Compare current 30-year mortgage rates

National average mortgage interest rates

Rate data is based on a borrower with good credit, a qualifying loan amount (at least $200,000 but less than the national qualifying loan amount) and a loan-to-value ratio of less than 80% (for purchase loans, this equates to a 20% down payment and more). © Zillow, Inc., 2006-2016. Use is subject to conditions of use

US News Expert Insights

“In a positive development for holiday home buyers, mortgage rates fell across the board this week. The 30-year fixed rate is now comfortably below 7% after approaching 8% just two months ago. Mortgage rates continue to fall after December Federal Reserve meeting, during which policymakers released updated news projection which show that numerous rate cuts are expected in the coming year.

“When mortgage rates drop a full percentage point, as they have in the past few months, monthly payments become much more affordable. On a $400,000 home with a 20% down payment, the principal and interest is $219 lower with a rate of 7% compared to an 8% rate. If the rates continue to decline in 2024 As the Fed adjusts its monetary policy, home buying could become within reach for millions of Americans.”

Erika GiovanettiUS loan specialist

Average mortgage rates, daily

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Updated: 12/26/2023

Rate data is based on a borrower with good credit, a qualifying loan amount (at least $200,000 but less than the national qualifying loan amount) and a loan-to-value ratio of less than 80% (for purchase loans, this equates to a 20% down payment and more). © Zillow, Inc., 2006-2016. Use is subject to conditions of use

A 30-year fixed mortgage is a home loan with a repayment period of 30 years and an interest rate that remains the same throughout the duration of the loan.

When you take out a mortgage, your monthly payment will generally have four main parts:

  • Principaltotal amount borrowed.
  • Interestthe lender’s fee for borrowing money.
  • property tax, the amount you owe to local and state tax authorities, depending on the value of your property and where you live.
  • Household insurancewhich usually covers major damage to your home, loss of your belongings, and legal and medical fees if a guest is injured in your home.

With a 30-year fixed-rate mortgage, your monthly principal and interest payments remain the same throughout the life of the loan. However, tax and insurance payments that may be imposed in custody account, may fluctuate based on your homeowner’s insurance premium and property tax rates.

With rates around 7% for a 30-year fixed rate mortgage, there’s no denying that financing a home is more expensive in 2023 than it has been in the past few years – average 30-year fixed mortgage rates didn’t even break 4% between June 2019 and March 2022.

However, these low rates have had some unwanted side effects for many homebuyers. The low-rate frenzy of 2020 and 2021 has favored cash buyers and left those buying with mortgages stranded, says Scott Bridges, senior director of direct consumer lending at Pennymac.

“We’ve worked with thousands of buyers who had to make offers on more than 10, 20 or 30 homes before going into contract,” says Bridges. Buyers at the time often paid thousands over a home’s list price and waived important buyer protections such as an appraisal and inspection unforeseen events just get the winning bid. But Bridges says today’s higher rates put buyers back in a more competitive position when shopping for homes.

“Today’s buyer can be picky and not just accept any house,” he says. “They can negotiate the price, offer less than the listed price and wait for their inspection, assessment and financing to be resolved before they sign on the dotted line.”

Another unexpected rise in the current mortgage rate environment? Buyers in some markets may also be able to get a promotional rate from new home builders, says Todd Johnson, senior vice president of Wells Fargo Home Lending.

“As a preferred lender to many builders, Wells Fargo is seeing builders offer permanent interest rate buyouts and also pay for extended interest rate locks,” says Johnson. These rate locks can allow buyers to lock in today’s best 30-year fixed mortgage rates and insulate against future rate increases.

A good 30 year fixed rate mortgage depends on your definition of “good”. The best rate for you will be the one that makes your monthly mortgage payment affordable. You can use the 28/36 rule to determine affordability: don’t spend more than 28% gross income for housing and no more than 36% of your gross income on your entire debt.

Check your credit score and then consider available interest rates and other loan-related expenses as you work to secure an affordable loan.

Your credit

Mortgage interest rates partly depend on credit score of applicants. Typically, those with top-notch credit will be rewarded with the best rates, while those with less-than-stellar credit will pay higher rates. Generally, a borrower will need a score of at least 620 to qualify for a classic mortgage.

