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Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2000, he spent more than 20 years writing about real estate, business, the economy and politics.
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
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How our rates are calculated
- The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
- Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
For the week of September 22nd, top offers on Bankrate are X% lower than the national average. On a $340,000 30-year loan, this translates to $XXX in annual savings.
Today's national mortgage interest rate trends
On Monday, September 25, 2023, the current average interest rate for the benchmark 30-year fixed mortgage is 7.64%, rising 9 basis points over the last week. If you're looking to refinance, the national average 30-year refinance interest rate is 7.83%, up 10 basis points over the last seven days. Meanwhile, today's national average 15-year refinance interest rate is 6.98%, up 6 basis points compared to this time last week. Whether you're buying or refinancing, Bankrate often has access to offers well below the national average, displaying the interest rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and finance your home for less. With interest rates increasing, it’s important to shop around for mortgage offers before committing to a loan.Compare current mortgage rates for today
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2000, he spent more than 20 years writing about real estate, business, the economy and politics.
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
On Monday, September 25, 2023, the national average 30-year fixed mortgage APR is 7.66%. The average 15-year fixed mortgage APR is 6.89%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Monday, September 25, 2023, the national average 30-year fixed mortgage APR is 7.66%. The average 15-year fixed mortgage APR is 6.89%, 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.
Weekly national mortgage interest rate trends
Current mortgage rates
30 year fixed | 7.59% | |
15 year fixed | 6.82% | |
10 year fixed | 6.77% | |
5/1 ARM | 6.51% |
Today's national mortgage interest rate trends
On Monday, September 25, 2023, the current average interest rate for the benchmark 30-year fixed mortgage is 7.64%, rising 9 basis points over the last week. If you're looking to refinance, the national average 30-year refinance interest rate is 7.83%, up 10 basis points over the last seven days. Meanwhile, today's national average 15-year refinance interest rate is 6.98%, up 6 basis points compared to this time last week. Whether you're buying or refinancing, Bankrate often has access to offers well below the national average, displaying the interest rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and finance your home for less. With interest rates increasing, it’s important to shop around for mortgage offers before committing to a loan.Mortgage industry insights
Mortgage rates stay at 22-year high as Fed holds off on hike
The average rate on 30-year mortgages rose to 7.42 percent this week, up from 7.41 percent last week, according to Bankrate’s weekly national survey of large lenders. That’s the highest level since December 2000, according to Bankrate data.
The increase reflects a variety of factors, including the Federal Reserve's continuing fight against inflation, rising Treasury yields and the fading prospects of a recession. The central bank decided against another rate hike at its Sept. 20 meeting, but left open the chance of another hike before the end of the year. While the Fed doesn't directly set fixed mortgage rates, it does establish the overall tone.
The more relevant benchmark for 30-year mortgage rates is the 10-year Treasury yield, which has been above 4.3 percent.
If you’re shopping for a mortgage, keep in mind that 7.42 percent is just an average — some lenders advertise below-average rates on Bankrate.
Many borrowers have been sidelined by the recent rise in rates. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months. Market players will keep an eye on the Oct. 6 jobs report and the Oct. 13 inflation reading.
“If the data reveals that inflation remains elevated and employment is still growing, then mortgage rates are likely to move up and we can look for what we hope to be the last rate hike of this cycle,” says Melissa Cohn, regional vice president of William Raveis Mortgage.
