As of mid-September 2024, average mortgage rates in the U.S. are showing modest declines, influenced by the Federal Reserve's anticipated interest rate cut, the first since March 2022. The average interest rate for a 30-year fixed mortgage is currently around 6.031%, down slightly from the previous day, while 15-year fixed rates average 5.60%. Additionally, mortgage providers are engaging in a competitive pricing strategy, with Santander introducing a landmark sub-4% two-year fixed mortgage at 3.99%. Overall, average rates for various mortgage types, including jumbo and FHA loans, have also seen slight decreases. Freddie Mac reports that mortgage rates have decreased by more than half a percent over the past six weeks, reaching their lowest levels since February 2023. This favorable trend is expected to continue as economic conditions remain stable and lenders adjust their offerings.