See today’s mortgage rates on Zillow (2024)

FAQs

How much is the mortgage interest rate today? ›

In today's market, a good mortgage interest rate can fall in the low-6% range, depending on several factors, such as the type of mortgage, loan term, and individual financial circ*mstances.

Now that inflation has slowed and the Fed started cutting rates, mortgage rates are down, and they're expected to fall further in the coming months and years. Last month, average 30-year mortgage rates fell to 6.05%, and they're even lower now, according to Zillow data.

The lowest average mortgage rates on record came about when the Federal Reserve lowered the federal funds rate in 2020 and 2021 in response to the pandemic. As a result, the weekly average 30-year, fixed-rate mortgage fell to 2.65%, while the average 15-year, fixed-rate mortgage sunk to 2.10%.

See how we rate mortgages to write unbiased product reviews. Mortgage rates for September 11, 2024, are around 5.75%, according to Zillow data. Rates have inched down as the Fed gears up to start cutting the federal funds rate. Rates are expected to decrease further throughout the rest of 2024 and in 2025.

The ideal time to lock your mortgage rate is when interest rates are at their lowest, but this is hard to predict — even for the experts.

How to buy down interest rate? ›

A buydown is a way for a borrower to obtain a lower interest rate by paying discount points at closing. Discount points, also referred to as mortgage points or prepaid interest points, are a one-time fee paid upfront. In the case of discount points, the interest rate is lower for the loan term.

Yes, 2.75% is a fantastic mortgage rate. You're unlikely to get a 2.75% rate in today's market unless you take on an assumable mortgage from a seller who locked in this rate in 2020 or 2021, when rates were at all-time lows.

Of the 12 voting members of the Fed's policy-setting committee, there was one dissenter, Michelle Bowman, who preferred a quarter-point cut. With Wednesday's action, the Fed's benchmark interest rate will stand between 4.75% and 5%, still the highest since 2007.

When inflation is running high, the Fed raises those short-term rates to slow the economy and reduce pressure on prices. But higher interest rates make it more expensive for banks to borrow, so they raise their rates on consumer loans, including mortgages, to compensate.