When should I lock in my 30-year mortgage rate?

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 down the line. Some lenders offer a free rate lock for a specified period. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days. Keep in mind, though, that 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% rate and no points, while a 60-day lock might cost 1 point (equal to 1% of the loan) or a slightly higher rate with a half-point. Learn more: Guide to mortgage rate locks

What are other types of home loans to consider?

Thirty-year fixed-rate mortgages are the most common type of loan. But you might want to explore the alternatives, 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 at a lower rate, and you'll 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. These 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 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

Can I refinance my 30-year mortgage?

Yes. 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. Do the math with our refinance calculator.

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Tomo Mortgage 30 Year Fixed

NMLS #2059741 | State Lic: RM.804811.000

Rate as of 7/4/26: 5.375%
APR: 5.606%
Points: 1.927
Monthly payment: $1,976
Upfront costs: $8,4838 year cost: $150,158
Customer score

Third Federal Savings and Loan 30 Year Fixed

NMLS #449401

Rate as of 7/4/26: 5.790%
APR: 6.015%
Points: 2
Monthly payment: $2,063
Upfront costs: $8,4358 year cost: $162,094
Customer score

Mutual of Omaha Mortgage 30 Year Fixed

NMLS # 1025894

Rate as of 7/4/26: 5.875%
APR: 6.077%
Points: 1.507
Monthly payment: $2,082
Upfront costs: $7,5438 year cost: $163,588
Customer score

Sage Home Loans 30 Year Fixed

NMLS #3304 | State Lic: RM.850026.000

Rate as of 7/4/26: 5.875%
APR: 6.085%
Points: 1.805
Monthly payment: $2,082
Upfront costs: $7,8488 year cost: $163,893
Customer score

Alliant Credit Union 30 Year Fixed

NMLS #197185

Rate as of 7/4/26: 5.875%
APR: 6.086%
Points: 1.968
Monthly payment: $2,082
Upfront costs: $7,8778 year cost: $163,923
Customer score

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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 $832,750 May Have Different Loan Terms: If you are seeking a loan for more than $832,750, 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.

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Current mortgage and refinance interest rates

Mortgage and refinance interest rates vary based on loan term, type and other factors.

Product	Interest Rate	APR
30-Year Fixed Rate	6.54%	6.61%
20-Year Fixed Rate	6.38%	6.48%
15-Year Fixed Rate	5.88%	5.99%
10-Year Fixed Rate	5.86%	5.96%
30-Year Fixed Rate FHA	6.29%	6.33%
30-Year Fixed Rate VA	6.35%	6.39%
30-Year Fixed Rate Jumbo	6.58%	6.62%

Rates as of Saturday, July 04, 2026 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.71%	6.78%
20-Year Fixed Rate	6.49%	6.61%
15-Year Fixed Rate	6.00%	6.12%
10-Year Fixed Rate	5.99%	6.07%
30-Year Fixed Rate FHA	6.31%	6.35%
30-Year Fixed Rate VA	6.14%	6.17%
30-Year Fixed Rate Jumbo	6.69%	6.72%

Rates as of Saturday, July 04, 2026 at 6:30 AM

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.

Factors that influence 30-year mortgage rates

It’s important to understand which factors influence mortgage rates — and which ones are within your control — before making a decision.

Factors you can control

Your income, debt and credit score: Lenders give their best rates to borrowers who pose the least amount of risk. That means individuals with stable incomes, low debt-to-income (DTI) ratios and high credit scores. Improving your credit score before you apply for a mortgage can lead to lower overall costs.
Your down payment: A larger down payment means you'll need to borrow less, leading to a smaller overall loan. For a lender, this means you have more skin in the game and pose less risk, which will likely lead to a lower rate offer.
Your loan type: Generally, well-qualified buyers with a low DTI can find competitive rates regardless of the kind of loan they have — but each loan type has its own pricing structure and level of risk. Rates for 15-year mortgages are typically lower than those on 30-year loans.

Factors outside of your control

The 10-year Treasury bond yield: Thirty-year mortgage rates directly correspond to movement in the 10-year Treasury bond yield. As investors buy the 10-year Treasury bond — often to hedge against economic uncertainty — it drives down the yield, taking the 30-year rate with it.
The spread: Mortgage rates don't exactly match the 10-year yield. There's what's called a “spread” between the two. This spread is typically around 2% to 3% on top of the 10-year yield. It’s not stagnant, though; it grows and contracts as lenders price in perceived risk.
Federal Reserve decisions: The Fed doesn’t directly control mortgage rates, but their decisions can have a trickle-down effect. Mortgage lenders pay close attention to what the Fed says and does, and may respond by raising or lowering rates after Fed decisions.
The global economy: Global trade issues, from conflicts to tariffs, can impact the decisions investors make. If this leads to buying or selling Treasury bonds, it will move mortgage rates.

Learn more: How interest rates are set

How to shop for a 30-year mortgage

Shopping for a mortgage is very important because not all lenders offer the same rates and fees at the same time. In fact, 87% of conventional mortgage borrowers in 2022–2024 paid above the most competitive rate available, according to Bankrate’s Hidden Home Tax Research. By just looking at one lender’s offer, you could be leaving thousands of dollars on the table.

A good rule of thumb is to get rate quotes from at least three different lenders. Make sure to get these quotes around the same time, using the same criteria, as mortgage rates can fluctuate throughout the day. Compare not only the interest rate, but the fees you’ll be charged.

Some lenders may offer a lower rate, but you’ll have to pay upfront fees, also known as mortgage points, to get it. That could be worthwhile if you stay in the mortgage long-term. But, if you plan to refinance or sell in the next five to 10 years, make sure to calculate the break-even point on those upfront costs.

How to get the best 30-year mortgage rate

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

Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have the most accurate basis for comparison.
Compare both the interest rate and APR: The interest rate is the cost of borrowing, while the APR includes the interest rate as well as any applicable fees. This makes the APR a more complete picture of the cost of the loan.
Consider the lender’s ratings and your experience: Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have said about the lender, too.

Learn more: How to get the best mortgage rate

Pros and cons of a 30-year fixed-rate mortgage

Pros

Your principal and interest payments will stay the same over the next 30 years.
By stretching out your loan term to 30 years, your monthly payment will be lower.
Having a lower monthly payment means you’re more likely to qualify for a more expensive home.
If less of your cash is tied up in your monthly payment, you may have more cash to save for emergencies, retirement and/or vacation.

Cons

When compared to shorter-term mortgages, you’ll have a higher interest rate and you’ll pay more interest over the loan term with a 30-year mortgage.
Because of how fixed-rate loans amortize, you pay more interest than principal at first. This means that you’ll build equity much slower with a 30-year mortgage than with a 15-year mortgage.
If you pay your monthly mortgage payment without paying extra, it will take you a full 30 years to pay off. That means, if you buy at 35, you’re not paying off the mortgage until you’re 65.

One big reason to choose a 30-year mortgage over a 15-year mortgage is the lower monthly payment and flexibility. The extra cash in your pocket can give you breathing room in your budget for other expenses, like savings or investing.
Linda Bell, Lead Writer & Home Lending Expert, Certified HELOC Specialist

Different types of 30-year mortgages

Thirty-year mortgages can come in a few different flavors, depending on your needs and eligibility. Here are some examples:

30-year conventional mortgage: This by far the most common mortgage type. A “conventional” loan just means that it isn’t backed by a government entity. Typically, these loans require a minimum credit score of 620 and a 3% to 5% down payment.

30-year government-backed mortgage: FHA, VA and USDA loans are insured by the government, which encourages lenders to offer them to certain borrowers. Oftentimes, these loans come with lower interest rates, but they each have their own unique set of fees and qualifications.

30-year jumbo loans: A jumbo loan is a loan that exceeds the FHFA’s loan limits for an area ($832,750 for most parts of the U.S. as of 2026). That means that these loans are used to fund high-end property, and as such, come with higher financial requirements.

Alternatives to a 30-year fixed-rate mortgage

There are a couple alternatives to the typical 30-year fixed-rate mortgage that people often choose:

15-year and 20-year fixed-rate mortgages are popular options for people looking to pay off their mortgage quickly. They usually come with lower interest rates and you’ll pay less interest over the loan term. However, your monthly payment will be significantly more than if you went with a 30-year loan.

Adjustable-rate mortgages are usually 30-year term mortgages that have an initial, low fixed-rate period. After this period ends, the rate on the loan adjusts on a regular basis depending on the market. These products can be great to secure a lower interest rate at the start, but can be risky if the rate adjusts upwards and you’re not prepared for it.

Frequently asked questions

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 down the line. Some lenders offer a free rate lock for a specified period. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days.

Keep in mind, though, that 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% rate and no points, while a 60-day lock might cost 1 point (equal to 1% of the loan) or a slightly higher rate with a half-point.

Learn more: Guide to mortgage rate locks
Thirty-year fixed-rate mortgages are the most common type of loan. But you might want to explore the alternatives, 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 at a lower rate, and you'll 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. These 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 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
Yes. 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.

Do the math with our refinance calculator.

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Written by

Andrew Dehan Andrew Dehan

Former Senior Writer, Home Lending

Compare 30-year mortgage rates today

National average mortgage rates over time

Mortgage rate news this week - July 2, 2026

Mortgage rates hold below 6.5%, job market stays strong

Don't be like the 90% of buyers who overpay

30-year mortgage rates today

How Bankrate works

How Bankrate works

Compare mortgage offers

Get rates based on your information

Review your options

Weekly national mortgage interest rate trends

Current mortgage and refinance interest rates

Factors that influence 30-year mortgage rates

Factors you can control

Factors outside of your control

How to shop for a 30-year mortgage

How to get the best 30-year mortgage rate

Pros and cons of a 30-year fixed-rate mortgage

Pros

Cons

Different types of 30-year mortgages

Alternatives to a 30-year fixed-rate mortgage

Frequently asked questions

When should I lock in my 30-year mortgage rate?

What are other types of home loans to consider?

Can I refinance my 30-year mortgage?

Next steps

Meet the Bankrate experts

Mortgage rates in other states

	30 year fixed	6.57%
	15 year fixed	5.96%
	10 year fixed	5.88%
	5/1 ARM	5.82%