more. And many of the lowest rates posted on include discount points, a way of buying down the rate by paying more at closing.

Rates for mortgages change constantly, and they’ve been bouncing around near all-time lows for months. The up-and-down trends reflect the unpredictability of the mortgage market as the economy continues an unpredictable recovery from the COVID-19 recession.

Even after their recent moves, rates remain much lower than they were before the coronavirus pandemic sent rates to record lows. That means it can still make sense to refinance your mortgage.

Key takeaway
Make sure to shop around — you can save thousands of dollars by getting at least three bids.

Compare mortgage rates in your area now.

Average clicked on rate for purchase loans

The average rate clicked on by Bankrate readers for 30-year purchase mortgages fell to 2.61 percent from 2.71 percent seven days earlier. At that average rate, you’ll pay $400.86 per month in principal and interest for every $100,000 you borrow.

Average clicked on rate for refinance loans

The average rate clicked on by Bankrate readers for 30-year refinances dropped to 2.53 percent from 2.64 percent the previous Thursday.

You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of making extra payments. The tool also will help you determine how much interest you’ll pay over the life of the loan.

Compare refinance rates in your area now.

Learn more: