Current Mortgage Rates for September 24, 2024: What You Need to Know
Current Mortgage Rates Overview
As of September 23, 2024, the mortgage landscape shows a slight increase in rates for 30-year fixed loans, while 15-year fixed and jumbo loans have seen varied changes. Here’s a detailed breakdown of the current mortgage rates:
30-Year Fixed Mortgage Rate: The average rate has risen to 6.67%, up from 6.62% last week. This marks a decrease from last month’s 6.92% and a significant drop from 7.85% a year ago. For every $100,000 borrowed, monthly payments will be approximately $643, an increase from $640 last week.
15-Year Fixed Mortgage Rate: The average rate for 15-year fixed mortgages has increased to 5.74%, up from 5.69% last week. This is lower than last month’s 6.19% and last year’s 6.95%. Monthly payments for every $100,000 borrowed will be around $830, up from $827 last week.
30-Year Jumbo Mortgage Rate: The average rate for jumbo loans has decreased to 6.78%, down from 6.88% last week. This is also a decline from last month’s 6.88% and last year’s 7.61%. Monthly payments for every $100,000 borrowed will now be about $651, down from $657 last week.
Understanding Mortgage Rates
These rates are calculated by Curinos using a standardized set of parameters, which include:
- Conventional Mortgages: Based on an owner-occupied, one-unit property with a loan amount of $350,000.
- Jumbo Mortgages: Calculated on a loan amount of $766,550.
- Assumptions: An 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.
Conclusion
If you're considering buying a home or refinancing, it's essential to stay updated on these rates. Comparing mortgage lenders can help you find the best deal for your financial situation.
For more information on mortgage rates and to compare lenders, visit our site today!