The average rate for mortgage offers clicked on by Bankrate readers Thursday was 3.72 percent — the same as it was a week ago. With mortgage rates ticking up, this number shows consumers can still find deals. If you aim to get a mortgage or refinance, shopping around is more important than ever.

Bankrate’s “clicked-on” rate reflects purchase mortgages and refinances with all terms, including 30-year and 15-year loans.

The sweetest deals come with some fine print. For instance, to score the best combination of rate and costs, you’ll generally need a credit score of 740 or higher and a down payment of 20 percent or more. And many of the lowest rates posted on include discount points, a way of buying down the rate by paying more at closing.

Rates for mortgages change constantly, and they’ve risen sharply from all-time lows set last year. Those ups and downs reflect the volatility of the mortgage market as the economy continues to recover from the sudden shock of the COVID-19 recession, as inflation rages and as Russia’s invasion of Ukraine adds geopolitical uncertainty.

Rates have returned to pre-pandemic levels. While it still might make sense to refinance your mortgage, the calculation has changed. Most refis now are being done by homeowners pulling out equity to pay for renovations or repairs.

Key takeaway
Be sure to get at least three offers — you can save thousands of dollars by comparison shopping.

Compare mortgage rates in your area now.

Average clicked on rate for purchase loans

The average rate clicked on by Bankrate readers for 30-year purchase mortgages was 4.27 percent on Thursday. At that average rate, you’ll pay $493.11 each month in principal and interest for every $100,000 you borrow.

Average clicked on rate for refinance loans

The typical rate clicked on by Bankrate readers for 30-year refinances stood at 4.03 percent Thursday.

You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of making extra payments. The tool also will help you determine how much interest you’ll pay over the life of the loan.

Compare refinance rates in your area now.

Learn more: