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Compare current mortgage rates for today

September 25th, 2024 by Samee Foster

Compare current mortgage rates for today

Written by

Edited by

Reviewed by

Sep. 25, 2024

What type of home loan are you looking for?

How it works

Compare top rates

See low rates from over 100+ lenders.

Select a lender

Get custom quotes in under 2 minutes.

See your savings

You could take hundreds off your mortgage.

COMPARE

Top offers on Bankrate vs. national average interest rates

Top offers on Bankrate: 5.49%

National average: 6.21%

For the week of September 22nd, top offers on Bankrate are 0.72% lower than the national average. On a $340,000 30-year loan, this translates to $1,883 in annual savings.

Today's national mortgage interest rate trends

For today, Wednesday, September 25, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 6.18%, decreasing 6 basis points over the last seven days. If you're looking to refinance, the average interest rate for a 30-year fixed refinance is 6.16%, down 12 basis points from a week ago. In addition, the average 15-year refinance interest rate is 5.52%, falling 10 basis points over the last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it's crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender's interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

Mortgage rate news this week - Sept. 18, 2024

Mortgage rates push below 6.25%

Mortgage rates fell this week, averaging 6.20% for 30-year fixed loans, according to Bankrate's lender survey. Thirty-year mortgage rates haven't been this low since 2022.

Mortgage rates began falling in July thanks to brighter inflation news, then dropped to the 6s in August after a blip of market volatility. Now, with the Federal Reserve cutting its benchmark interest rate by half a point this week, the cost of a mortgage has slipped to a 24-month low.

Still, some prospective homebuyers are waiting for rates to fall farther. In a June Bankrate survey, 47 percent of homeowners said they'd need rates under 5 percent to feel comfortable buying a home this year.

Despite lower mortgage rates, home sales activity came in 2.5% lower in July compared to last year.

Experts predict rates to stay put after Fed cut

Michael Becker

Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland

"For rates to drop further, I think we will need to see further labor market softening. For the next week, I expect mortgage rates to stay in their current range or to be flat." - Sept. 18

Learn more: Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

Product	Interest Rate	APR
30-Year Fixed Rate	6.18%	6.23%
20-Year Fixed Rate	5.98%	6.03%
15-Year Fixed Rate	5.50%	5.58%
10-Year Fixed Rate	5.58%	5.66%
5-1 ARM	5.77%	6.90%
10-1 ARM	6.40%	7.08%
30-Year Fixed Rate FHA	6.50%	6.55%
30-Year Fixed Rate VA	6.69%	6.73%
30-Year Fixed Rate Jumbo	6.34%	6.39%

Rates as of Wednesday, September 25, 2024 at 6:30 AM

Learn more: Interest rate vs. APR

Why trust Bankrate's mortgage rates

How to get the best mortgage rate

Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won't know what rates you qualify for, though, unless you comparison-shop. And you also need to narrow down the best type of mortgage for your situation. Here's how to do it:

Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
Compare mortgage rates. There's only one way to be sure you're getting the best available rate, and that's to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate's mortgage lender reviews can get you started. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
Choose the best mortgage offer for you. Bankrate's mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.

Learn more: How to get a mortgage

Why compare mortgage rates?

It's been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate's mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what's happening in the broader economy. These variables include:

Your credit and finances: The better your credit score, the better interest rate you'll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you'll get a lower rate. If you have additional debt, your rate might be higher.
Loan amount: The size of your loan can impact your rate.
Loan structure: Your rate varies whether you're obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
Location of the property: Rates vary depending on where you're buying.
Whether you're a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
Mortgage points. Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payments. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed. For more details, see Bankrate's guide to mortgage points.
The size of your down payment. If you put down less than 20 percent of the purchase amount, you may pay a higher rate.

Learn more: How to compare mortgage offers

How to refinance your current mortgage

When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn't much different from your original mortgage application, and you'll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you're considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with Bankrate's refinance calculator.

Learn more: Should you refinance in 2024?

Next steps to getting a mortgage

Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:

Categories: Uncategorized

Tags: avocados, california, Fallbrook, groves, realtor, sunshine properties real estate, land for sale, agent, for sale, house, homes, home, mortgage , buying, selling, house for sale, estate, manufactured home

September
25

C.A.R. releases its 2025 California Housing Market Forecast

September 25th, 2024 by Samee Foster

FOR RELEASE
September 25, 2024

C.A.R. releases its 2025 California Housing Market Forecast

California home sales and price are projected to increase as buyers and sellers return to the market,
enticed by lower interest rates and better housing supply conditions.

