Today's Mortgage Rates for September 18, 2024

Mortgage Rates Continue Downward Trend, Hitting Lowest Levels Since 2019

Today's mortgage rates have continued their downward trend, hitting the lowest levels since 2019. According to Freddie Mac, the average 30-year fixed-rate mortgage rate is now 5.39%, down from 5.45% last week. The average 15-year fixed-rate mortgage rate is now 4.72%, down from 4.79% last week. These rates are the lowest they have been since October 2019.

What's Driving the Decline in Mortgage Rates?

There are a number of factors driving the decline in mortgage rates, including the Federal Reserve's decision to lower interest rates. The Fed has cut interest rates twice this year, and it is expected to cut rates again later this year. In addition, the yield on the 10-year Treasury note has fallen to its lowest level in more than two years. This has made it cheaper for banks to borrow money, which has allowed them to pass on the savings to their customers.

Good News for Homebuyers and Homeowners

The decline in mortgage rates is good news for homebuyers and homeowners. For homebuyers, it means that they will be able to afford to borrow more money for their mortgage, which could allow them to buy a more expensive home. For homeowners, it means that they could save money on their monthly mortgage payments if they refinance their mortgage.

What to do if you're considering buying a home

If you are considering buying a home, now may be a good time to lock in a low interest rate. Mortgage rates are expected to continue to decline in the coming months, but they could start to rise again in 2023. If you are not sure whether you are ready to buy a home, you can talk to a mortgage lender to see what your options are.

How to compare mortgage rates

When you are shopping for a mortgage, it is important to compare rates from multiple lenders. You can do this by using a mortgage comparison website or by talking to a mortgage broker. It is also important to compare the terms of the loan, such as the length of the loan, the fees, and the closing costs.