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Apr. 17, 2024

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On Wednesday, April 17, 2024, the national average 30-year fixed mortgage APR is 7.25%. The average 30-year fixed refinance APR is 7.24%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Wednesday, April 17, 2024, the national average 30-year fixed mortgage APR is 7.25%. The average 30-year fixed refinance APR is 7.24%, 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 news this week

30-year mortgage rates rise this week

The average rate on a 30-year fixed mortgage edged up to 7.08 percent as of April 10, according to Bankrate’s weekly national survey of large lenders.

While many variables impact mortgage prices, the big focus right now is inflation and the Federal Reserve’s response to it. This week, the annual inflation number came in at a higher-than-expected 3.5 percent.

“The inflation numbers were bad, and both bond yields and mortgage rates are bouncing higher in response to what is now an uncertain timetable on when — or if — the Fed begins cutting rates in 2024,” says Greg McBride, Bankrate’s chief financial analyst.

While the Fed doesn't directly set 30-year fixed mortgage rates, its monetary policies do influence their direction. The rate on 30-year mortgages, specifically, moves with the 10-year Treasury yield, which topped 4.5 percent recently.

Learn more: How the Federal Reserve impacts mortgage rates

Forecasters have begun to rethink predictions that rates will trend down throughout the year, especially as the prospect of a Federal Reserve rate cut moves further down the line. At its March meeting, the central bank again left rates untouched.

Learn more: Historical 30-year mortgage rates

While experts had expected the Fed to cut rates and mortgage rates to fall in 2024, that scenario looks less and less likely.

“Inflation has not just stalled, but it is moving in the wrong direction,” says Lisa Sturtevant, chief economist at Bright MLS, a listing service in the Mid-Atlantic region.

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.20% 7.25%
20-Year Fixed Rate 7.01% 7.07%
15-Year Fixed Rate 6.67% 6.74%
10-Year Fixed Rate 6.55% 6.61%
5-1 ARM 6.78% 7.96%
10-1 ARM 6.90% 8.02%
30-Year Fixed Rate FHA 7.16% 7.21%
30-Year Fixed Rate VA 7.30% 7.34%
30-Year Fixed Rate Jumbo 7.30% 7.35%

Rates as of Wednesday, April 17, 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

3.6

Rating: 3.6 stars out of 5
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Recent Customer Reviews

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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1062reviews

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 towards interest rather than paying down your principal amount.

30-year mortgage FAQ