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On September 4, 2024, The Mortgage Reports’ lender-network table listed a conventional 30-year fixed refinance rate of 7.465% and APR of 7.532%. Its 15-year conventional fixed rate was 6.768%, with a 6.888% APR. These are historical averages from that publisher’s lender network—not current offers or a guarantee of the rate any borrower could receive.
Mortgage refinance rates reported for September 4, 2024
The Mortgage Reports said its tracked rates were lower than the previous day and below their levels a week earlier. Its daily figures were averages drawn from a network of lenders offering purchase and refinance loans, using selected sample borrower profiles. The publisher cautioned that partner-network rates might not reflect the broader market, and an individual borrower’s rate could differ. See The Mortgage Reports’ September 4 rate table and methodology.
| Loan type | Rate | APR |
|---|---|---|
| Conventional 30-year fixed | 7.465% | 7.532% |
| Conventional 20-year fixed | 7.326% | 7.42% |
| Conventional 15-year fixed | 6.768% | 6.888% |
| Conventional 10-year fixed | 6.826% | 6.915% |
| FHA 30-year fixed | 7.195% | 7.239% |
| VA 30-year fixed | 7.172% | 7.221% |
| Conventional 5/1 ARM | 6.816% | 6.558% |
The rate is the interest rate used to calculate principal and interest. APR also reflects certain loan costs, so it can help with comparisons, but it is not a substitute for reviewing the lender’s full fee and points breakdown. Compare like with like: the same loan type, term, and pricing assumptions.
How the September 4 figures compare with other rate measures
A separate HousingWire report summarized the Mortgage Bankers Association’s weekly survey for the week ending August 30, 2024. The MBA’s average contract rate for 30-year fixed conforming loans was 6.43%. That weekly survey measure is not directly interchangeable with The Mortgage Reports’ daily lender-network average: the sources use different timing and methodologies. HousingWire’s report of the MBA rate.
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The MBA data also showed mortgage application volume up 1.6% week over week on a seasonally adjusted basis. Its refinance index fell 0.3% from the previous week but was 94% higher than in the same week of 2023, according to HousingWire. These are application-activity measures, not quoted refinance rates. HousingWire’s summary of the MBA weekly survey.
Later month-end context should also be kept separate from the September 4 daily snapshot. Freddie Mac reported that its Primary Mortgage Market Survey’s 30-year fixed rate averaged 6.5% in August and ended the month at 6.35%. Freddie Mac also cited MBA data showing refinance activity accounted for 46.4% of total application activity at August’s end. Those figures describe August, not September 4 refinance quotes. Freddie Mac’s September 23, 2024 outlook.
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What to consider before refinancing
A lower rate alone does not show whether a refinance will save money. Refinancing creates a new set of closing costs, and Bankrate’s September 12, 2024 explainer estimated these could range from 2% to 5% of the refinanced amount. That is a general estimate, not a fixed fee schedule or a September 4 quote. Bankrate’s refinance-cost and break-even explainer.
- Request comparable quotes. Use the same loan type and term, and ask each lender to show the interest rate, APR, points, lender fees, and estimated closing costs.
- Estimate the monthly savings. Compare the new payment with your current payment, accounting for the loan balance and term. A lower payment caused mainly by extending the repayment term does not necessarily mean a lower total cost.
- Calculate break-even time. Divide the costs you expect to pay by the monthly savings to estimate how many months it would take to recoup those costs. This is a planning calculation; actual savings depend on the final loan terms and how long you keep the loan.
- Match the calculation to your plans. Consider whether you expect to keep the home and loan beyond the estimated break-even point, and account for any costs or terms that differ between offers.
In Bankrate’s September 12 article, Greg McBride, CFA, then identified as Bankrate’s former chief financial analyst, said: “The refinancing door has swung open. If you have an adjustable rate mortgage you’re looking to get out of, this is your chance.” The comment was published after September 4 and is not a rate quote or a guarantee that refinancing will benefit a particular borrower. Bankrate’s dated comment and context.
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