Current mortgage interest rates

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Current mortgage interest rates

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Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Today's mortgage rates

What are current mortgage rates?

This past week, the average 30-year fixed mortgage rate rose to 3.20 percent, up 13 basis points from the week prior. The 15-year fixed mortgage rate rose to 2.51 percent, up 11 basis points from the week ending November 12th.

To compare today’s customized rates from a variety of trusted lenders, use Bankrate’s mortgage rates comparison tool.

What is a mortgage interest rate?

Mortgage interest rates reflect lenders’ cost of money, a cost that they pass on to you in the form of an interest rate. Your rate sets the amount of interest you pay over the life of your mortgage.

Even though nearly all mortgages come with fixed rates these days, small differences in interest rates can drive your monthly payments up or down. Over a 30-year term, that difference can add up. Just $50 a month equals more than $18,000 over the loan’s term. Knowing how interest rates factor into your loan pricing, as well as how your rate is determined, will help you evaluate your options and make the best decision for your situation.

What is the APR on a mortgage?

The APR, or annual percentage rate, reflects the interest rate and other borrowing costs, such as broker fees, discount points, private mortgage insurance and some closing costs. The APR offers a more accurate reading of your true borrowing costs than the mortgage rate by itself.

What does the future hold for mortgage rates?

Mortgage rates plumbed new depths in January 2021, setting all-time lows south of 3 percent. Rates have climbed a bit since then, and their trajectory for the rest of the year depends on the strength of the economic recovery. Given the robust rebound, the Federal Reserve has indicated it will ease back on its stimulus. That sets the stage for rates to rise. However, increases are likely to be gradual rather than sudden. Many mortgage experts expect rates to climb above 3.5 percent by the end of 2021.

Learn more about historical mortgage rate trends.

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates