Forbes Compares Today’s Mortgage Rates
As of mid-September 2024, mortgage rates have shown some stability, with slight reductions noted for specific loan types. The average APR for a 30-year fixed-rate mortgage remains steady at 6.61%, while the 15-year fixed-rate mortgage also holds firm at 5.74%. Notably, the 30-year fixed-rate jumbo mortgage has seen a decrease to 6.74% from last week’s 6.95%. These figures reflect ongoing trends observed in Freddie Mac’s Primary Mortgage Market Survey, which tracks conventional mortgage rates and provides a snapshot of the current borrowing landscape.
Looking forward, industry experts predict a gradual decline in mortgage rates, influenced by anticipated Federal Reserve actions and moderating inflation. Rates for 30-year fixed-rate mortgages have already dropped significantly from their peak earlier this year. Although rates are expected to decrease further, they are unlikely to fall dramatically in the near term. For prospective homebuyers and refinancing homeowners, this period of lower rates presents an opportunity to explore favorable mortgage options. However, experts advise careful consideration of individual financial situations and market conditions before making any decisions, including potential refinances or new purchases.