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Daily mortgage rates for September 13, 2024: Mixed interest rate trends

Published 6:00 UTC September 13, 2024

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The average interest rate for a 30-year fixed-rate mortgage is 6.66%. For 15-year fixed-rate mortgages, interest rates average 5.79% and for jumbo mortgages, interest rates average 6.77%.

*Data as of September 12, 2024, the latest available data

Mortgage interest rates with 30-year fixed term

According to data from Curinos, mortgage rates for 30-year fixed loans averaged 6.66 percent week-on-week, down from the previous month (7.04 percent) and the year-ago figure (7.61 percent).

For every $100,000 you borrow, you'll pay about $643 a month based on the current 30-year fixed rate. That's the same as last week.

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Mortgage interest rates with 15-year fixed term

Mortgage rates for 15-year fixed-rate loans remained at an average of 5.79% week-on-week, down from the previous month (6.28%) and the same month last year (6.81%).

For every $100,000 you borrow, you'll pay about $832 a month based on the current 15-year fixed rate. That's the same as last week.

30-year jumbo mortgage rates

The average mortgage rate for 30-year jumbo loans fell to 6.77% from 6.95% the previous week. The rate is lower than the previous month (6.95%) and also lower than a year ago (7.39%).

For every $100,000 you borrow, you'll pay about $650 a month based on the current 30-year jumbo rate, down from about $662 last week.

methodology

To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied single-family property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume a loan-to-value ratio of 80%, a credit score of 740 or higher, and a 60-day lock-in period.

Frequently Asked Questions (FAQs)

Mortgage rates are determined by a number of factors, including the overall economy, inflation, and actions by the Federal Reserve. Mortgage lenders then set their lending rates based on these economic elements.

The interest rate you are offered on a mortgage depends not only on the lender, but also on your credit score, income, debt-to-income ratio (DTI) and other aspects of your financial profile.

If you choose to lock in your interest rate, you can typically lock it in for 30 to 60 days, depending on your lender. In some cases, you may be able to lock in your interest rate for up to 120 days.

Note that while some lenders will let you lock in a mortgage rate for free, you will likely have to pay a fee to lock in a longer period. This fee is generally between 0.25% and 0.5% of your loan amount. There may also be a fee if you want to extend the period of lock in – typically 0.375% of the loan amount.

There are several strategies that can help you qualify for the best mortgage rate, such as:

  • Check creditworthiness: If you apply for a mortgagethe lender will check your credit score to determine your creditworthiness as well as your interest rate. Generally, the higher your credit score, the lower your interest rate, so before you apply, it's a good idea to check your credit score to see where you stand. If you find errors in your credit report, file a dispute with the appropriate credit bureau to potentially improve your credit score.
  • Compare lenders: Taking the time to shop around and compare options from as many lenders as possible can help you find the best deal. In addition to interest rates, pay attention to each lender's terms, fees and eligibility requirements.
  • Improving your credit score: If your credit score isn't perfect and you can wait to apply for a mortgage, it might be worth working on Improve your credit rating in advance to qualify for better interest rates in the future. Some ways to improve your credit score include paying all of your bills on time and making an effort to keep your credit utilization ratio (the amount of credit you use compared to your credit limits) on credit cards and lines of credit at 30% or less.
  • Reduce debt: Paying off debt can help lower your DTI ratio, which is the amount of your monthly debt payments relative to your income. A lower DTI ratio can make you appear less risky in the eyes of a lender, which can lead to a lower interest rate.
  • Choosing a shorter repayment term: Lenders typically offer lower interest rates to borrowers who choose shorter repayment terms. For example, you're likely to get a lower interest rate on a 15-year mortgage than on a 30-year loan.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we recommend that you seek personalized advice from qualified professionals when making specific financial decisions. Past performance is not an indicator of future results.

Blueprint has an advertiser disclosure policy. Any opinions, analyses, reviews or recommendations expressed in this article are solely those of the Blueprint editorial staff. Blueprint adheres to strict editorial integrity standards. Information is accurate as of the date of publication, but always check the provider's website for the most current information.

Jamie Young

Jamie Young is the senior editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the most prominent media outlets, including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she enjoys gaming, playing with her two crazy cats (Detective Snoop and his girl-for-everything) and trying to maintain her ever-growing plant collection.

Megan Horner

Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, primarily focusing on credit cards and banking. Previously, she was director of publishing at Finder.com, where she led the team that published personal finance content on credit cards, banking, loans, mortgages and more. Before that, she was an editor at Credit Karma. Megan has been featured on CreditCards.com, American Banker, Lifehacker and news shows across the country. She holds bachelor's degrees in English and editing.

Ashley Harrison

Ashley Harrison is the deputy editor for loans and mortgages at USA TODAY Blueprint and has worked in online finance since 2017. She is passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has been published on Fox Business and Yahoo. Ashley is also an artist and huge horror fan whose short story, “The Box,” was produced by the award-winning NoSleep Podcast. In her free time, she enjoys drawing, playing video games and spending time with her black cats, Salem and Binx.

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