Compare current mortgage rates for today

Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Sep. 20, 2024
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Top offers on Bankrate vs. national average interest rates
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Historical timeline
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Top offers on Bankrate: 5.54%
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National average:  6.31%

For the week of September 15th, 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.

Today's national mortgage interest rate trends

On Friday, September 20, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 6.16%, down 16 basis points over the last seven days. If you're looking to refinance your current loan, the average interest rate for a 30-year fixed refinance is 6.12%, down 23 basis points compared to this time last week. Meanwhile, the average 15-year fixed refinance interest rate is 5.40%, decreasing 19 basis points over the last seven days. 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
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA

On Friday, September 20, 2024, the national average 30-year fixed mortgage APR is 6.21%. The average 15-year fixed mortgage APR is 5.46%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Friday, September 20, 2024, the national average 30-year fixed mortgage APR is 6.21%. The average 15-year fixed mortgage APR is 5.46%, 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.

Mortgage rate news this week - Sept. 18, 2024

Mortgage rates push below 6.25%

Mortgage rates fell this week, averaging 6.20% for 30-year fixed loans, according to Bankrate’s lender survey. Thirty-year mortgage rates haven’t been this low since 2022.

Mortgage rates began falling in July thanks to brighter inflation news, then dropped to the 6s in August after a blip of market volatility. Now, with the Federal Reserve cutting its benchmark interest rate by half a point this week, the cost of a mortgage has slipped to a 24-month low.

Still, 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.

Experts predict rates to stay put after Fed cut

Michael Becker

Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland

"For rates to drop further, I think we will need to see further labor market softening. For the next week, I expect mortgage rates to stay in their current range or to be flat." - Sept. 18

Heather Devoto

Vice President, Branch Manager, First Home Mortgage, McLean, VA

"I expect rates to stay steady over the next week, though we may see some volatility. The Fed’s comments and any shifts in economic data could have a significant impact on the markets." - Sept. 18

Ken Johnson

Mortgage planner, C2 Financial Corporation, Jupiter, Florida

"With the bond markets improving like they have recently, traders met the 50 basis point reduction to Fed funds with a yawn as it was already baked in. With no opportunity to reduce in October, [the] consensus was better to reduce by 50 [basis points] today and not in December. For greater improvement, we will need to see more negative economic news." - Sept. 18

Learn more: Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 6.16% 6.21%
20-Year Fixed Rate 5.85% 5.91%
15-Year Fixed Rate 5.38% 5.46%
10-Year Fixed Rate 5.40% 5.48%
5-1 ARM 5.83% 7.03%
10-1 ARM 6.38% 6.77%
30-Year Fixed Rate FHA 6.08% 6.12%
30-Year Fixed Rate VA 6.20% 6.25%
30-Year Fixed Rate Jumbo 6.35% 6.40%

Rates as of Friday, September 20, 2024 at 6:30 AM

 

Learn more: Interest rate vs. APR

How to get the best mortgage rate

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:

  1. Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
  2. Compare mortgage rates. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate’s mortgage lender reviews can get you started. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
  3. Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.
Learn more: How to get a mortgage
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Why compare mortgage rates?

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.

Factors that determine your mortgage rate

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:

  • Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you’re buying.
  • Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
  • Mortgage points. Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payments. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed. For more details, see Bankrate’s guide to mortgage points.
  • The size of your down payment. If you put down less than 20 percent of the purchase amount, you may pay a higher rate.
Learn more: How to compare mortgage offers

How to refinance your current mortgage

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?

Next steps to getting a mortgage

Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:

Mortgage FAQ

Meet our Bankrate experts

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.

Read more from Jeff Ostrowski

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.

Read more from Suzanne De Vita

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.

Read more from Greg McBride

Mortgage rates in other states