--- title: Here Are Today's Best Mortgage & Refinance Rates for September 29, 2020 description: The number of homeowners who are in forbearance plans decreased again this week. 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: '2020-09-29T12:28:39.000Z' modified: '2024-01-10T16:00:16.000Z' section: Mortgages tags: - Apex39 - Apex41 - Guides - today's rates word_count: 672 canonical: https://money.com/todays-mortgage-rates-9-29-2020/ 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-29](https://img.money.com/2020/09/Mortgage-Rate-Sept-29.jpg) Borrowers with 700 credit scores were quoted an average rate of 3.548% to secure a 30-year fixed-rate purchase mortgage on Monday, according to Money's daily survey of over 8,000 lenders across the United States. At this credit score, roughly the national average, the rate for a 30-year refinance was 4.496%. Our rates include discount points and are for borrowers putting 20% down. Borrowers in Pennsylvania were quoted the lowest mortgage rates on Monday — at 3.336%. Those in New Mexico saw the highest average rate at 3.856%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 3.071%, while those with credit of 640 or below were given rates of 4.783% — a 1.712 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 2.90% with 0.8 points paid for the week ending September 24. 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 3.787% 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 $930 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 number of homeowners who are in forbearance plans decreased again this week, dropping 6 basis points to 6.87% of mortgage loans for the week ending September 20, according to the [Mortgage Bankers Association](https://www.mba.org/2020-press-releases/september/share-of-mortgage-loans-in-forbearance-declines-to-687). This represents an estimated 3.4 million homeowners still taking advantage of the loan deferment programs. The share of Freddie Mac and Fannie Mae loans in forbearance decreased for the 16th straight week, while the share of Ginnie Mae (VA and FHA loans) and private loans in the program remained flat. "Many homeowners with GSE loans are exiting forbearance into a deferral plan and resuming their original mortgage payment, but waiting to pay the forborne amount until the end of the loan," said Mike Fratantoni, MBA's chief economist. "However, the overall picture is still somewhat of a mixed bag. The recent uptick in forbearance requests, particularly for those with FHA or VA loans, is leaving the Ginnie Mae share elevated, as the pace of new requests meets or exceeds the pace of exits." Added Fratantoni, "The continued churn in the job market is likely keeping many homeowners who have been in forbearance reluctant to exit, given the level of economic uncertainty." ## Mortgage Prediction of the Week *Expert views on what comes next* Christian Ross, managing broker for Engel & Volckers Atlanta, on how long home buyer demand will remain strong: > As interest rates remain low, there will be continued strength and price accelerations in markets with attainable affordability and luxury markets where taxes are lower. New construction will continue to boom as new and pretty almost feels like a gift in this environment." For more on housing demand, read: [*Everyone Wants to Buy a House Right Now. 9 Experts Predict How Long Demand Will Soar*](https://money.com/housing-demand-forecasts/) ## Bottom line: [Mortgage Rates Vary From State to State. Here's How to Get the Best Deal if You're Moving](https://money.com/best-mortgage-rates-by-state-tips/) [The Ultimate Guide to Ditching the City and Moving to the Suburbs](https://money.com/how-to-move-to-suburbs-tips-coronavirus/) [Procrastinators, It's Not Too Late to Refinance Your Mortgage and Save Thousands](https://money.com/mortgage-refinance-fall-pandemic-lowest-rates/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-9-29-2020/#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 September 29, 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-9-29-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-9-29-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for September 29, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-09-29T12:28:39.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-9-29-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-9-29-2020/#breadcrumb" }, "dateModified": "2024-01-10T16:00:16.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for September 29, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/09/Mortgage-Rate-Sept-29.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-Rate-Sept-29" } ], "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": "2020-09-29T12:28:39.000Z", "description": "The number of homeowners who are in forbearance plans decreased again this week.", "abstract": "The number of homeowners who are in forbearance plans decreased again this week.", "@id": "https://money.com/todays-mortgage-rates-9-29-2020/", "inLanguage": "en-US", "dateModified": "2024-01-10T16:00:16.000Z", "wordCount": 672, "keywords": [ "Apex39", "Apex41", "Guides", "today's rates" ], "about": [ { "@type": "Thing", "name": "Mortgage", "sameAs": [ "https://en.wikipedia.org/wiki/Mortgage" ] } ] } ] } ```