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When will mortgage interest rates fall in September? 3 dates to watch
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Homebuyers waiting for mortgage interest rates to fall – and homeowners looking to refinance from their currently high rates – may not have to wait much longer. With a cooling inflation rate and a rise in unemployment, a cut to the federal funds rate now appears imminent when the Federal Reserve meets again in September. And some lenders aren’t even waiting for that to happen, instead electing to price in assumed rate cuts prior to their formal adjustment.
This is great news for those who have contended with high mortgage rates for much of the last two years (they hit their highest point since 2000 last summer). There are multiple steps these buyers and owners should be taking now to prepare for these rate climate adjustments, including boosting their credit score, shopping for lenders and contacting a real estate agent. They should also be ready to lock in a low mortgage rate when it becomes available. But when will mortgage rates fall this September? While it’s impossible to predict with certainty, if history is an indicator there are some select dates buyers and owners should watch closely in the month. Below, we’ll detail three of them.
See how low of a mortgage interest rate you could secure here today.
3 dates in which mortgage rates could fall in September
Mortgage rates change daily. But those changes could be more pronounced on and around the following dates this September:
September 6, 2024
The Bureau of Labor Statistics will release its next unemployment report on the first Friday of September. If that report, detailing August data, shows another rise in unemployment (as recent reports have), mortgage interest rates could fall marginally.
A rise in unemployment will undoubtedly cause the Fed to take action in the form of a cut to the federal funds rate. And if the unemployment data is particularly troublesome, it could hint at a more substantial cut to the rate than previously anticipated. All of that speculation could then be priced into lender offers, resulting in slightly lower mortgage interest rates than were available earlier that same week.
Start exploring your current mortgage rate options online now.
September 11, 2024
September 11, 2024, marks the next date on the calendar in which mortgage rates could fall. Inflation has now dropped in four consecutive months and if the data for August, released on September 11, shows a fifth drop, it will underline the importance of cutting interest rates now.
While not quite at the Federal Reserve’s target 2% inflation goal (it’s currently at 2.9%), any additional movement here will all but ensure that the Fed cuts rates when they meet later in the month. Mortgage lenders, then, may start offering lower purchase and refinance rates on this date and in the days after, too.
September 18, 2024
September 18, 2024, is the date millions of Americans are looking forward to. This will be the day the Federal Reserve concludes its latest two-day meeting, and, hopefully, the day in which they issue their first rate cut since March 2020. While all signs are pointing toward a reduction in the federal funds rate on this date, the amount in which rates are cut is still being speculated upon.
It’s possible that movement on the aforementioned dates spurs the Fed to be conservative with just a 25 basis point cut. But, if they feel some urgency, a half a percentage point reduction isn’t out of the question. Homebuyers and owners, then, should pay particular attention to the rate market on this date, and in the days after when the market has adjusted to any news. This could be the time to lock in the lowest mortgage rate available in years.
Learn more about your mortgage rate options online now.
The bottom line
September 6, September 11 and September 18 could all be dates in which mortgage rates adjust downward, although perhaps not in significant margins. In totality, however, rates are likely to end the month lower than where they started. And, any number of developments can affect what lenders offer for this particular product so monitor rates daily and be prepared to act when you find a rate that fits your budget.
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Whether you’re barreling down a mountainside or taking a leisurely ride along your local trail, a great mountain bike is key. But what exactly does a great mountain bike look like, in terms of features? It depends on the kind of terrain and riding style you do.
The best mountain bike for long, cross-country rides will have very different specs than a downhill bike. Some offer full suspension for a smooth ride on bumpy trails. Some have wider tires that are better at gripping wet or sandy terrain. Some are designed for maximum pedaling efficiency and serious stopping power so you can climb steep mountainsides without wearing yourself out. No matter where you and your new bike are headed this fall, we’ve rounded up the best mountain bikes for every rider and every terrain in 2024. Don’t forget to strap on your bike helmet.
Best mountain bike for beginners: Giant Talon 29 1
Mike’s Bikes
The Giant Talon 29 1 is a solid entry-level mountain bike at a reasonable price point. With its balanced frame geometry and high-traction tires, it’s great for a comfortable, stable ride on most trails. While that means it’s not specialized for uphill climbs or cross-country speed, the balanced design is great for beginners or casual riders who aren’t planning to tackle those more challenging technical trails just yet.
With 80mm to 100mm of suspension travel, this hardtail mountain bike strikes that perfect balance of pedaling efficiency and shock absorption.
Riders can also adjust the suspension within that range by adjusting the air spring and the rebound damping. That gives you improved steering precision and a better ride feel since you can tailor it to your needs. If you’re a beginner, it may take some trial and error to fine-tune those settings, but playing around with them is a great way to learn how suspension impacts your ride.
