Compare 30-year mortgage rates today

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the  loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

There are many variables that go into the cost of a 30-year mortgage, including:

• The individual mortgage lender
• Your credit score
• Your debt-to-income (DTI) and loan-to-value (LTV) ratios
• The loan amount
• The type of property being financed
• 10-Year Treasury yield 
• Economic or geopolitical influences
• Inflation

With a 30-year fixed-rate mortgage, your mortgage rate stays the same for every one of your 360 monthly payments. The benefits of that feature become apparent over time: As overall prices rise and your income grows, your mortgage payment stays the same.

One twist to 30-year mortgages comes from the calculus behind the amortization schedule: In the early years of a 30-year loan, you pay much more interest than principal.

Learn more: Guide to fixed-rate mortgages

Mortgage rates are volatile, so the decision to lock your rate is a bit of a gamble. Lock in too early, and you might miss the opportunity for a better rate. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days. Some lenders offer a free rate lock for a specified period.

A longer rate lock tends to be more expensive. For example, a borrower who chooses a 30-day lock on a fixed-rate 30-year loan might pay a 4 percent rate and zero points, while a 60-day lock might cost 1 point (equal to 1 percent of the loan) or a slightly higher rate with a half-point.

Learn more: Guide to mortgage rate locks

Although 30-year fixed-rate mortgages are the most common type of loan, you might want to explore other options, such as:

• 15-year fixed-rate loan: A 15-year mortgage is similar to a 30-year loan, but you’ll repay it over 15 years instead of 30. That means you’ll have higher monthly payments, but there’s a tradeoff: You’ll get a lower rate, and pay your loan off sooner.
• 10-year or 20-year loan: Some borrowers opt for a 10-year or 20-year mortgage, repaid over 10 years or 20 years, respectively. This might be an option if you’re refinancing mid-way or more through the term of your first mortgage.
• Flexible-term loan: Many lenders offer conventional loans in terms between eight years and 29 years. You might want to go this route if you want more flexibility with your loan structure.
• 5/1 adjustable-rate mortgage (ARM): Most 5/1 ARMs come with 30-year terms, but you’ll pay a lower fixed introductory rate for the first five years. After that, your rate will increase or decrease once a year based on prevailing market rates. While you’ll save money initially, a 5/1 ARM makes sense only if you know you’ll move within five years, or have a plan to refinance to another loan before the first rate reset. Otherwise, you’ll need to prepare for unpredictable monthly payments.

Learn more: Types of mortgage loans

When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons.

Compare refinance rates and do the math with our refinance calculator.