Compare 30-Year Mortgage Rates Today

An adjustable-rate mortgage (ARM) has an interest rate that will remain the same for an initial fixed number of years, and then adjusts periodically for the remainder of the term. For example, on a 5-year ARM, the interest rate remains the same for the first five years, and then adjusts for the remaining term. See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side. Our advertisers do not compensate us for favorable reviews or recommendations. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information.

30-Year-Fixed Mortgage

Comparing a 15-year Vs. 30-Year Fixed Mortgage

30-Year-Fixed Mortgage

Mortgage and refinance interest rates vary based on loan term, type and other factors. On Monday, January 06, 2025, the national average 30-year fixed mortgage APR is 7.05%. The average 30-year fixed refinance APR is 7.09%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders. For homeowners with only 15 or 20 years left on their original loan, it might make sense to refinance into a shorter loan term. This could help you secure a lower interest rate and pay your home off on schedule (or at least, close to it). It’s important to look at annual percentage rate (APR) as well as current mortgage rates.

Additional resources for getting a 30-year mortgage

As 30-year mortgage rates are finally dropping, here’s where to find good ones.
While 30-year mortgages are popular, 15-year fixed-rate mortgages offer an alternative with shorter repayment timelines and less interest paid.
Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice.
If you’re certain you’ll be moving before that fixed-rate period ends, you could opt for an ARM and enjoy the introductory rate it offers — which is usually significantly lower than 30-year mortgage rates.
Homeowners can refinance their mortgages to get a lower rate, shrink their monthly payments, pay off their loans more quickly, or borrow from their equity.
Rates are still lower than they were this time last year, when 30-year rates were above 7%.

If you’re refinancing, you might consider a 15-year mortgage refinance to lower your interest costs. While ARM loans typically offer an initially lower rate than a 30-year mortgage, after the fixed period ends, interest rates and monthly payments may go up. Because the adjustment period is unpredictable, ARM loans are seen as a high-risk loan option while 30-year mortgages average 30-year mortgage rate today are viewed as low-risk. All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. “Conforming thresholds” depend on the county where the property is located.

Should you get a shorter mortgage term?

If you aren’t sure what mortgage is best for you, you might want to reach out to a lender that offers many different types of loans to better understand what your options are. The best mortgage lenders rank high in customer satisfaction, offer affordable rates and fees, and have beneficial features like down payment assistance or an easy-to-use online application. Your state’s housing finance agency may offer a type of mortgage called an HFA loan that comes with competitive interest rates and down payment assistance in the form of a grant or loan.

How to compare mortgage rates?

The current annual percentage rate (APR) for 30-year fixed-rate mortgages is 6.72% as of October 2024. On the week of December 31, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %. You’ll need at least a good credit score to be approved for a conventional loan. You’ll need an excellent credit score to get the lowest interest rate. If you’re looking for the lowest mortgage rate, you should shop around.

30-Year-Fixed Mortgage

How to compare mortgage rates

You may be able to get a mortgage with just 1% down, lender credits to lower your closing costs, and more. You don’t necessarily need to stay in a home for 30 years to benefit from a 30-year mortgage. Even if you plan to move in a few years, you can benefit from the low monthly payments.

year conventional rates vs. government-backed mortgage rates

However, your own interest rate could be higher or lower than average.
Then choose a lender, finalize your details, and lock in your rate.
As you can see, the 30-year fixed-rate mortgage has a significantly lower monthly payment.
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Buying mortgage points to lower your rate could be worth it, depending on how long you plan to stay in the home.

Buying mortgage points to lower your rate could be worth it, depending on how long you plan to stay in the home. Though they’ll increase your upfront costs, you’ll save money every month with a lower mortgage payment. Mortgage points, or discount points, enable you to lower your rate by paying a fee at closing.

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Don’t go into the process without understanding what a realistic homebuying budget looks like for you. If you’re thinking about starting the homebuying process, here are some things you can do to get yourself ready and make sure you’re financially prepared. Whether you should buy points or not depends on how long it will take you to recoup your upfront costs.

See current 30-year mortgage rates by state

You should also consider your financial health and the existing market conditions when choosing this fixed-rate mortgage loan. The 30-year mortgage loan has fuelled the American homeownership dreams for years. This mortgage plan is great for individuals who wish to stay in the same home for a long time and for people who prefer a lower monthly mortgage payment. To better understand the eligibility criteria and program details, you can start by speaking to one of our seasoned experts. Variable rate products, such as ARMs, have interest rates that can change over the life of the loan.

Connect with a mortgage loan officer to learn more about mortgage points.
The table below is updated daily with current mortgage rates for the most common types of home loans.
Because the terms on these mortgages are so long, borrowers who get a 30-year mortgage enjoy low monthly payments — though they’ll ultimately pay a lot in interest over the life of the loan.
Romeo has a bachelor’s degree in biological engineering from Cornell University.
Mortgage rates are tied to the price of mortgage-backed securities or MBS.
A good 30-year mortgage rate varies over time, depending on current economic conditions.
You can also look at your loan estimate for a breakdown of your anticipated closing costs.
Most home buyers can get a 30-year fixed home loan with a down payment of just 3% or 3.5%.

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Not to mention, there’s a risk that the person you’re lending to has a major change in life circumstances like a layoff that affects their ability to pay you. “There would be harsh early-exit penalties for people who break 30-year fixed mortgages early before five years, given how interest rate differential charges work,” McLister said. On top of that, some say those changes might not make the housing market any more affordable to would-be buyers. By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan.

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We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best. The 15-year fixed-rate mortgage is another popular loan term, and it’s a good choice if you want to pay your mortgage off faster and spend less on interest over the life of your loan. Average 15-year mortgage rates are lower than rates on mortgages with longer terms. A 30-year fixed mortgage is a home loan with an interest rate that stays the same over a 30-year period. For example, on a 30-year mortgage for a home valued at $300,000 with a 20% down payment and an interest rate of 3.75%, the monthly payments would be about $1,111 (not including taxes and insurance). Because the mortgage is fixed, the interest rate of 3.75% (and the monthly payment) will stay the same for the life of the loan.

The better option depends on your financial situation and risk tolerance. Typically, 30-year fixed mortgage rates are higher than 15-year rates. This means you could end up paying more in total interest due to both the higher rate and the longer term.

The financial institution you usually work with may not have the best rate available, so you should look at multiple options before deciding where to go. As 30-year mortgage rates are finally dropping, here’s where to find good ones. Average 30-year mortgage rates are higher today than they’ve been in recent months, but they’re expected to trend down next year. The APR tells you the cost of both the interest rate and any fees you’ll pay. You can also look at your loan estimate for a breakdown of your anticipated closing costs. Some lenders have higher average rates, while others have lower rates.

By keeping your mortgage payment low, you’ll also have more cash to save for retirement, Gabrail says.
You may need to pay a fee to lock your rate, and they typically only last between 30 and 60 days, depending on the details of your rate lock.
On November 17, 2022, Freddie Mac changed the methodology of the Primary Mortgage Market Survey® (PMMS®).
As the Federal Reserve has begun cutting interest rates, mortgage rates are finally starting to fall from the high 6-7% range they were at for most of 2023 and 2024.
The 30-year mortgage loan has fuelled the American homeownership dreams for years.
You may prefer an ARM if you can get a significant discount compared to current fixed rates, but be sure to understand how much your monthly payment could increase down the road when the rate adjusts.

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. The compensation we receive may impact how products and links appear on our site.

Check out the latest average rates and compare that to any rate quotes you’re given from lenders to see if you’re getting a good rate. An adjustable-rate mortgage (ARM) keeps your rate steady for a certain number of years and then adjusts periodically. For example, with a 7/1 ARM, your rate will stay the same for the first seven years you have the loan.

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information.
Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Interest rate and program terms are subject to change without notice.
For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms.
This “teaser” rate remains for three, five or seven years, so you start out with lower monthly payments for that time, which can help you save money.
And you’ll likely decide based on your personal tolerance for risk rather than a fancy spreadsheet.
The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.

Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you. And not to get too far in the weeds, but breaking that more expensive mortgage within the first five years would also be pretty costly for a homeowner. You might already be familiar with the structure of Canadian mortgages, but here it is in a nutshell. And the federal government just signalled it’s curious about bringing that model to Canada.

Getting preapproved for a mortgage is a great first step in the homebuying process. Here’s what you need to know about qualifying for a pre-approval and the benefits of getting one. Kiplinger is part of Future plc, an international media group and leading digital publisher. If you want to work with a specific lender but you’re able to get a better rate elsewhere, you may be able to convince that lender to match the lower rate in order to keep your business. A good real-estate agent will guide you through the process, help you find a home that works for you, and ensure things go smoothly as you prepare to close. Ask friends or neighbors for recommendations, or search online to find highly-rated agents near you.

Compare 30-Year Mortgage Rates Today