30-Year Mortgage and Refinance Rates for January 13, 2021 | Rates trend upward

30 year mortgage blog

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30-year fixed mortgage rates

The average rate for a 30-year fixed-rate mortgage is 2.94 percent, climbing 8 basis points over the last week. A month ago, the average interest rate on a 30-year mortgage was more favorable, at 2.86 percent. Today’s is below 2019’s average annual rate by 119 basis points, making it an excellent time to get a 30-year fixed rate mortgage.

At the current average interest rate, you’ll pay principal and interest of $418.37 for every $100,000 you borrow. Compared to last Wednesday, that’s $4.28 higher. Compared to a month ago, that’s $4.28 higher.

Learn more about 30-year mortgage rates, and compare to a variety of other loan types.

30-year mortgage refinance rates

The average rate to refinance a 30-year fixed-rate mortgage is 3.01 percent, increasing 11 basis points over the previous seven days. A month ago, the average rate on a 30-year mortgage was 2.91 percent.

At the current average rate, you’ll pay P&I of $422.14 for every $100,000 you borrow. Compared to last week, that’s $5.91 higher. Compared to a month ago, that’s $5.37 higher.

Bankrate overnight averages data: annual 30-year fixed mortgage rate from 2012-2019

Year Average 30-Year Fixed Annual Rate
2012 3.88%
2013 4.16%
2014 4.31%
2015 3.99%
2016 3.79%
2017 4.14%
2018 4.70%
2019 4.13%

Mortgage lock recommendations

A rate lock guarantees a lender will honor a specified interest rate at a specific cost for a set period. The benefit of a mortgage rate lock is that it protects you from market fluctuations. It also puts pressure on borrowers to make sure they close on homes before the rate-lock period expires. For example, if your lender locks in your rate at 3.75 percent for 45 days and rates jump up to 4 percent within that period, you’ll still get your loan at the lesser rate.

If they choose not to lock in your rate, you’ll have a “floating” rate. That’s not a bad strategy when interest rates are generally falling, but it could be costly in a rising rate environment. For risk-averse people who are looking for a mortgage, a rate-lock is a must. It’s a good idea to ask for a 45-day lock at a minimum; 60 days is even better.

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  • Methodology

    The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

    To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s on-site rate averages”.