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Jul. 23, 2024

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On Tuesday, July 23, 2024, the national average 30-year fixed mortgage APR is 6.92%. The average 30-year fixed refinance APR is 6.92%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Tuesday, July 23, 2024, the national average 30-year fixed mortgage APR is 6.92%. The average 30-year fixed refinance APR is 6.92%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Mortgage rate news this week - July 19, 2024

30-year mortgage rates below 7%

The average rate on a 30-year fixed mortgage fell to 6.92 percent this week, down from 7.02 percent last week, according to Bankrate’s national survey of lenders. The 30-year rate hasn’t broken below the 7 percent threshold since early February. The decline in rates was driven partly by optimism that the Federal Reserve might cut rates in the near future.

Mortgage analyst Jeff Ostrowski covers more on the latest rate movement in our weekly update.

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 6.87% 6.92%
20-Year Fixed Rate 6.69% 6.74%
15-Year Fixed Rate 6.33% 6.40%
10-Year Fixed Rate 6.30% 6.36%
5-1 ARM 6.58% 7.80%
10-1 ARM 6.87% 7.79%
30-Year Fixed Rate FHA 6.79% 6.83%
30-Year Fixed Rate VA 6.95% 6.99%
30-Year Fixed Rate Jumbo 7.02% 7.07%

Rates as of Tuesday, July 23, 2024 at 6:30 AM



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:

  • 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.
  • 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.
  • Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of 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.
  • 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 had to say about the lender, too.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Bankrate Score

Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Bankrate Score

Recent Customer Reviews

Rating: 4.94 stars out of 5



Pros and cons of a 30-year 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 toward interest rather than paying down your principal amount.

Why is a 30-year mortgage the most popular?

Robert Odom

President, Ameris Mortgage

"From a consumer standpoint, the 30-year fixed-rate mortgage is typically the most popular because it offers borrowers lower monthly payments while providing long-term stability and predictability. Stretching out the loan over 30 years significantly reduces the monthly payment compared to a shorter term like a 15-year mortgage. This may make homeownership more affordable and attainable, especially for first-time buyers who may not have a lot of upfront cash or significant savings. With a lower payment, there's more wiggle room in the household budget for other expenses. Because a 30-year fixed-rate mortgage offers a set interest rate for the entire loan term, a borrower’s monthly payment stays the same throughout those 30 years, providing peace of mind and budgeting stability."

Principal writer, Home Lending

"The 30-year loan wins the popularity contest for a simple reason: affordability. A 30-year amortization schedule offers a much lower monthly payment than a 20-, 15- or 10-year loan. With home prices near record highs and mortgage rates up sharply since the pandemic, most buyers would struggle to qualify for a mortgage of a shorter term. Meanwhile, 30-year loans also are popular among a subset of financially savvy homeowners who could afford a shorter term but prefer to maximize the mortgage and put the proceeds in the stock market."

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Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride