On September 17, 2024, refinance-rate indicators were lower than they had been in recent weeks, but the figures available that day were market benchmarks and lender-network averages—not guaranteed refinance offers. Freddie Mac’s latest weekly survey, dated September 12, put the 30-year fixed rate at 6.20% and the 15-year fixed rate at 5.27%. A separate daily lender-network average published September 17 listed 6.293% and 5.591%, respectively.
What refinance rates were reported on September 17, 2024?
The figures below describe different measurements and dates. Freddie Mac’s numbers are from its September 12 weekly survey; The Mortgage Reports’ numbers are its own daily averages published September 17. The CFPB described rates as around 6.2% in September in a spotlight issued September 17.
| Source and observation date | 30-year fixed | 15-year fixed | What the figure represents |
|---|---|---|---|
| Freddie Mac, September 12, 2024 | 6.20% | 5.27% | Weekly average for conventional conforming, fully amortizing home-purchase loans, based on borrowers putting 20% down with excellent credit. |
| The Mortgage Reports, published September 17, 2024 | 6.293% | 5.591% | Daily averages based on rates received from multiple lender partners for sample borrower profiles. |
| CFPB Office of Mortgage Markets, September 17, 2024 | Around 6.2% | not stated (CFPB, September 17, 2024) | The CFPB’s description of mortgage rates in September, not a specific refinance quote. |
Freddie Mac’s survey tracks purchase loans, not individualized refinance pricing. Its September 12 figures were down from 6.35% for 30-year fixed loans and 5.47% for 15-year fixed loans the previous week. The 15-year rate was 6.51% a year earlier. Freddie Mac Chief Economist Sam Khater said in the September 12 release that rates had fallen more than half a percentage point over the preceding six weeks and were at their lowest level since February 2023. Read Freddie Mac’s weekly rate release.
The daily averages published September 17 use a separate lender-partner methodology, so they should not be treated as a competing reading of the same survey. Nor does either source establish the rate a particular homeowner could obtain. Credit, loan amount and term, loan type, property, and underwriting factors affect an individual quote. See The Mortgage Reports’ September 17 rate page.
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Did rates drop on September 17?
The evidence supports a downward trend around that date, not a claim that every lender cut rates on September 17 or that rates moved in one direction throughout the day. Freddie Mac’s latest available weekly benchmark, from September 12, had fallen week over week; The Mortgage Reports separately published its dated daily averages on September 17. The CFPB’s September 17 spotlight also characterized September rates as having eased to around 6.2%. The CFPB spotlight provides its September context.
What lower rates could mean for a homeowner
Lower market rates can make refinancing worth investigating, but a rate drop by itself does not show that refinancing will save money. The CFPB illustrated the payment effect with a $400,000 loan: at 6.20%, principal and interest were $2,450 per month, compared with $2,877 at 7.79% on October 26, 2023. That $427 difference compares the CFPB’s two examples; it is not a refinance savings estimate and excludes transaction costs, taxes, insurance, and other housing expenses.
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The CFPB also estimated that 2.5 million borrowers could refinance and save at least 75 basis points when rates reached 6.5%. In another modeled example, lowering the rate from 7.25% to 6.5% on a $400,000 loan with a similar term would reduce monthly payments by $200. These are estimates under stated assumptions, not promises of eligibility or net savings after closing costs.
How to judge whether refinancing makes sense
Compare a written refinance offer with your current loan, not a national average with your note rate. Ask for a Loan Estimate and evaluate the full cost and terms together:
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- 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
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- 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
- Rate and APR: The interest rate affects scheduled interest; APR also reflects certain loan costs. Compare offers on the same basis.
- Monthly payment: Confirm whether the quoted payment covers principal and interest only or also includes escrowed taxes and insurance.
- Closing costs and points: Include upfront costs and any points paid to obtain a lower rate.
- Loan balance and term: A lower payment can result from stretching repayment over more years, potentially increasing total interest. Compare the new term with the remaining term on your current loan.
- Time in the home: Consider whether you expect to keep the loan long enough for the payment benefit to outweigh the costs. The cited figures do not establish a universal break-even rule.
- Loan type and risk: If comparing fixed and adjustable-rate offers, weigh payment stability against adjustment terms; the historical figures above do not identify a best option for an individual.
Whether a refinance is worthwhile depends on your current note rate, available pricing, balance, remaining term, closing costs, and expected time in the home. A lower quoted rate alone does not establish net savings.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What later data showed about refinance activity
Subsequent reports are consistent with refinancing activity rising as rates fell, though they cover different periods and measures. The Mortgage Bankers Association said refinance applications increased 24% week over week for the week ending September 13, in a release published September 18, 2024. The FHFA’s later third-quarter report said the average 30-year fixed rate fell from 6.92% in June to 6.18% in September, while the cash-out share declined to 59% in September. Application volume and completed refinance activity are not interchangeable measures. MBA’s September 18 release and FHFA’s third-quarter report provide those later-period details.
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- The mortgage is a huge part of buying a house and you should know your options, figure your monthly payments (using mortgage calculator), understand the different mortgage loan types, learn what is emi and mortgage insurance etc.
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