--- title: Here Are Today's Best Mortgage & Refinance Rates for October 8, 2020 description: Typically, home sellers need to reduce their prices during the fall months in order to attract buyers. Not this year. authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History certifications: Certified Personal Finance Counselor at_money_since: 2019 articles: 797 covers: - Mortgages - Banking - Credit - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ published: '2020-10-08T12:15:56.000Z' modified: '2024-01-10T16:01:35.000Z' section: Mortgages tags: - Apex39 - Apex41 - Guides - today's rates word_count: 790 canonical: https://money.com/todays-mortgage-rates-10-8-2020/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Mortgage-Rate-Oct-8](https://img.money.com/2020/10/Mortgage-Rate-Oct-8.jpg) The average rate for a 30-year fixed-rate purchase mortgage was 3.468% Wednesday. The average rate for a 30-year refinance was 4.291%. Money's current mortgage rates include data from 8,000 lenders across the United States and are updated daily. The rates include points and represent what a borrower with a 20% down payment and 700 credit scores — roughly the national average FICO score — would have been quoted. Mortgage rates vary from [state to state](https://money.com/best-mortgage-rates-by-state-tips/). On Wednesday, borrowers in Alaska were quoted the lowest mortgage rates — at 3.236%. People looking for mortgages in Georgia saw the highest average rate at 3.681%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.996%, while those with credit of 640 or below were shown rates of 4.734% — a 1.738 percentage-point spread. You may be able to negotiate a [lower rate](https://money.com/get-the-lowest-mortgage-rate/) if you shop around or if you have other accounts with the lender. (Money's picks for the best mortgage lenders are [here.](https://money.com/best-mortgage-lenders/)) Currently, some banks are hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly. Freddie Mac's widely quoted Primary Mortgage Market Survey put rates at 2.87% with 0.8 points paid for the week ending October 1. The mortgage purchaser's [weekly](https://money.com/current-mortgage-rates/) survey reflects borrowers who put 20% down on conforming loans and have excellent credit. ## Refinance rates today Money's survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.655% on Wednesday. Last October, the average mortgage rate (including fees) was 3.859%. A homeowner with a $200,000 mortgage balance currently paying 3.859% on a 30-year loan could potentially cut their monthly payment from $939 to $915 by financing at the current lower rates. To determine [if it's worth it to refinance your mortgage](https://money.com/is-now-a-good-time-to-refinance/), also consider the closing fees you paid on your current mortgage, how much your new lender is charging and how long you have left on your loan term. (Our picks for the best lenders for refinancing are [here](https://money.com/best-mortgage-refinance/)). ## What else is happening in the housing market right now? Home prices growth reached a record-high during the first week in October, climbing 12.9% over last year, according to the Realtor.com's [Weekly Housing Report](https://news.move.com/2020-10-08-Realtor-com-R-Weekly-Housing-Report-Stubbornly-High-Home-Prices-Refuse-to-Come-Down-From-Their-Summer-Peak). It's the 21st week of home price acceleration. The median home price remained near its summertime high of $350,000, which is just one more sign of how unusual this year has been in the real estate market. Typically, home sellers need to reduce their prices during the fall months in order to attract buyers. "While buyers would normally begin to hunker down this time of year, we expect to see an unusually high number remain in the market this fall. This gives sellers a rare opportunity to get top dollar for their home outside of the prime selling season, which may be motivating some to stay in the market," said Danielle Hale, chief economist at Realtor.com. "However, even with record-breaking prices, we're not seeing sellers rush into the market with the same eagerness as buyers. Looking forward, a key question is whether this frenzied demand will continue into the spring or if we'll see more balance between home buyers and sellers." While inventory continues to be a roadblock to even higher home sales, the housing supply improved ever so slightly. As of October 3, total inventory is down 38% from last year, compared to 39% last week. However, new listings were down 7% compared to 6% a week ago. Homes sold 13 days faster than during the same period last year. ## Mortgage Tip of the Week Ralph DiBugnara, president of Home Qualified, on how to win a bidding war: > First, form a trusted team that understands your needs and the area you are bidding in. Once your loan officer tells you how much you are able to spend with pre-approval you will be on to your search with your realtor. It is very important that your realtor can communicate effectively with the selling agent as well and be fast to respond and advise on what realistically you will need to pay for the property you are interested in. Unfortunately, in a bidding-war dominant market there are not many counter-offers. Your first offer will most likely be your only offer so it has to be right." For more information on bidding wars, read: [Bidding Wars Are Back. Here's How to Win Your Dream Home](https://money.com/coronavirus-home-bidding-wars/) [Procrastinators, It's Not Too Late to Refinance Your Mortgage and Save Thousands](https://money.com/mortgage-refinance-fall-pandemic-lowest-rates/) [Everyone Wants to Buy a House Right Now. 9 Experts Predict How Long Demand Will Soar](https://money.com/housing-demand-forecasts/) [Get to Know the 'Leaseback,' the Pandemic House Selling Trend Where no Move Is Required](https://money.com/coronavirus-home-sale-leaseback/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-10-8-2020/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "Here Are Today's Best Mortgage & Refinance Rates for October 8, 2020" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/todays-mortgage-rates-10-8-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-10-8-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for October 8, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-10-08T12:15:56.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-10-8-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-10-8-2020/#breadcrumb" }, "dateModified": "2024-01-10T16:01:35.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for October 8, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/10/Mortgage-Rate-Oct-8.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-Rate-Oct-8" } ], "author": [ { "@type": "Person", "name": "Leslie Cook", "url": "https://money.com/author/leslie-cook/", "@id": "https://money.com/author/leslie-cook/#author", "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. 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