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Mar. 15, 2024
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On Friday, March 15, 2024, the national average 30-year fixed mortgage APR is 6.90%. The average 15-year fixed mortgage APR is 6.47%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Friday, March 15, 2024, the national average 30-year fixed mortgage APR is 6.90%. The average 15-year fixed mortgage APR is 6.47%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage news this week

Lower mortgage rates as Fed meeting approaches

As spring homebuying season takes off, rates on some of the most popular types of mortgages ticked down again this week, according to Bankrate’s weekly national survey of large lenders.

The average rate on a 30-year fixed mortgage fell to 7 percent the week of March 13, while the average rate on a 15-year fixed mortgage decreased to 6.35 percent.

The reprieve could be short-lived, says Greg McBride, Bankrate’s chief financial analyst. “The inflation numbers released this week weren’t great — not terrible, but not a warm and fuzzy feeling either — so after a brief retreat, mortgage rates are now rebounding,” says McBride.

Mortgage lenders and investors will closely watch the Federal Reserve’s next meeting, scheduled for March 19-20.

Learn more: Historical mortgage rates

The Federal Reserve has been working to bring inflation to a more sustainable level of 2 percent. The Fed doesn't directly set mortgage rates, but its monetary policies do influence their direction. Fixed mortgage rates move with the 10-year Treasury yield, while adjustable-rate loans more closely follow the Fed. The central bank will meet later this month, but isn’t expected to cut rates just yet.

Learn more: How the Federal Reserve impacts mortgage rates

Expert poll: Rates to rise


Derek Egeberg

Branch Manager, Guild Mortgage, Yuma, Arizona

"As inflation is reported higher than expected so too will interest rates drift higher than most estimated. The underlying fundamentals of consumers continuing to overspend on credit cards and driving inflation higher have not changed. Until the data point of consumers' spending on credit cards begins to show balances falling and pressure for goods reducing, watch for inflation and thus mortgage rates to increase." – March 12

James Sahnger

Mortgage planner, C2 Financial Corporation, Jupiter, Florida

"Following a stronger-than-expected labor report as well as CPI, expect pressure on rates." – March 12

Melissa Cohn

Regional Vice President, William Raveis Mortgage

"Mortgage rates are ticking higher this week as inflation continues to be sticky. The Fed will definitely not be cutting rates next week." – March 13

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 6.86% 6.90%
20-Year Fixed Rate 6.65% 6.71%
15-Year Fixed Rate 6.40% 6.47%
10-Year Fixed Rate 6.17% 6.25%
5-1 ARM 6.20% 7.67%
10-1 ARM 6.87% 7.83%
30-Year Fixed Rate FHA 6.79% 6.84%
30-Year Fixed Rate VA 6.86% 6.90%
30-Year Fixed Rate Jumbo 6.95% 7.00%

Rates as of Friday, March 15, 2024 at 6:30 AM

 

Learn more: Interest rate vs. APR

How to get the best mortgage rate

Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. Here’s how to do it:

  1. Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
  2. Compare mortgage rates. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
  3. Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.

Learn more: How to get a mortgage

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Why compare mortgage rates?

It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

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.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Recent Customer Reviews

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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1061reviews

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you’re buying.
  • Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.

Mortgage FAQ

How to refinance your current mortgage

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 Bankrate's refinance calculator.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride