Today’s 30-year mortgage rates

Today's 30-year mortgage rates

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 3.150% 3.370%
30-Year Fixed-Rate VA 3.010% 3.310%
20-Year Fixed Rate 3.030% 3.250%
15-Year Fixed Rate 2.480% 2.770%
7/1 ARM 2.920% 3.810%
5/1 ARM 2.970% 4.010%
10/1 ARM 3.020% 3.900%
30-Year Fixed-Rate FHA 3.010% 3.850%
30-Year Fixed-Rate Jumbo 3.180% 3.280%
15-Year Fixed-Rate Jumbo 2.500% 2.570%
7/1 ARM Jumbo 3.050% 3.750%
5/1 ARM Jumbo 2.950% 3.880%

What are current 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 3.150% with an APR of 3.370%. The average 30-year fixed VA mortgage rate is 3.010% with an APR of 3.310%. The 30-year fixed FHA mortgage rate is 3.010% with an APR of 3.850%. The 30-year fixed jumbo mortgage rate is 3.180% with an APR of 3.280%.

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 data shows

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 from January through mid-September 2020 shows that many in the nation’s cities moved to suburbs, presumably in search of more space while so many of us are working from home. New York City saw the biggest population shifts of any city in the country, and Texas had the most movement as a state, driven by people leaving the downtown cores of Houston, Dallas and Austin, mostly for nearby suburbs.

Coronavirus upended moving trends

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 ideal for predictable monthly household budgets, at a more affordable cost than shorter-term loans.

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, hovering around 3 percent. Knowing where rates have been — and what drives them — can help you put things into perspective as you evaluate loan offers.

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 3.03 percent during the week of Oct. 28, 2020, according to historical Bankrate data.

Bankrate average annual 30-year fixed mortgage rate, 2008-2019

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%

When to consider a 30-year fixed 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 benefits and drawbacks of a 30-year fixed 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 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 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 time span.
  • 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.

Is a 30-year fixed mortgage right for you?

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, such as your credit score, income, down payment amount, budget and financial goals. Here’s how a 30-year fixed mortgage stacks up against other loan types.

Loan type Interest rate Pros Cons Best for
30-year fixed Interest rate

Fixed for term of 30 years

  • Lower monthly payments
  • Predictability
  • Afford more house
  • Pay more in total interest
  • Slightly higher rates
  • Could wind up overborrowing
Best for

Homebuyers who plan to stay in a home for a long time and want lower monthly payments

15-year fixed Interest rate

Fixed for term of 15 years

  • Lower rates
  • Less total interest paid
  • Build equity faster
  • Higher monthly payments
  • Ties up your money into your house
Best for

Homebuyers who plan to stay in a home for a long time and who can afford the higher monthly payment

5/1 and 7/1 adjustable-rate mortgage Interest rate

Fixed for the first 5 and 7 years, then can go up or down for remainder of loan term

  • Lower rates than fixed loans for initial years
  • Lower monthly payments
  • Payments could become unaffordable when loan resets
  • Might be difficult to sell or refinance later
Best for

Homebuyers who plan to live in a home for just a few years and want a lower monthly payment

FHA loan Interest rate

Fixed or adjustable (terms vary)

  • Low credit score requirement
  • Minimum 3.5% down payment
  • Mandatory mortgage insurance that cannot be canceled
  • Upfront and annual mortgage insurance premiums
Best for

Lower-income borrowers or those with less-than-pristine credit and a small down payment

VA loan Interest rate

Fixed or adjustable (terms vary)

  • No down payment required
  • Low interest rates
  • No PMI
  • No minimum credit score
  • Requires a funding fee
  • Some lenders have overlays for credit score and other requirements
Best for

Eligible military veterans or active-duty personnel and their spouses

Jumbo loan Interest rate

Fixed or adjustable (terms vary)

  • Finance a home that exceeds conforming loan limits
  • Competitive interest rates
  • Require higher down payments
  • Need more cash reserves
  • Harder to qualify for
Best for

Homebuyers in expensive housing markets who cannot qualify for a conforming loan

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 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.

Keep in mind that most mortgage refinances now are assessed a 0.5 percent fee, which makes them slightly more expensive. The fee was announced by the Federal Housing Finance Agency earlier this year, and applies to all FHFA-backed loans valued at $125,000 or more.

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

How do I view personalized 30-year mortgage rates?

Use the tool at the top of this page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.

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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