On September 13, 2024, the latest Freddie Mac weekly survey showed mortgage rates had fallen: the 30-year fixed average was 6.20% and the 15-year fixed average was 5.27% for the week ending September 12. These are historical national survey figures—not current rates or personalized refinance offers.
What were mortgage rates on September 13, 2024?
Freddie Mac’s weekly survey averages declined from the previous week and were also below their levels a year earlier. The National Association of REALTORS® reported the same September 12 figures on September 13.
| Fixed-rate term | Week ending Sept. 12, 2024 | Previous week | One year earlier |
|---|---|---|---|
| 30-year | 6.20% | 6.35% | 7.18% |
| 15-year | 5.27% | 5.47% | 6.51% |
Freddie Mac’s Primary Mortgage Market Survey focuses on conventional, conforming, fully amortizing home-purchase loans, assuming 20% down and excellent credit. It provides context for the broader market, but does not establish the rate a particular homeowner could get to refinance. Freddie Mac’s survey details explain its scope.
Did refinance rates drop?
The reported mortgage averages fell, and refinance activity rose during September as rates declined. But the weekly survey figures are purchase-loan averages, not a separate measurement of refinance offers. A borrower’s refinance rate can depend on factors such as credit, equity, loan size, property and lender.
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- Loan Amortization and Remaining Balances
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Freddie Mac’s October 2024 outlook says the 30-year fixed mortgage averaged 6.18% during September and that refinancing increased steadily, reaching about 55% of total application activity by month end. That monthly summary measures applications, not completed refinances or the savings borrowers ultimately achieved. Freddie Mac’s October 2024 outlook provides the monthly context.
What happened to refinance applications in September?
Ginnie Mae, citing the Mortgage Bankers Association’s Weekly Applications Survey, reported that for the week ending September 13, the Refinance Index rose 24% from the prior week and 127% from a year earlier. Refinances made up 51.2% of total mortgage applications, up from 46.7% the prior week. These are weekly application measures; they are not interchangeable with Freddie Mac’s approximate 55% month-end share. Neither figure tells an individual homeowner whether a refinance will save money. Ginnie Mae’s September 2024 report gives the weekly figures.
Rank #2
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
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Why were mortgage rates falling?
Freddie Mac chief economist Sam Khater attributed the softer rates to incoming economic data, saying, “Rates continue to soften due to incoming economic data that is more sedate.” Markets were also anticipating a Federal Reserve move at its September 17–18 meeting. That did not mean the Fed directly set mortgage rates: mortgage pricing responds to broader financial-market conditions and expectations, and an anticipated policy change may already be reflected in mortgage markets. NAR’s September 13 report quoted deputy chief economist Jessica Lautz saying the expected cut had been “baked into the mortgage market.” NAR’s September 13 report discusses the rates and market expectations.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does a rate drop mean refinancing is worthwhile?
No. A lower market average alone cannot show whether a refinance makes financial sense for a particular homeowner. Compare a personalized refinance offer with the current loan, including closing costs and the time it would take for any monthly-payment savings to offset those costs. The cited September figures do not calculate borrower-specific break-even points or net savings.
Quick Recap
Best Value
- Extra large 12-digit angled display.
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Rank #4
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
Rank #3
- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
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