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Today’s 30-year mortgage rates
Our weekly rates vs. the national average
Today's national 30-year mortgage rate trends
For today, Saturday, July 02, 2022, the current average rate for a 30-year fixed mortgage is 5.83%, declining 6 basis points compared to this time last week. For homeowners looking to refinance, the current average 30-year refinance rate is 5.78%, declining 10 basis points over the last week.
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Today’s 30-year mortgage rates
On Saturday, July 02, 2022, the national average 30-year fixed mortgage APR is 5.620%. The average 30-year refinance APR is 5.590%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.
Today's national 30-year mortgage rate trends
For today, Saturday, July 02, 2022, the current average rate for a 30-year fixed mortgage is 5.83%, declining 6 basis points compared to this time last week. For homeowners looking to refinance, the current average 30-year refinance rate is 5.78%, declining 10 basis points over the last week.
On Saturday, July 02, 2022, the national average 30-year fixed mortgage APR is 5.620%. The average 30-year refinance APR is 5.590%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.
Today's national 30-year mortgage rate trends
For today, Saturday, July 02, 2022, the current average rate for a 30-year fixed mortgage is 5.83%, declining 6 basis points compared to this time last week. For homeowners looking to refinance, the current average 30-year refinance rate is 5.78%, declining 10 basis points over the last week.
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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.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
Current 30-year mortgage rates
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 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.
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 5.610% | 5.620% |
30-Year Fixed-Rate VA | 4.700% | 4.790% |
30-Year Fixed-Rate FHA | 4.760% | 5.560% |
30-Year Fixed-Rate Jumbo | 5.530% | 5.530% |
Rates as of Saturday, July 02, 2022 at 6:30 AM
How to compare 30-year fixed mortgage rates
If you compare loan offers from mortgage lenders, you’ll have a better chance of securing a competitive rate. Here’s how to compare:
- Get preapprovals 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.
- When reviewing rate quotes, compare the annual percentage rate (APR), which generally reflects all the expenses you’ll incur for the loan, such as the origination fee and any points.
- Aside from APR, consider each lender’s fees — some don’t charge an origination fee, for example — and other factors beyond the numbers, such as convenience or responsiveness.
Why compare 30-year mortgage rates?
It’s important to shop around when you’re looking 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 have to pay out over the life of the loan.
Bankrate can help you connect with below-average rate offers to help you save even more.
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 home-buying 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
- 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.
FAQs about 30-year mortgages
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
Written by: Zach Wichter, mortgage reporter for Bankrate
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
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.
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 |
Calculators
Related Links
- 30-year mortgage rates
- 20-year mortgage rates
- 15-year mortgage rates
- 10-year mortgage rates
- VA loan rates
- FHA loan rates