--- title: Here Are Today's Best Mortgage & Refinance Rates for September 15, 2020 description: About 3.5 million homeowners remain in a payment deferral plans. 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: '2020-09-15T12:48:37.000Z' modified: '2024-01-10T15:58:26.000Z' section: Mortgages tags: - Apex39 - Apex41 - today's rates word_count: 653 canonical: https://money.com/todays-mortgage-rates-9-15-2020/ 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-Sept-15](https://img.money.com/2020/09/Mortgage-Rate-Sept-15.jpg) Borrowers with 700 credit scores were quoted an average rate of 3.477% to secure a 30-year fixed-rate purchase mortgage on Monday, according to Money's survey of over 8,000 lenders across the United States. At this credit score, roughly the national average, the average rate for a 30-year refinance was 4.334%. Our rates include discount points and are for borrowers putting 20% down. Borrowers in Washington, D.C. were quoted the lowest mortgage rates on Monday—at 3.283%. Those in Florida saw the highest average rate at 4.096%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 3.164%, while those with credit of 640 or below were given rates of 4.859%—a 1.576 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 2.86%, a new record low, with 0.8 points paid for the week ending September 10. 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 shows that the offered rate for a 30 year refinance for someone with a 740 credit score was 3.675% on Monday. Last September, the average mortgage rate (including fees) was 3.922%. A homeowner with a $200,000 mortgage balance currently paying 3.922% on a 30-year loan could potentially cut their monthly payment from $946 to $918 by financing at today's 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? The overall number of mortgage loans in forbearance plans dropped 15 basis points week-over-week, from 7.16% to 7.01%, according to the [Mortgage Bankers Association](https://www.mba.org/2020-press-releases/september/share-of-mortgage-loans-in-forbearance-declines-to-701). The MBA estimates that 3.5 million homeowners remain in payment deferral plans, down from an estimated 3.6 million last week. Though more homeowners left forbearance plans than entered them last week, the share of homeowners requesting forbearance did tick up 0.02 percentage points, from 0.09% to 0.11%. "Forbearance requests increased over the week, particularly for Ginnie Mae loans. With just under 1 million unemployment insurance claims still being filed every week, the lack of additional fiscal support for the unemployed could lead to even higher increases of those needing forbearance," said Mike Fratantoni, chief economist for the MBA. ## Mortgage Prediction of the Week *Expert views on what comes next* John Burns, CEO of John Burns Real Estate Consulting, on the future of the U.S. housing inventory: > Supply will increase slowly over the next few years, despite what the naysayers say about surging foreclosure volumes. A high-quality home has never been so important because people are spending so much time in the home, and the government is doing everything it can to keep people in their homes and to keep home prices high. New home supply will ramp up beginning next year, as the homebuilders have only increased land-buying activity very recently, and it takes a while to get building approvals." For more information on the housing supply, read Money's [*When Will It Get Easier to Buy a Home? 8 Experts on the Nation's Housing Shortage*](https://money.com/housing-shortage-supply-forecasts/) ## Bottom line: [Congratulations, Home Seller: A Bidding War Just Broke out for Your House. Here's How to Pick the Best Offer](https://money.com/housing-market-coronavirus-multiple-offers/) [The Overlooked Reason It's So Hard to Buy a Home in 2020](https://money.com/covid-housing-shortage-mortgage-refinance/) [Millions of Homeowners Are Falling Behind on Their Mortgage Payments. Here Are Your Options if You're One of Them](https://money.com/coronavirus-mortgage-default-forbearance-foreclosure/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-9-15-2020/#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": "Mortgage Rates", "item": "https://money.com/mortgage-rates/" }, { "@type": "ListItem", "position": 4, "name": "Here Are Today's Best Mortgage & Refinance Rates for September 15, 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-9-15-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-9-15-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for September 15, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-09-15T12:48:37.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-9-15-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-9-15-2020/#breadcrumb" }, "dateModified": "2024-01-10T15:58:26.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for September 15, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/09/Mortgage-Rate-Sept-15.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-Rate-Sept-15" } ], "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. She also writes about home renovation trends and tips.", "image": "https://img.money.com/2020/04/Money_Headshots_2025-46.jpg?quality=85&w=640&h=640&crop=1", "email": "leslie@money.com", "jobTitle": "Editor, Real Estate", "hasCredential": [ { "@type": "EducationalOccupationalCredential", "credentialCategory": "certification", "name": "Certified Personal Finance Counselor" } ], "alumniOf": "Bryn Mawr College, BA History", "sameAs": [ "https://twitter.com/LeslieLCook", "https://www.linkedin.com/in/leslie-cook-9829b9198/" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2020-09-15T12:48:37.000Z", "description": "About 3.5 million homeowners remain in a payment deferral plans.", "abstract": "About 3.5 million homeowners remain in a payment deferral plans.", "@id": "https://money.com/todays-mortgage-rates-9-15-2020/", "inLanguage": "en-US", "dateModified": "2024-01-10T15:58:26.000Z", "wordCount": 653, "keywords": [ "Apex39", "Apex41", "today's rates" ], "about": [ { "@type": "Thing", "name": "Mortgage", "sameAs": [ "https://en.wikipedia.org/wiki/Mortgage" ] } ] } ] } ```