Current mortgage and refinance interest rates
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 7.64% | 7.66% |
20-Year Fixed Rate | 7.67% | 7.68% |
15-Year Fixed Rate | 6.86% | 6.89% |
10-Year Fixed Rate | 6.82% | 6.86% |
5-1 ARM | 6.61% | 8.16% |
10-1 ARM | 7.13% | 8.15% |
30-Year Fixed Rate FHA | 6.76% | 7.69% |
30-Year Fixed Rate VA | 7.01% | 7.12% |
30-Year Fixed Rate Jumbo | 7.65% | 7.67% |
Rates as of Monday, September 25, 2023 at 6:30 AM
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 7.83% | 7.85% |
20-Year Fixed Rate | 7.78% | 7.81% |
15-Year Fixed Rate | 6.98% | 7.01% |
10-Year Fixed Rate | 6.89% | 6.93% |
5-1 ARM | 6.67% | 8.01% |
10-1 ARM | 7.19% | 8.15% |
30-Year Fixed Rate FHA | 6.80% | 7.75% |
30-Year Fixed Rate VA | 6.98% | 7.19% |
30-Year Fixed Rate Jumbo | 7.89% | 7.91% |
Rates as of Monday, September 25, 2023 at 6:30 AM
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The difference between APR and interest rate is that the APR, or annual percentage rate, represents the total cost of the loan, including the interest rate and all fees and points. The interest rate is the amount of interest the lender will charge you for the loan, not including any of the other costs.
Here’s what’s often included in the APR:- Interest rate: This is simply the percentage rate of interest charged for the mortgage.
- Points: A point is an upfront fee you might choose to pay to lower your interest rate. Each point, also known as a discount point, costs 1 percent of the mortgage amount. One point on a $300,000 mortgage, for example, would cost you $3,000 upfront.
- Origination fee: This is a fee — one of many closing costs — many lenders charge for creating or initiating your loan.
- Mortgage broker fees: If you’re working with a mortgage broker on your loan, you won’t pay them directly; rather, they charge the lender for their services. The lender then passes the cost onto you in the APR on your loan.
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The Federal Reserve does not set mortgage rates, and the central bank’s decisions don’t drive mortgage rates as directly as they do other products, such as savings accounts and CD rates. However, the Fed does set the overall tone for borrowing costs. The central bank’s federal funds rate can influence 10-year Treasury bond yields, the benchmark for 30-year mortgage rates.
To sum up: The Fed does not directly set mortgage rates, but its policies influence the financial markets and investors that dictate how these rates move.
Learn more about how the Federal Reserve affects mortgage rates.
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Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.
Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
How to get the best mortgage for you
Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. Here’s how to do it:
- Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
- Compare mortgage rates. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders, or by using a mortgage broker. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
- Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.
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There are many different types of mortgages, broadly put into three buckets:
- Conventional: In simplest terms, a conventional loan is a mortgage that isn’t guaranteed by a government agency. Most conventional loans are conforming loans, however, meaning they’re bought by mortgage giants Fannie Mae or Freddie Mac. They are the most popular type of mortgage in the U.S.
- Government-insured: The Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) guarantee loan programs aimed at borrowers who meet certain criteria.
- Jumbo loans: Also known as non-conforming mortgages, jumbo loans are for amounts higher than the conforming loan limit. For 2023, that threshold is $726,200 in most of the country, and $1,089,300 in high-cost areas.
There are also different loan terms within these categories, such as 15 years or 30 years, and different interest rate structures, generally either fixed or adjustable (also known as variable).
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There are several pieces to getting a mortgage (check out Bankrate’s step-by-step guide to getting a mortgage for more). Here’s a quick overview:
Step 1: Strengthen your credit. A strong credit score (in the 700s, preferably) qualifies you for the best possible deal. If your credit score is on the lower side, you could still get a loan, but you’ll likely pay a higher interest rate.
Step 2: Know what you can afford. Rising interest rates make monthly mortgage payments even higher, so you might have to adjust your expectations (if not your budget) to find an affordable home.
Step 3: Build your savings. Your first savings goal should be to amass enough for a down payment — but you also should build up your cash reserves for expenses like closing costs, moving, furniture and repairs.
Step 4: Compare mortgage rates and loan types. Once your credit score and savings are in an adequate place, start searching for the right kind of mortgage for your situation.
Step 5: Find a mortgage lender. Once you’ve decided on the type of mortgage, it’s time to find a mortgage lender. Consider traditional lenders such as banks and credit unions, non-bank lenders and mortgage brokers.
Step 6: Get preapproved for a loan. For a preapproval, the lender reviews your finances to determine if you’re eligible for funding and an amount they’re willing to lend you.
Step 7: Begin house-hunting. With preapproval in hand, you can search for a property that meets your needs. When you find a home that has the perfect blend of affordability and livability, be ready to pounce.
Step 8: Submit your loan application. If you’ve found the home you want, you’re ready to complete a mortgage application. Most applications can be done online, but it can sometimes be more efficient to apply with a loan officer in person or over the phone.
Step 9: Wait out the underwriting process. Even though you’ve been preapproved for a loan, that doesn’t mean you’ll ultimately get financing from the lender. The final decision will come from the lender’s underwriting department, which evaluates the risk of each prospective borrower and property and determines the loan amount, interest rate and other terms.
Step 10: Close on your new home. Once you’ve been officially approved for a mortgage, you’re nearing the finish line. All that’s needed at that point is to complete the closing. -
Mortgage lenders come in all shapes and sizes, from online companies to brick-and-mortar banks — and some are a mix of both. Decide what type of service and access you want from a lender and balance that with how competitive their rates are. You might decide that getting the lowest rate is the most important factor for you, while others might go with a slightly higher rate because they can apply in person, for example. Some banks offer discounts to existing customers, so you might be able to save money by getting a loan where your savings account or checking account is.
If your credit is a bit tarnished, many lenders offer loans with lower down payment and credit requirements through the FHA. Veterans might find VA mortgages especially attractive.
Factors that determine your mortgage rate
Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:
- Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
- Loan amount: The size of your loan can impact your rate.
- Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
- Location of the property: Rates vary depending on where you’re buying.
- Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
- Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
- The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
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Mortgage points, also referred to as discount points, help homebuyers reduce their monthly mortgage payments and interest rates. A mortgage point is most often paid before the start of the loan period, usually during the closing process. It's a type of prepaid interest made on the loan. Each mortgage point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent.
The cost of a point depends on the value of the borrowed money, but it's generally 1 percent of the total amount borrowed to buy the home.
Buying points upfront can help you save money in interest over the life of your loan, but doing so also raises your closing costs. It can make sense for buyers with more disposable cash, but if high closing costs will prevent you from securing your loan, buying points might not be the right move.
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A mortgage rate lock freezes the interest rate while you shop for a home. The lender guarantees (with a few exceptions) that the mortgage rate offered to a borrower will remain available to that borrower for a stated period of time. With a lock, the borrower doesn’t have to worry if rates go up between the time they submit an offer and when they close on the home.
Most lenders offer a 30- to 45-day rate lock free of charge. This means if the interest rate increases before your loan closes, you get the stated rate. However, if rates fall, you won’t benefit unless you restart the loan process, a costly and time-consuming endeavor.
Although some lenders offer a free rate lock for a specified period, after that period they might charge fees for extending the lock.
Frequently asked questions about mortgages
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A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself. That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan. Learn more in Bankrate’s guide to mortgage basics.
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The closing costs on a mortgage encompass all of the fees associated with the loan, including the lender’s charges, typically an origination fee often equal to 1 percent of the loan principal and optional points. Closing costs also include third-party fees like the cost of an appraisal and title insurance. All together, these usually run anywhere from 2 percent to 5 percent of the amount you’re borrowing, above and beyond your down payment.
How to refinance your current mortgage
Even so, refinancing your mortgage might still make sense in some cases. Perhaps you want to switch from an ARM to a fixed-rate loan before your variable rate resets. Maybe you want to ditch your FHA loan to eliminate mortgage insurance. Perhaps you need to refinance due to divorce or other circumstances. If you want to pay down your mortgage more quickly, you can refinance and shorten your term to 20, 15 or even 10 years. Because home values have risen sharply in the last few years, it’s also possible that a refinance could free you from paying for private mortgage insurance. The bump in value might allow you to refinance and tap your home equity to pay for home renovations, as well.
Compare refinance rates and do the math with Bankrate's refinance calculator.
Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Reviewed by: Greg McBride, chief financial analyst for Bankrate
Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
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