Current 30-year mortgage rates are averaging 7.02%. The average rate for 30-year fixed mortgage refinance is7.34%.*
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured|Advertising Disclosures
*Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Trustpilot
Current 30-year mortgage and refinance interest rates
Loan Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed rate | 7.02% | 7.30% |
| 30-year fixed rate refinance | 7.34% | 7.60% |
| FHA 30-year fixed rate | 6.15% | 6.85% |
| FHA 30-year fixed rate refinance | 6.27% | 7.00% |
| 30-year 5/1 ARM | 6.42% | 7.87% |
| 30-year 5/1 ARM refinance | 6.61% | 7.71% |
| VA 30-year 5/1 ARM | 5.87% | 6.70% |
| VA 30-year 5/1 ARM refinance | 6.03% | 7.15% |
| VA 30-year fixed rate | 5.87% | 6.10% |
| VA 30-year fixed rate refinance | 6.42% | 6.81% |
Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan type, loan program, and loan term. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Written byRene Bermudez| Edited byCrissinda Ponder | Updated February 29, 2024
How to compare the best 30-year mortgage rates
- Use an online rate comparison siteto see mortgage rate offers from different lenders side-by-side. This option can save you a lot of time and energy because you only have to enter your personal and financial information once to give it to many lenders. Get started below on LendingTree today!
- Reach out to each lender yourself either by phone, in person, or online. This way you can talk to loan officers to understand what lender might be the best option for you. But you will need to fill out multiple applications to get rates to compare.
Are 30-year fixed mortgage rates going down?
Yes, mortgage rates are finally trending down. Mortgage rates have come down since their peak of 7.79% in October 2023, dropping for nine weeks straight to finally dip under 7% in December.
Our experts predict that, barring an unexpected increase in inflation, the Federal Reserve could make several rate cuts throughout 2024. In response, mortgage rates should continue to move downward. This is good news for potential homebuyers looking to purchase in what has been the least affordable housing market since the 1980s.
While current 30-year mortgage rates aren’t exceptionally high from a historical perspective, they can be hard to deal with — especially when combined with a housing market affected by inventory shortages, high home prices and lower affordability.
30-year fixed-rate refinance trends
Refinance rates are usually slightly more expensive than purchase rates, but the two tend to fluctuate roughly in tandem. In today’s rates environment, you can expect about a 26-basis-point difference between what you’ll pay to refinance versus purchase. (That said, on a $400,000 loan that’s likely only going to affect your monthly payment by about $69, so it shouldn’t be a huge concern.)
What is a 30-year fixed-rate mortgage?
A 30-year fixed-rate mortgage is a home loan repaid over 30 years. The 30-year period is your “loan term.” A 30-year term usually gives you the lowest monthly payment compared to other, shorter-term options.
Mortgage interest rates on 30-year mortgages are often higher than shorter-term mortgages, like 15-year fixed-rate loans. You also pay more interest over 30 years than with a shorter loan term. Check out an amortization schedule to compare the differences in monthly payments and total interest paid for a 15-year versus a 30-year mortgage.
Learn more about 15-year vs 30-year mortgages.
On this page
- What is a 30-year fixed-rate mortgage?
- How do mortgage rates work?
- How to get the lowest 30-year fixed rates today
- Pros and cons of 30-year mortgage rates
- 30-year fixed mortgage rates vs ARM loan rates
- When should you refinance a 30-year mortgage?
- Frequently asked questions
- Current 30-year mortgage rates by state
How do mortgage rates work?
Mortgage rates can change daily and can even rise or fall hourly. If you see rates that work with your finances, get a rate lock from your lender so you don’t lose access to that interest rate in the time it takes to find your dream home and close on your loan.
How mortgage rates are determined for each borrower
Mortgage lenders account for the following factors to determine your mortgage rate:
- Credit score
- Down payment amount
- Loan type
- Intended use of the home (e.g., primary vs. investment property)
- Closing costs
How to get the lowest 30-year fixed mortgage rates today
- Raise your credit score. Those with 780+ credit scores tend to get the lowest interest rates. Paying off credit card balances and making payments on time will help keep your credit score in good shape.
- Make a bigger down payment. Lenders often charge higher rates for low-down-payment loans because there’s more risk that the borrower might default. Adding some extra cash to your down payment will help reduce that risk and usually snag you a lower rate.
- Avoid tapping too much equity. Lenders typically charge a premium for a cash-out refinance compared to a rate-reduction refi because taking on a bigger mortgage with a cash-out refinance increases the risk you’ll default. Only borrow what you need — the extra home equity could be handy later if you suddenly need to sell your home.
- Shop with multiple lenders. Studies have shown that shopping with three to five mortgage lenders can get you a lower mortgage rate, which could save you thousands of dollars over 30 years. Rates change daily, so collect your loan estimates on the same day for the best comparison. You can start by reviewing our top mortgage lender choices below.
- Compare APRs, not just interest rates. Many lenders advertise interest rates, but you should dig a little deeper as you compare quotes. Annual percentage rates (APRs) are a truer measure of the costs of borrowing with a given loan, since an APR includes lender fees and closing costs along with home loan interest rates.
- Pay mortgage points. The cost to buy one point is equal to 1% of your loan amount. Paying mortgage points lowers your mortgage rate, which can save you thousands of dollars in interest over the life of your loan. Just be sure to calculate your break-even point — if you don’t plan to stay in your home long enough to make back the cost of the points, buying them isn’t a good idea.
Our picks for the best mortgage lenders
Lender | LendingTree rating | Lender review |
|---|---|---|
|
| Read our review |
|
| Read our review |
|
| Read our review |
|
| Read our review |
|
| Read our review |
|
| Read our review |
|
| Read our review |
Learn more about how we chose our list of the best mortgage lenders.
Pros and cons of 30-year mortgage rates
A 30-year loan term is the longest fixed-rate mortgage term normally offered. Still, there are tradeoffs with choosing a 30-year loan term over a fixed-rate loan with a shorter term.
| Pros | Cons |
|---|---|
|
|
Ready to compare mortgage lenders? Get Rate Offers from Top Lenders Today
30-year fixed mortgage rates vs. ARM rates
As 30-year fixed rates increase, ARM loans grow more popular because they often offer a lower starting rate that remains for three, five or seven years. This means you start out with lower monthly payments for a set number of years, which can help you save money.
But once the “teaser” initial rate period expires, your monthly payment could go up based on the terms of the program you chose.
Benefits of ARM loans include:
- A lower initial rate than comparable 30-year fixed-rate mortgages
- A yearly cap on how much the rate can increase once the teaser rate period expires
- A lifetime cap on how much the rate can rise
For most people, an ARM only makes sense if you want to build your short-term savings and plan to sell or refinance the home before the adjustable-rate period kicks in. If you aren’t prepared to take on potentially higher monthly mortgage payments once your ARM rate changes, an adjustable-rate mortgage is probably not the option for you.
See current ARM loan rates today.
Let’s say you want to compare potential monthly payments on a 30-year fixed-rate mortgage versus a 5/1 ARM that’s used to buy a $350,000 home with a $50,000 down payment.
| 30-year fixed | 5/1 ARM | |
|---|---|---|
| Interest rate | 6.875% | 5.98% |
| Monthly payment (principal and interest) | $1,970.79 | $1,794.80 |
→ As you can see in the table, a 5/1 ARM you could lower your monthly payments by $176 for the first five years.
Interested in comparing loans using different rates? Use our mortgage payment calculator to estimate your monthly payment with different interest rates.
When should you refinance a 30-year mortgage?
You should refinance a 30-year mortgage if you’ll make back your closing costs by paying less to your mortgage before you sell your home. This is called your break-even point, and it’s calculated by dividing your closing costs by your monthly savings. However, there are some other reasons you should consider refinancing a 30-year mortgage:
You need to pay off large credit card debt. Interest charged on credit card debt is usually much more than interest you pay on a 30-year mortgage. Paying off revolving debt with a refinance also has an added bonus: Your credit score may go up.
You want to get rid of mortgage insurance. If you made a small down payment to buy your home but your home value has gone up, a refinance could help you get a lower rate and get rid of your monthly private mortgage insurance (PMI) payments.
You want to get rid of your FHA loan and FHA mortgage insurance. If you have an FHA loan, which is a mortgage backed by the Federal Housing Administration (FHA), refinancing to a conventional mortgage is the only way to get rid of the FHA mortgage and its required FHA mortgage insurance.
Your adjustable-rate mortgage (ARM) rate is about to rise. If your ARM rate is about to go up, a refinance to a 30-year fixed-rate loan will give you a stable monthly payment.
You need cash for a major renovation or life expense. You can spread out the cost of an expensive home improvement project with a 30-year fixed-rate cash-out refinance.
Ready to compare top 30-year refinance rates and lenders?
Get Personalized Refinance Offers
How to apply for a 30-year mortgage
- Learn about your options. Read up on common mortgage loan types. You don’t have to memorize every detail, but it’s important to understand the mortgage choices available to you.
- Review your finances. Sit down and assess where a future mortgage payment could fit into your household budget. How much house can you afford, and how much do you need?
- Gather financial documents. Getting a mortgage involves a lot of paperwork, and having the correct documents ready to go can help you avoid a lot of headaches.
- Choose a lender. Look at three to five lenders minimum before making your final decision. It may sound simple, but it’s a tried-and-true way to save money.
- Fill out an application. Online mortgage lenders are common these days, but if you’re more comfortable with an in-person experience, you can choose a lender with a local location.
Mortgage requirements for 2024
- Minimum credit score: 500 to 640, depending on loan type
- Minimum down payment: 0% to 3.5%, depending on loan type
- DTI ratio: 41% to 45%, depending on loan type
Read more about the minimum mortgage requirements for 2024.
Ready to apply for custom offers today? See Top Mortgage Lenders and Rates
Frequently asked questions
Lenders look at your debt-to-income (DTI) ratio, which compares your gross monthly income to your debts, to determine how much you can afford. Lenders usually consider a DTI ratio under 35% to be “good,” but you may qualify for a loan even with a higher DTI. Most loan programs allow for a maximum DTI ratio between 41% and 45%.
Once you’ve received a loan estimate that fits your needs, you should ask for a rate lock. Provide the requested loan paperwork quickly, so your loan closes before the rate expires and you avoid costly extension fees.
A lender credit is a cash credit your lender may offer to cover some or all of your closing costs if you’re willing to pay a higher interest rate. Although you’ll save money at closing, you’ll spend more on interest charges over the life of your loan. If closing costs are the only thing standing between you and homeownership, however, lender credits may be worth considering
Common mortgage loan types include conventional, FHA, USDA and VA loans. Borrowers with unique needs can also utilize non-qualifying loans that cater to specific financial situations or property types.
The process for refinancing a home is usually very similar to applying for any mortgage, with one big exception: streamline refinance loans. They’re called “streamline” because they’re faster and have far fewer hoops to jump through compared with standard refinances. The main catch, though, is that they can only be used to refinance a VA loan into a new VA loan, or to refinance an FHA loan into a new FHA loan.
The two streamline refinance programs are: VA interest rate reduction refinance loan (IRRRLs) and FHA streamline refinances.
Both purchase and refinance closing costs usually run about 2% to 6% of the loan amount.
See current 30-year mortgage rates in your state
- 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, DC
Washington
West Virginia
Wisconsin
Wyoming
