Current Mortgage Rates for September 26, 2024: 30-Year, 15-Year, and Jumbo Loans
Current Mortgage Rates Overview
As of September 26, 2024, mortgage rates have shown some fluctuations, reflecting the ongoing changes in the financial landscape. The average rates for various mortgage types are as follows:
30-Year Fixed Mortgage: The average rate has increased to 6.7%, up from 6.63% last week. This is a decrease from 6.87% last month and significantly lower than 7.9% from the previous year. For every $100,000 borrowed, monthly payments will be approximately $645, a slight increase from $641 last week.
15-Year Fixed Mortgage: The average rate for this loan type has risen to 5.75%, compared to 5.69% last week. This rate is also down from 6.12% last month and 7.13% last year. Borrowers can expect to pay around $830 per month for every $100,000 borrowed, which is a minor increase from $827 last week.
30-Year Jumbo Mortgage: Jumbo loan rates have decreased to 6.77%, down from 6.87% last week. This rate is lower than 6.87% last month and 7.69% from the previous year. Monthly payments for a $100,000 loan will be about $650, down from $657 last week.
Understanding Mortgage Rate Calculations
Curinos, the source of this data, employs a standardized set of parameters to determine average mortgage rates. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. Jumbo mortgages are calculated with a loan amount of $766,550, assuming an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.
Conclusion
For those considering purchasing a home or refinancing, now is a crucial time to compare mortgage lenders and rates. Staying informed about current rates can help you make better financial decisions.
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