After falling below the 6% threshold Monday, 30-year mortgage rates dropped even further Tuesday to a new 5.89% average. Both the 30-year and 15-year averages have now sunk to their cheapest levels since late summer 2022. Most other new purchase mortgage rates also moved lower Tuesday.

These are today's mortgage and refinance rates. Mortgage rates are down as the Fed gears up to start lowering its benchmark rate by at least a quarter point.

As of September 16, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 5.990%, which is unchanged f

The Federal Reserve Board is meeting this month to discuss a small interest rate cut, which seems likely, given that the Board chair, Jerome Powell, said in an August meeting, "The time has come