Get this reliable entry-level mountain bike at Mike’s Bikes for $950.
Top features of the Giant Talon 29 1:
- Grippy tires offer great traction in any trail conditions.
- The balanced frame geometry makes this a comfortable bike for most riders.
- The adjustable suspension fork allows you to fine-tune this mountain bike for your needs.
Best trail bike: Santa Cruz Tallboy C R
Backcountry
A full-suspension mountain bike with 120mm and 130mm suspension travel on the rear and front, respectively, it doesn’t get cushier than the Santa Cruz Tallboy C R (at least, not at this price point). Built for cross-country or trail riding, this bike’s design allows you to glide through rocky terrain almost as if you were just cruising on a paved road. That suspension also helps cushion the impact on pops and short drops so you can build up speed while navigating the trail with confidence.
With that said, it can be a little sluggish on uphill climbs. But if you typically stick to more straightforward trails, you won’t have to deal with that issue. For those just-for-fun weekend trail rides, this is the mountain bike you want.
Get this comfortable, agile trail bike at Backcountry while it’s on sale for $3,849 (reduced from $4,799).
Top features of the Santa Cruz Tallboy C R:
- Boasting full suspension, this mountain bike is a comfy ride no matter how bumpy the terrain.
- The carbon C frame is both lightweight and stiff for better control and improved agility.
- The four-piston brakes offer excellent stopping power.
Best fat tire mountain bike: State 6061 Trail+
State Bicycle Co.
For wet or sandy trails, traction is everything, which means you need a fat tire bike like the State 6061 Trail+. With 4.5-inch wide tires that can handle running even at low PSI, this mountain bike can grip the trail no matter how loose or slippery.
Whether you want to cruise along sandy beaches or power through snowy mountain trails, the stability of this fat tire bike is the key to doing so safely and confidently. You won’t be building up much speed, but you’ll have a lot of fun plowing through trails that a standard trail bike couldn’t even touch.
Get this fat tire bike directly from State Bicycle Co. for $1,000.
Top features of the State 6061 Trail+:
- Thick 4.5-inch tires provide extra grip for wet or loose terrain like snow, sand and mud.
- With low PSI capabilities, you can lower the tire pressure to widen the surface area even further to maximize your grip on soft, slippery trails.
- The alloy frame is stiff and strong without adding any more bulk than necessary.
Best mountain bike under $500: Huffy Stone Mountain
Amazon
The Huffy Stone Mountain is a hardtail mountain bike that is lightweight and offers good traction for navigating trails. The budget-friendly bike is missing a lot of the features you’ll find on the more advanced mountain bikes listed above. However, if you’re just starting out and just want to get out on a trail to see if you like mountain biking, this is a good bike to start with.
While you can’t take it on any serious trails, it’s got the basics you need for easy local bike trails. Use it to get a feel for the sport and then upgrade to a mountain bike better suited to the kind of trails you want to tackle. Then, pass this Huffy Stone Mountain on to a friend or teen who’s curious about mountain biking.
A bestseller on Amazon, this budget mountain bike is available for as low as $200.
Top features of the Huffy Stone Mountain:
- This budget entry-level bike is great for casual rides on easy bike trails.
- A wide variety of frame and wheel sizes allows you to get the right fit for your height.
- The lightweight, high-traction design is just enough to let you get a feel for mountain biking before committing to a higher-priced mountain bike with more advanced features and customizability.
Shop more top-rated mountain bikes:
What type of mountain bike should a beginner get?
The best mountain bike for a beginner is a balanced, versatile one. Since you’re probably not tackling steep inclines and declines yet, opt for a trail bike that offers great traction, strong brakes and easy maneuverability along bumpy, muddy trails. That means grippy tires and responsive steering so you can confidently control your bike over tree roots, up hills and on descents.
If the trails you’re eager to go on are largely uphill, look for a bike that’s lightweight with a firmer pedaling platform. Those two features will improve climb efficiency so you’re not wearing yourself out on those uphill stretches.
Do I need a full-suspension mountain bike?
You don’t need a full-suspension mountain bike, but they are nice to have. Unlike hardtail mountain bikes, which only have suspension in the front, full-suspension mountain bikes have suspension in both the front and rear. That extra suspension helps absorb shock, cushioning the impact as you hop over bumps or navigate downhill jumps and drops.
That cushier feel can be nice even on milder trail rides, but they tend to be significantly more expensive and require more maintenance than a hardtail mountain bike. So it might not be worth the extra expense and care if you don’t usually do technical trails or downhill riding.
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