On September 16, 2024, The Mortgage Reports listed a conventional 30-year fixed rate of 7.488% interest and 7.553% APR in a rate table sourced from its lender partner network. Those figures were not identified as a nationwide, refinance-only index or as a rate available to every borrower. The same article separately reported lower daily averages, which it did not label refinance-only.
Rates listed on September 16, 2024
The Mortgage Reports published the following figures from its partner lender network. Its caption warned that network rates might not reflect the broader market and that an individual borrower’s rate could differ. The table is not a guaranteed refinance quote. Read the September 16 rate report.
| Loan type | Interest rate | APR |
|---|---|---|
| Conventional 30-year fixed | 7.488% | 7.553% |
| Conventional 20-year fixed | 7.388% | 7.493% |
| Conventional 15-year fixed | 6.782% | 6.902% |
| Conventional 10-year fixed | 6.796% | 6.893% |
| FHA 30-year fixed | 7.197% | 7.242% |
| VA 30-year fixed | 7.185% | 7.235% |
| Conventional 5/1 ARM | 6.761% | 6.601% |
Interest rate and APR are different measures, so the two columns should not be treated as interchangeable. The 5/1 ARM’s initial rate applies during its introductory period; an adjustable-rate mortgage can change later under its loan terms.
Why other reported averages were different
The same article separately gave daily average mortgage rates of 6.293% for a 30-year fixed loan and 5.591% for a 15-year fixed loan. These figures were not explicitly described as refinance-only, so they should not be substituted for the lender-network table’s conventional loan figures.
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For context, Freddie Mac’s weekly survey for September 12, 2024—the nearest weekly benchmark cited in the article—reported 6.20% for a 30-year fixed mortgage and 5.27% for a 15-year fixed mortgage. These were weekly market benchmarks, not September 16 lender quotes or refinance-only rates. The Mortgage Reports’ article discusses the figures and their sources.
What influenced rates that day
The Mortgage Reports described some upward rate volatility after Friday’s market data and identified the Federal Reserve’s September meeting as the week’s central focus. It observed the 10-year Treasury yield at 3.636% around 9:50 a.m. ET, down from 3.661%, while noting that market signals offer only a rough guide to day-to-day mortgage-rate moves. These observations describe that report’s market context; they do not establish that Treasury yields alone determined lender quotes.
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Why your refinance offer could differ
The report says its daily lender-network rates are averaged by loan type and that its current-rate methodology uses sample borrower profiles that vary by loan type. The published table cautions that partner-network rates may not represent the broader market. Lenders also assess borrower and loan details, including:
- Credit score and loan amount
- Loan term and program, such as conventional, FHA, VA or adjustable-rate
- Home value and equity; down payment is relevant when buying
- Economic and housing-market conditions
As a result, a historical published rate cannot tell you what a lender would offer for your home, credit profile, equity, loan balance and chosen terms.
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How to use the snapshot when comparing refinance offers
The September 16 figures are historical reference points, not current quotes. If you are evaluating a refinance, request personalized offers from multiple lenders and compare the full terms rather than choosing on the headline interest rate alone. The report recommends comparison-shopping but does not provide individual closing-cost or break-even calculations.
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- Compare both the interest rate and APR, along with any discount points and lender fees.
- Review closing costs and the new loan term against your remaining term.
- Compare the monthly payment and estimated total interest over the time you expect to keep the home.
- Account for loan-program differences, including any mortgage-insurance implications.
- Calculate how long upfront costs would take to recover through savings before deciding whether refinancing makes sense.
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