Today’s 30-year mortgage rates

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.

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.

• Top 5 Bankrate 30-year mortgage lenders

  • Better.com – Best online lender
  • AmeriSave Mortgage Corporation – Best for refinancing
  • Zillow Home Loans – Best for first-time homebuyers
  • Cardinal Financial Company – Best for low-credit score borrowers
  • Homeside Financial (Lower) – Best overall

  Methodology

  Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most leads within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

  Better.com – Best online lender

  Better.com (Better Mortgage) is an online mortgage lender, available in the majority of states in the U.S., and one of Bankrate’s best mortgage lenders overall.

  Strengths: Better.com can preapprove you in as little as three minutes, and closings take, on average, just 21 days. The lender doesn’t charge fees, and its proprietary technology automatically applies other discounts, too, if you’re eligible. Since Better is completely digital, you can get the process started anytime online, and have access to support 24/7.

  Weaknesses: If you’re interested in a VA or USDA loan, you’ll need to shop elsewhere, as Better doesn’t offer these types of mortgages at this time. The lender doesn’t maintain branch locations, either, if you’d prefer an in-person experience.

  Read Bankrate's Better.com mortgage review

  AmeriSave Mortgage Corporation – Best for refinancing

  AmeriSave Mortgage Corporation is an online mortgage lender operating in every state except New York. The lender offers a range of purchase and refinance options, and was named one of Bankrate’s best FHA lenders this year.

  Strengths: If you’re looking to take out a 30-year mortgage (either to buy a home or refinance your current loan), AmeriSave Mortgage Corporation can offer competitive rates and fast closings. In fact, 50 percent of borrowers have closed in as little as 25 days, according to the lender.

  Weaknesses: There’s a $500 non-refundable application fee.

  Read Bankrate's AmeriSave Mortgage Corporation review

  Zillow Home Loans – Best for first-time homebuyers

  Zillow Home Loans, the mortgage lender affiliated with Zillow Group, offers resources for first-time homebuyers related to everything from budget to documents needed. The lender is licensed in most states, but not all, so check before applying.

  Strengths: Zillow Home Loans has an A+ rating from the Better Business Bureau, and if you’re checking out properties through Zillow Offers or working with a Zillow Premier Agent, you could potentially save money on your 30-year mortgage through the lender.

  Weaknesses: Zillow Home Loans doesn’t advertise rates on its website, and doesn’t offer jumbo loans or USDA loans.

  Read Bankrate's Zillow Home Loans review

  Cardinal Financial Company – Best for low-credit score borrowers

  Cardinal Financial Company, also doing business as Sebonic Financial, is licensed in all 50 states, with both in-person and online service.

  Strengths: Cardinal Financial can accept credit scores as low as 620 for a conventional loan, 580 for an FHA or USDA loan, 550 for a VA loan and 660 for a jumbo loan. The lender has closed in as little as one week, although the average timeframe is 30 days.

  Weaknesses: If you’re looking for interest rate and fee information, you’ll have to inquire directly with the lender; this information isn’t showcased on Cardinal Financial’s website.

  Read Bankrate's Cardinal Financial Company mortgage review

  Homeside Financial (Lower) – Best overall

  Homeside Financial, which also does business as Lower (or Lower.com), offers 30-year mortgages and other types of loans in 42 states and Washington, D.C. It has closed more than 34,000 mortgages and funded more than $7 billion in loans to date.

  Strengths: Homeside Financial offers not only conventional and jumbo loans but also FHA, VA and USDA loans. The lender has options for seamless communication throughout the process, either by call, email or text, if you have questions about your 30-year mortgage.

  Weaknesses: Homeside Financial isn’t available in all 50 states at this time, and it can be tricky to find mortgage rates advertised on its website — you’ll have to contact the lender directly for current rates. (If you’re browsing Lower.com, however, you might be able to see daily rates.)

• 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:

• Mortgage calculator: estimate your monthly payment and see how much house you can afford
• Compare today's top refinance rates: lower your monthly mortgage payment
• First time home buyers grants and programs: get financial assistance to lower your down payment and closing costs