To qualify for the most competitive mortgage rates, Scott Lindner, TD Bank’s National Commercial Director of Mortgage Lending, advises buyers to check their credit before they start shopping — ideally months in advance.

“Building in extra time for this can also account for any reporting errors that may have occurred on the credit report and allow borrowers to correct this before they look for a loan,” he says.

A head start can also help you find other ways to improve your credit score, such as lowering it credit utilization. This can result in significant long-term savings.

Interest rate

If your definition of a “good” rate is the lowest possible, you don’t necessarily have to settle for the rates lenders initially offer. Instead, lenders can let you or the home seller lower your interest rate by paying an additional closing fee. This is called a purchase mortgage pointsalso known as discount points.

A point is worth 1% of your mortgage, and each point purchased typically lowers your interest rate by 0.25 percentage points. For example, if you’re taking out a $300,000 mortgage and the interest rate is 6.75%, your monthly payment will be $1,946. But if you paid $6,000 to buy two points up front, your interest rate would be 6.25% with a monthly payment of $1,847. In just over five years, you would get back the cost of the points you purchased. And for $6,000, you’d save over $35,000 in interest over the entire 30-year fixed term of the mortgage.

Points make the most sense if you plan to stay in your home for an extended period of time. “If you’re buying your forever home, you might want to consider paying points because you’ll pay a lot less interest over time,” says Lindner

Non-interest charges

If you’re looking for a mortgage with the lowest total cost, you’ll want to look beyond the interest rate at Annual percentage rate, which is the total annual cost of the loan. Fees that contribute to the APR may include closing costs such as creation fees and private mortgage insurance. Discount points will also be included in your APR.

Let’s say two lenders offer the same interest rate on a 30-year fixed mortgage, but one has no origination fee and the other has a $3,000 fee. In this case, the better APR comes from a lender with no origination fee, which keeps more money in your pocket at the closing table.

When buying a house, you can compare a 15-year-old vs. 30-year fixed mortgage. How do you decide which one is right for you? The answer lies in which repayment period is most convenient for you and which best fits into your financial plan. These criteria can help you make a decision.

A 15-year fixed mortgage may be better if:

  • Getting paid fast is your number one priority.
  • You don’t mind a higher monthly payment.
  • You want to pay as little interest as possible.

A 30-year fixed mortgage may be better if:

  • A low monthly payment is your top priority.
  • You plan to stay in your home for a long time.
  • You want the flexibility to make additional payments when it makes financial sense.

If you’re still on the fence about which loan is best for you, Lindner says there’s always the cake-and-eat-it-too option: Get a 30-year mortgage, but make additional payments whenever your finances allow. If you plan to do this, you should make sure to avoid a sa loan prepayment penalty.

Johnson says the 30-year fixed-rate mortgage is “still turning up after more than 70 years” for several reasons. In addition to regular monthly payments, longer terms allow buyers to get higher purchase prices while keeping payments low, he says. And those lower payments help buyers free up cash each month for other expenses and investments.

But if you’re concerned about long-term interest rates in a rising rate environment, Bridges says to consider how long you plan to keep your home. Many buyers do not have a 30-year mortgage for the entire term.

“A 30-year repair is a beacon of safety and has tremendous value,” says Bridges. “But like most homeowners, you can only have a loan for five to 10 years before you refinance to a lower rate or move on to another home.”

So by taking out a 30-year fixed-rate mortgage at current rates, you can get into the home you want today and keep your options open for relocating or refinancing if lower rates become available in the future.

30-year mortgage rates are interest rates offered on home loans with a 30-year repayment period. Today’s rates for 30-year fixed-rate mortgages are in the high 6% to low 7% range for buyers with excellent credit.

A “good” rate for a 30-year fixed mortgage depends on your credit. Buyers with strong credit will have access to the lowest interest rates available, while those with less than perfect credit typically pay higher rates.

You can pay off a 30-year mortgage in 15 years with additional principal payments. However, if you’re planning to repay over 15 years, you can save more money by choosing a 15-year mortgage instead, as they tend to have lower rates than 30-year mortgages.

It is possible to refinance a mortgage with a 30-year fixed term. Borrowers refinance for a number of reasons, including getting a lower interest rate, shorter term, or canceling their mortgage insurance. However, you will need to meet the conditions for a new loan.

Mortgage rates by mortgage type