Existing, single-family home sales are forecast to total 304,400 units in 2025, an increase of 10.5 percent from 2024's projected pace of 275,400.
California's median home price is forecast to climb 4.6 percent to $909,400 in 2025, following a projected 6.8 percent increase to $869,500 in 2024 from 2023's $814,000.
Housing affordability* is expected to remain stable at 16 percent next year after slipping to a projected 16 percent in 2024 from 17 percent in 2023.

LOS ANGELES (Sept. 25) – A more favorable interest rate environment that will loosen up the "lock-in" effect and improve housing inventory will encourage buyers and sellers to return to the market to boost both home sales and prices next year, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.).

The baseline scenario of C.A.R.'s "2025 California Housing Market Forecast" sees an increase in existing single-family home sales of 10.5 percent next year to reach 304,400 units, up from the projected 2024 sales figure of 275,400. The projected 2024 figure is 6.8 percent higher compared with the pace of 257,900 homes sold in 2023.

The California median home price is forecast to rise 4.6 percent to $909,400 in 2025, following a projected 6.8 percent increase to $869,500 in 2024 from $814,000 in 2023. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year.

"An increase in homes for sale, along with lower borrowing costs, is expected to entice more buyers and sellers to enter the market in 2025," said C.A.R. President Melanie Barker, a Yosemite REALTOR^®. "Demand will grow as we start the year with the lowest interest rates in more than two years, particularly for first-time buyers. Meanwhile, would-be home sellers, held back by the "lock-in effect," will have more flexibility to pursue a home that better suits their needs as mortgage rates continue to decline."

C.A.R.'s 2025 forecast predicts the U.S. gross domestic product to slip to 1.1% in 2025, after a projected increase of 1.9% in 2024. With California's 2025 nonfarm job growth rate at 1.1%, down from a projected 1.5% in 2024, the state's unemployment rate will inch up to 5.6% in 2025 from 2024's projected rate of 5.4%.

Inflation will moderate further over the next 12 months, with the CPI registering an annual average of 2.0% in 2025, down from 2.9% in 2024. As such, the average 30-year, fixed mortgage interest rate will decline from 6.6% in 2024 to 5.9% in 2025. While next year's projected average for the 30-year fixed mortgage interest rate will be higher than the levels observed in the few years prior to the pandemic, it will still be lower than the long-run average of nearly 8% in the past 50 years.

Housing supply conditions will continue to improve next year, but a moderate increase rather than a surge in active listings should be expected in 2025. In the next 18 months, interest rates will decline, the lock-in effect will loosen up further, and more properties will be released onto the market. Homeowners who have delayed moving and investors who have been waiting for a market bounce-back will put their properties up on the market as they see the rising trend in home prices as an opportunity to sell. While supply in 2025 will remain below the norm by historical standards, active listings will increase slightly above 10% as market conditions and lending environment continue to improve.

"Although inventory is expected to loosen as rates ease, demand will also increase with lower mortgage rates and limited housing supply, which will push home prices higher next year," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "Price growth is expected to be slower, but the housing shortage will keep the market competitive outside of big economic shocks, so prices will still rise. Assuming a healthy economy in 2025 that slows but doesn't shrink, home prices should rise modestly across California, with the state's median price climbing 4.6 percent to reach $909,400 in 2025."

2025 CALIFORNIA HOUSING FORECAST

	2018	2019	2020	2021	2022	2023	2024p	2025f
SFH Resales (000s)	402.6	398	411.9	444.5	343	257.9	275.4	304.4
% Change	-5.2%	-1.2%	3.5%	7.9%	-22.9%	-24.8%	6.8%	10.5%
Median Price ($000s)	$569.5	$592.4	$659.4	$784.3	$822.3	$814.0	$869.5	$909.4
% Change	5.9%	4%	11.3%	18.9%	4.5%	-1%	6.8%	4.6%
Housing Affordability Index	28%	31%	32%	26%	19%	17%	16%	16%
30-Yr FRM	4.50%	3.90%	3.10%	3.00%	5.30%	6.80%	6.60%	5.90%

p = projected
f = forecast

* = % of households who can afford median-priced home

Leading the way ...^® in real estate news and information for nearly 120 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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