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Oct. 04, 2023

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Compare 30-year mortgage rates today

On Wednesday, October 04, 2023, the national average 30-year fixed mortgage APR is 7.90%. The average 30-year fixed refinance APR is 8.08%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Wednesday, October 04, 2023, the national average 30-year fixed mortgage APR is 7.90%. The average 30-year fixed refinance APR is 8.08%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage industry insights

Mortgage rates push past 7.5% even after Fed holds off on hike

The average rate on 30-year mortgages rose to 7.55 percent this week, up from 7.42 percent last week, according to Bankrate’s weekly national survey of large lenders. That’s the highest level since November 2000, according to Bankrate data.

The increase reflects a variety of factors, including the Federal Reserve's continuing fight against inflation, rising Treasury yields and the fading prospects of a recession. The central bank decided against another rate hike at its Sept. 20 meeting, but it left open the chance of another hike before the end of the year. While the Fed doesn't directly set fixed mortgage rates, it does establish the overall tone.

The more relevant benchmark for 30-year mortgage rates is the 10-year Treasury yield, which has jumped above 4.6 percent. (They were below 1 percent during the depths of the pandemic.)

If you’re shopping for a mortgage, keep in mind that 7.55 percent is just an average — some lenders advertise below-average rates on Bankrate.

Many borrowers have been sidelined by the recent rise in rates. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months. Market players will keep an eye on the Oct. 6 jobs report and the Oct. 13 inflation reading.

“If the data reveals that inflation remains elevated and employment is still growing, then mortgage rates are likely to move up and we can look for what we hope to be the last rate hike of this cycle,” says Melissa Cohn, regional vice president of William Raveis Mortgage.

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.88% 7.90%
20-Year Fixed Rate 7.84% 7.87%
15-Year Fixed Rate 7.04% 7.09%
10-Year Fixed Rate 6.96% 7.00%
5-1 ARM 6.70% 8.16%
10-1 ARM 7.24% 8.18%
30-Year Fixed Rate FHA 7.17% 8.10%
30-Year Fixed Rate VA 7.40% 7.53%
30-Year Fixed Rate Jumbo 7.92% 7.94%

Rates as of Wednesday, October 04, 2023 at 6:30 AM



How to compare 30-year fixed mortgage rates

If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:

  1. 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. Another option: an adjustable-rate mortgage. Weigh your needs and situation to make sure 30 years is the right term for you.
  2. 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. Putting your best foot forward with those variables will help you land the best deal.
  3. Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate and annual percentage rate (APR) reflect the cost you’ll incur for 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. When comparing rate offers, the APR is a more complete picture of the all-in cost.
  4. Consider the lender’s ratings and your experience: Aside from the numbers, evaluate other factors such as convenience and the lender’s responsiveness. Take a look at what other borrowers have had to say about the lender, too.

It’s important to shop around for a mortgage to make sure you’re getting the best deal. 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.

Finding the lowest-advertised rate won’t mean much, however, if your credit score or debt puts you out of range for the best offers. Generally, borrowers with a credit score of 740 and up, a substantial down payment (20 percent is ideal, but not required) and a debt-to-income ratio (DTI ratio) of no more than 43 percent score the most attractive offers.

Some lenders still cater to borrowers that don’t meet these criteria, offering competitive rates even if your credit or finances aren’t up to par. That’s another reason why it pays to shop around.

Comparing mortgage rates can also pay off especially in a volatile economic climate. With rates higher than they were in recent years and constantly changing, it’s often helpful to understand overall rate trends before locking in your own. You can learn more about mortgage lenders and their various options on Bankrate’s lender review hub.

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including some that you control (such as your individual credit profile) and some you don’t (what’s happening in the broader economy). These variables include:

  • Your credit and finances: The higher your credit score, the more favorable 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 speaking, mortgage rates are moved by the Federal Reserve and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.

Pros and cons of a 30-year mortgage

Choosing the right home loan is an important step in the homebuying process, and you have options based on 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 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 towards interest rather than paying down your principal amount.

30-year mortgage FAQ

Refinancing your current 30-year mortgage

With mortgage rates at their highest point in more than two decades, most borrowers won’t find savings in a refinance. In general, it’s only 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.

Still, if you want to refinance now, consider refinancing your 30-year mortgage into a shorter loan, which would help you save on interest. Keep in mind, though, you’ll likely have a higher monthly payment.

If you’re on the fence about refinancing, think about the closing costs. When you refinance a 30-year mortgage, you’ll need to pay for the lender’s fees, an appraisal and other costs. While these aren’t as high as the costs you paid when you bought the home, they ultimately impact your savings. If refinancing won’t save you money or benefit your finances overall, then it’s likely not the best move right now.


Written by: Jeff Ostrowski, mortgage reporter for Bankrate

Jeff Ostrowski writes about the U.S. housing market for Bankrate. He has appeared on CNBC and numerous radio and television outlets to discuss his reporting about real estate trends.

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 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