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Compare current mortgage rates for today

Apr. 22, 2024
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On Monday, April 22, 2024, the national average 30-year fixed mortgage APR is 7.34%. The average 15-year fixed mortgage APR is 6.82%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Monday, April 22, 2024, the national average 30-year fixed mortgage APR is 7.34%. The average 15-year fixed mortgage APR is 6.82%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage news this week

Mortgage rates rise to 7.3%

Rates on the most popular types of mortgages surged this week, according to Bankrate’s weekly national survey of large lenders.

The average rate on a 30-year fixed mortgage rose to 7.33 percent the week of April 17, while the average rate on a 15-year fixed mortgage climbed to 6.66 percent.

After a disappointing March inflation report, mortgage rates seem unlikely to fall anytime soon.

“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.

Learn more: Historical mortgage rates

The Federal Reserve has been working to bring inflation to a more sustainable level of 2 percent. At its March meeting, the central bank again left rates unchanged.

The Fed doesn't directly set mortgage rates, but its monetary policies do influence their direction. Fixed mortgage rates move with the 10-year Treasury yield, while adjustable-rate loans more closely follow the Fed.

“Recent economic data shows that the economy and job market remain strong, which is likely to keep mortgage rates at these elevated levels for the near future,” says Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

Learn more: How the Federal Reserve impacts mortgage rates

Rates to keep climbing

Allison Kaminaga

Lecturer of Mathematics and Economics, Bryant University, Smithfield, RI

"I expect mortgage rates to increase this week. The 10-year Treasury yield is still trending upwards, and the Fed is signaling it needs to see more progress on inflation before cutting rates." - April 17

Greg McBride

CFA, chief financial analyst,

"Bond yields and mortgage rates are bounding higher due to stubbornly elevated inflation and signs of continued economic strength." - April 17

Sean Salter

Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University, Murfreesboro, TN

"The overall trend in mortgage rates has been higher in 2024. Importantly, the trajectory of the 10-year U.S. Treasury yield has tilted in the month of April with rates rising more dramatically than in previous months. Based on recent economic data coupled with global political instability, I see the overall level of interest rates rising in the near future, [and] rates will rise with the market." - April 17

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.29% 7.34%
20-Year Fixed Rate 7.15% 7.21%
15-Year Fixed Rate 6.74% 6.82%
10-Year Fixed Rate 6.61% 6.68%
5-1 ARM 6.68% 7.92%
10-1 ARM 7.03% 7.98%
30-Year Fixed Rate FHA 7.13% 7.18%
30-Year Fixed Rate VA 7.28% 7.32%
30-Year Fixed Rate Jumbo 7.38% 7.44%

Rates as of Monday, April 22, 2024 at 6:30 AM


Learn more: Interest rate vs. APR

How to get the best mortgage rate

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:

  1. 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.
  2. 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. 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.
  3. 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.

Learn more: How to get a mortgage


Why compare mortgage rates?

It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

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



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.

Mortgage FAQ

How to refinance your current mortgage

When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons.

Compare refinance rates and do the math with Bankrate's refinance calculator.

Written by: Jeff Ostrowski, principal writer for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is the Chief Financial Analyst for, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride