Compare 30-year mortgage rates today
![](https://www.bankrate.com/2024/01/17094047/jeff4_720.jpg?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.bankrate.com/2024/01/17094047/jeff4_720.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Mortgages
- • Mortgage refinancing
![](https://www.bankrate.com/2021/11/12120709/DSC3103-1-Sq-edit-copy-scaled.jpg?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.bankrate.com/2021/11/12120709/DSC3103-1-Sq-edit-copy-scaled.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Homebuying
- • Mortgages
![](https://www.brimg.net/images/author-photos/greg-mcbride.png?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.brimg.net/images/author-photos/greg-mcbride.png?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Personal finance
- • Investing
![](https://www.bankrate.com/2021/11/12120709/DSC3103-1-Sq-edit-copy-scaled.jpg?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.bankrate.com/2021/11/12120709/DSC3103-1-Sq-edit-copy-scaled.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Homebuying
- • Mortgages
![](https://www.brimg.net/images/author-photos/greg-mcbride.png?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.brimg.net/images/author-photos/greg-mcbride.png?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Personal finance
- • Investing
Advertiser Disclosure
You have money questions. Bankrate has answers.
Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to strict editorial guidelines.
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.
Compare personalized rates in your area to find a lender
Top offers on Bankrate vs. national average interest rates
Hover for more
APRs not included. For our most recent APR information, please visit our
How our rates are calculated
- The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
-
Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
For the week of August 11th, top offers on Bankrate are X% lower than the national average. On a $340,000 30-year loan, this translates to $XXX in annual savings.
Today's national 30-year mortgage interest rate trends
For today, Sunday, August 18, 2024, the current average interest rate for a 30-year fixed mortgage is 6.56%, increasing 6 basis points from a week ago. If you're in the market for a mortgage refinance, the national average 30-year refinance interest rate is 6.54%, up 4 basis points since the same time last week. Mortgage rates have jumped around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly shift down, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.Here's how it works:
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
![](https://www.bankrate.com/2024/01/17094047/jeff4_720.jpg?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.bankrate.com/2024/01/17094047/jeff4_720.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Mortgages
- • Mortgage refinancing
![](https://www.bankrate.com/2021/11/12120709/DSC3103-1-Sq-edit-copy-scaled.jpg?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.bankrate.com/2021/11/12120709/DSC3103-1-Sq-edit-copy-scaled.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Homebuying
- • Mortgages
![](https://www.brimg.net/images/author-photos/greg-mcbride.png?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
![](https://www.brimg.net/images/author-photos/greg-mcbride.png?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
- • Personal finance
- • Investing
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
On Sunday, August 18, 2024, the national average 30-year fixed mortgage APR is 6.61%. The average 30-year fixed refinance APR is 6.59%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Sunday, August 18, 2024, the national average 30-year fixed mortgage APR is 6.61%. The average 30-year fixed refinance APR is 6.59%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Weekly national mortgage interest rate trends
Current mortgage rates
30 year fixed | 6.57% | |
15 year fixed | 5.95% | |
10 year fixed | 5.95% | |
5/1 ARM | 6.16% |
Today's national 30-year mortgage interest rate trends
For today, Sunday, August 18, 2024, the current average interest rate for a 30-year fixed mortgage is 6.56%, increasing 6 basis points from a week ago. If you're in the market for a mortgage refinance, the national average 30-year refinance interest rate is 6.54%, up 4 basis points since the same time last week. Mortgage rates have jumped around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly shift down, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.Mortgage rate news this week - Aug. 15, 2024
30-year mortgage rates hold at recent lows
The average rate on a 30-year fixed mortgage was 6.59 percent this week for the second week in a row, holding at the lowest rate since May 2023, according to Bankrate’s national survey of lenders. The decline in rates was partly driven by new data suggesting lower inflation and rising unemployment. Many experts suspect this economic data will cause the Federal Reserve to cut rates as early as September.
Mortgage analyst Andrew Dehan covers more on the latest rate movement in our weekly update.
Current mortgage and refinance interest rates
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 6.56% | 6.61% |
20-Year Fixed Rate | 6.34% | 6.40% |
15-Year Fixed Rate | 5.95% | 6.03% |
10-Year Fixed Rate | 5.95% | 6.03% |
5-1 ARM | 6.15% | 7.29% |
10-1 ARM | 6.73% | 7.40% |
30-Year Fixed Rate FHA | 6.64% | 6.68% |
30-Year Fixed Rate VA | 6.76% | 6.80% |
30-Year Fixed Rate Jumbo | 6.69% | 6.74% |
Rates as of Sunday, August 18, 2024 at 6:30 AM
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 6.54% | 6.59% |
20-Year Fixed Rate | 6.38% | 6.44% |
15-Year Fixed Rate | 5.95% | 6.03% |
10-Year Fixed Rate | 5.96% | 6.04% |
5-1 ARM | 6.04% | 7.14% |
10-1 ARM | 6.75% | 7.43% |
30-Year Fixed Rate FHA | 6.76% | 6.80% |
30-Year Fixed Rate VA | 7.39% | 7.42% |
30-Year Fixed Rate Jumbo | 6.61% | 6.66% |
Rates as of Sunday, August 18, 2024 at 6:30 AM
How to get the best 30-year mortgage rate
If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:
- Decide whether a 30-year mortgage rate is right for you. The 30-year term is the most popular option, but it’s far from the only one. Depending on the lender you work with, you might be able to apply for fixed-rate loans amortized over anywhere from eight to 29 years.
- Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment.
- Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points.
- Consider the lender’s ratings and your experience: Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have had to say about the lender, too.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
![Garden State Home Loans](https://www.brimg.net/system/img/inst/7950_hires_logo.png)
Garden State Home Loans
NMLS: 409701
|
3.6
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
-
Bankrate's take
Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
Nationwide availability
Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
5.0
![Homefinity](https://www.brimg.net/system/img/inst/10438_hires_logo.png)
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
-
Bankrate's take
Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
Nationwide availability
All U.S. states except New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
4.9
Pros and cons of a 30-year mortgage
Pros of a 30-year mortgage
- Lower monthly payment: Repaying a mortgage over 30 years means you’ll have lower, more affordable payments spread out over time compared to shorter-term loans like 15-year mortgages.
- Stability: Having a consistent principal and interest payment helps you better map out your housing expenses for the long term. (Your overall monthly housing expenses can change, however, if your homeowners insurance and property taxes go up or down.) Of course, this is only true if your mortgage has a fixed rate. An adjustable-rate mortgage won’t give you this same benefit for the whole life of the loan.
- Buy more house: With lower payments, you might be able to qualify for a larger loan amount and afford a more expensive home.
- More financial flexibility: Lower monthly payments can provide more cushion in your budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Cons of a 30-year mortgage
- More total interest paid: Stretching out repayment over 30 years means you’ll wind up paying more in interest overall than you would with a shorter-term loan.
- Higher mortgage rates: Lenders usually charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer amount of time.
- Becoming house poor: Just because you might be able to afford more house with a 30-year loan doesn’t mean you should overstretch your budget. Give yourself some breathing room for other financial goals and unexpected expenses.
- Slower equity growth: It will take longer to build equity in your home because most of your initial mortgage payments will go toward interest rather than paying down your principal amount.
Why is a 30-year mortgage the most popular?
![](https://www.bankrate.com/f/102997/96x96/95e4bf5284/odom_robert-800x1200-cb6eae5-1.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
Robert Odom
President, Ameris Mortgage
"From a consumer standpoint, the 30-year fixed-rate mortgage is typically the most popular because it offers borrowers lower monthly payments while providing long-term stability and predictability. Stretching out the loan over 30 years significantly reduces the monthly payment compared to a shorter term like a 15-year mortgage. This may make homeownership more affordable and attainable, especially for first-time buyers who may not have a lot of upfront cash or significant savings. With a lower payment, there's more wiggle room in the household budget for other expenses. Because a 30-year fixed-rate mortgage offers a set interest rate for the entire loan term, a borrower’s monthly payment stays the same throughout those 30 years, providing peace of mind and budgeting stability."
![](https://www.bankrate.com/2024/01/17094047/jeff4_720.jpg?auto=webp&quality=85&width=64&height=64&fit=cover&enable=upscale&crop=1:1,smart)
Jeff Ostrowski
Principal writer, Home Lending
"The 30-year loan wins the popularity contest for a simple reason: affordability. A 30-year amortization schedule offers a much lower monthly payment than a 20-, 15- or 10-year loan. With home prices near record highs and mortgage rates up sharply since the pandemic, most buyers would struggle to qualify for a mortgage of a shorter term. Meanwhile, 30-year loans also are popular among a subset of financially savvy homeowners who could afford a shorter term but prefer to maximize the mortgage and put the proceeds in the stock market."
30-year mortgage FAQ
-
With a 30-year fixed-rate mortgage, your mortgage rate stays the same for every one of your 360 monthly payments. The benefits of that feature become apparent over time: As overall prices rise and your income grows, your mortgage payment stays the same.
One twist to 30-year mortgages comes from the calculus behind the amortization schedule: In the early years of a 30-year loan, you pay much more interest than principal.Learn more: Guide to fixed-rate mortgages
-
Mortgage rates are volatile, so the decision to lock your rate is a bit of a gamble. Lock in too early, and you might miss the opportunity for a better rate. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days. Some lenders offer a free rate lock for a specified period.
A longer rate lock tends to be more expensive. For example, a borrower who chooses a 30-day lock on a fixed-rate 30-year loan might pay a 4 percent rate and zero points, while a 60-day lock might cost 1 point (equal to 1 percent of the loan) or a slightly higher rate with a half-point.
Learn more: Guide to mortgage rate locks -
Although 30-year fixed-rate mortgages are the most common type of loan, you might want to explore other options, such as:
- 15-year fixed-rate loan: A 15-year mortgage is similar to a 30-year loan, but you’ll repay it over 15 years instead of 30. That means you’ll have higher monthly payments, but there’s a tradeoff: You’ll get a lower rate, and pay your loan off sooner.
- 10-year or 20-year loan: Some borrowers opt for a 10-year or 20-year mortgage, repaid over 10 years or 20 years, respectively. This might be an option if you’re refinancing mid-way or more through the term of your first mortgage.
- Flexible-term loan: Many lenders offer conventional loans in terms between eight years and 29 years. You might want to go this route if you want more flexibility with your loan structure.
- 5/1 adjustable-rate mortgage (ARM): Most 5/1 ARMs come with 30-year terms, but you’ll pay a lower fixed introductory rate for the first five years. After that, your rate will increase or decrease once a year based on prevailing market rates. While you’ll save money initially, a 5/1 ARM makes sense only if you know you’ll move within five years, or have a plan to refinance to another loan before the first rate reset. Otherwise, you’ll need to prepare for unpredictable monthly payments.
Learn more: Types of mortgage loans
-
When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. 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.
While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons.Compare refinance rates and do the math with our refinance calculator.
Additional resources for getting a 30-year mortgage
How to get the best mortgage rate
Ready to buy a house? Find the best mortgage rate with these eight easy steps.
Bankrate’s mortgage calculator
Use our free mortgage calculator to estimate your monthly mortgage payments.
Best mortgage lenders
The best mortgage lenders based on affordability, availability and borrower experience.
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. 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. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
Read more from Suzanne De Vita
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.
Mortgage rates in other states
- United States
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington DC
- West Virginia
- Wisconsin
- Wyoming