Today’s 30-year mortgage rates

On , according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.070% with an APR of 3.290%. The average 30-year fixed VA mortgage rate is 2.690% with an APR of 2.870%. The 30-year fixed jumbo mortgage rate is 3.090% with an APR of 3.190%.

We’ll help you find 30-year mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

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How do I view personalized 30-year mortgage rates?

The rate table above will show you estimated mortgage rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you will get custom quotes and be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

Today's 30-year mortgage rates

By Zach Wichter
Reviewed by Greg McBride, CFA, chief financial analyst for Bankrate

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 30-year mortgage rates. This interest rate table is updated daily to give you the most current rates when choosing a 30-year mortgage loan.

Product Interest Rate APR
30-Year Fixed Rate 3.070% 3.290%
30-Year Fixed-Rate VA 2.690% 2.870%
20-Year Fixed Rate 2.960% 3.150%
15-Year Fixed Rate 2.350% 2.650%
7/1 ARM 3.210% 3.890%
5/1 ARM 3.190% 4.020%
10/1 ARM 3.500% 4.150%
30-Year Fixed-Rate FHA 2.870% 3.730%
30-Year Fixed-Rate Jumbo 3.090% 3.190%
15-Year Fixed-Rate Jumbo 2.350% 2.420%
7/1 ARM Jumbo 3.400% 3.880%
5/1 ARM Jumbo 3.260% 3.940%

How Bankrate mortgage rates are calculated

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single family residence. To learn more, see understanding Bankrate rate averages.

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

Survey: Coronavirus pandemic upended moving trends, USPS and Bankrate/YouGov data show

The coronavirus pandemic has dramatically changed the way we live, and as a result, new trends are emerging around where, exactly, we want to call home.

United States Postal Service mail forwarding data for 2020 shows the nation’s largest cities did lose some residents, but many of those movers stayed pretty close. The most popular cities for move-outs, including Manhattan, Houston, Austin, Orlando and Dallas all saw the largest share of their residents move to nearby suburbs or outlying neighborhoods.

Top 5 cities people left during the pandemic

Note: Move-out numbers are based on change of address requests within or between zip codes with at least 10 requests over that period. For example, if three people or families moved from Bethpage, NY 11714 to Myrtle Beach, SC 29577, that would not show up in the dataset, but if 11 people or families made that same move, it would.

A Bankrate/YouGov poll showed that more than a quarter of movers relocated in search of a more affordable cost of living, and nearly 20 percent moved to get more living space.

Gen Zers (ages 18-24) were the most likely age group to have relocated during the pandemic (32%), followed by millennials (ages 25-40, 26%), especially younger millennials (ages 25-31, 28%). In total, more than 3 in 10 (31%) ages 18-31 relocated for an extended period or permanently. In contrast, only 10% of Gen Xers (ages 41-56) and 5% of baby boomers (ages 57-75) relocated during the same timeframe. Parents with children under the age of 18 (23%) were also more likely to have moved.

When asked why they relocated during the pandemic, 31% said it was to be closer to family/friends, 27% wanted more affordable living, 21% relocated for their job, 18% needed more space, 17% wanted a different climate, 17% now have the ability to work remotely from anywhere, and 13% said some other reason (respondents could choose more than one option).

Thinking about relocating?

If you are looking to move to the city, right now is a great time to buy in downtown city neighborhoods, because prices there are holding steady or even declining a little as competition for housing in suburbs heats up. Coupled with historically low mortgage rates, there are good deals to be found that could give you a great return on investment when cities reach their new post-pandemic equilibrium. Keep in mind that lots of cities have more public health restrictions in place than less-dense areas, so make sure you know the municipal rules before you plan to move.

If you are looking to move to the suburbs or away from a city center, be prepared for the aforementioned competition. You’ll want to do everything you can to make yourself an attractive buyer, so get preapproved for your mortgage and be ready to act fast when you find a house that’s the right fit.

Keep in mind that prices in the suburbs have been going up as demand has increased and supply has stagnated, so it may be harder to stick to your budget. You need to be prepared to walk away from a house you may love so you don’t wind up with a bigger mortgage than you can afford.

What is a 30-year fixed mortgage?

A fixed-rate mortgage has an interest rate that doesn’t change over the full term of the loan, which, for a 30-year mortgage (as the name suggests) is 30 years. It’s a popular choice for many homebuyers because of its stable monthly principal and interest payments are ideal for predictable monthly household budgets, at a more affordable cost than shorter-term loans.

How are 30-year mortgage rates set?

Mortgage rates in general are influenced by a variety of factors, which means there’s no one specific rate available in the market at any time. Broadly, mortgage rates are influenced by Federal Reserve policy, which affects borrowing costs for banks that then get passed onto their customers who take out loans. On a more granular level, every mortgage applicant is evaluated by a variety of metrics including credit score, employment history, income, existing debts and other factors, all of which influence what rate a lender will offer you.

Historical 30-year rates

According to Freddie Mac historical data, the 30-year fixed rate shot up to about 18 percent in September and October of 1981, which would give current homebuyers quite the sticker shock. The U.S. was in the midst of an economic recession back then, and the Federal Reserve hiked rates in an effort to curb inflation.

Today, mortgage rates are near historic lows, around 3 percent — but most experts expect 2021 to be characterized by rising interest rates. It may take a while for mortgage interest to return to its pre-pandemic levels, but if you’re thinking about getting a new mortgage or refinancing your existing one, you may want to act sooner than later.

When the housing crisis hit in 2008, the average annual 30-year fixed rate was 6.23 percent, according to historical Bankrate data. Since then, it has fallen considerably. When 30-year fixed mortgage rates decline, getting a mortgage is more affordable for homebuyers and those looking to refinance. However, home prices, which have been rising for the last several years, can present a barrier for potential homeowners even when mortgage rates are low.

The benchmark 30-year fixed rate hit a record low of 2.93 percent during the week of Jan. 27, 2021, according to historical Bankrate data.

Bankrate average annual 30-year fixed mortgage rate, 2008-2020

Year Average 30-Year Fixed Annual Rate
2008 6.23%
2009 5.38%
2010 4.86%
2011 4.65%
2012 3.88%
2013 4.16%
2014 4.31%
2015 3.99%
2016 3.79%
2017 4.14%
2018 4.70%
2019 4.13%
2020 3.38%

When to consider a 30-year fixed mortgage

A 30-year fixed mortgage is best for those looking for predictable, relatively low monthly payments. You’ll wind up paying more in interest over the life of a 30-year mortgage than a 15- or 20-year one, but because of the longer repayment timeline, your monthly costs will be lower, so the more expensive loan may ultimately be easier on your budget.

Pros and cons of a 30-year mortgage

Choosing the right home loan is an important step in the homebuying process, and you have a lot of options. You need to take several factors into consideration, including your credit score, income, down payment amount, budget and financial goals. Here are the main pros and cons of a 30-year fixed mortgage.

Pros

  • 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 may be able to afford a more expensive home.
  • More wiggle room: 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

  • 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 towards interest rather than paying down your principal amount.

Refinancing a 30-year mortgage

It’s generally a good idea to refinance your 30-year fixed mortgage into a new loan if you can get a lower interest rate, lower your monthly payment, or improve your financial situation in another way. However, if you’re several years into repaying your loan and you refinance into a new 30-year mortgage, you’ll be paying more total interest in the long run by starting the repayment clock from scratch again.

You’ll also need to determine if the closing costs on your new loan outweigh the savings you’ll gain from lower monthly payments over time. When you refinance a 30-year mortgage, you’ll pay lender origination fees and third-party fees for an appraisal and other closing costs. Most lenders also require you to have at least 20 percent equity in your home to refinance, so make sure you qualify before planning a new budget for yourself.

If you can, consider refinancing a 30-year mortgage into a shorter loan, which will avoid lengthening your overall repayment period and help you save on interest. Keep in mind, though, you might have a higher monthly payment depending where you are in the amortization schedule.

Other mortgage tools:

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
30-Year FHA Loan 30-Year FHA Loan Rates 30-Year FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates
7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates
10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates
30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates

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