Compare Current 30-Year Mortgage Rates in May 2026
30-year mortgage rates currently average 6.28% for purchase loans and 6.81% for refinance loans.
Currently, the average 30-year fixed mortgage rate is 6.28%.
For borrowers looking to refinance their current home loan, the average 30-year refinance rate is 6.81%.
Mortgage rates fluctuate daily, and your specific rate will depend on your loan type, credit score and other factors, including your overall financial profile.
Don’t know your credit score? Use LendingTree Spring to see your score and tips to improve it.
Current 30-year mortgage rates
| Loan type | Interest rate | APR |
|---|---|---|
| 30-year fixed rate | 6.28% | 6.44% |
| FHA 30-year fixed rate | 5.77% | 6.44% |
| VA 30-year fixed rate | 5.59% | 5.77% |
Average interest rates disclaimer
30-year refinance rates
| Loan type | Interest rate | APR |
|---|---|---|
| 30-year fixed rate refinance | 6.81% | 7.01% |
| FHA 30-year fixed rate refinance | 6.00% | 6.67% |
| VA 30-year fixed rate refinance | 5.76% | 6.05% |
| 30-year 5/1 ARM refinance | 6.23% | 6.29% |
Average interest rates disclaimer
When will 30-year mortgage rates decrease?
Rates on 30-year mortgages have hovered between 6% and 6.5% for most of this year, and aren’t expected to drop significantly in the near future. The current national mortgage rates forecast is for rates to remain elevated, which means we’re unlikely to see rates go much lower than 6% in 2026.
How to get the best 30-year mortgage rates
Shop around
Shopping with three to five mortgage lenders can get you a lower rate, according to LendingTree data, which could mean thousands of dollars in savings over a 30-year term. Rates change daily, so collect your loan estimates on the same day for apples-to-apples comparisons.
Compare APRs
A loan’s interest rate represents one cost of borrowing, but its annual percentage rate (APR) is a more comprehensive picture of what you’ll pay to borrow money and is the main number you’ll want to focus on when comparing loan offers.
Boost your credit score
Fixing your credit score before applying for a mortgage may help you get a lower rate, which can save you money monthly and — even more significantly — over the life of your loan.
Increase your down payment
Lenders often charge higher rates for low-down-payment loans because they view them as higher-risk. By putting down more cash upfront, you could save yourself a lot of money in the long run if you’re able to secure a lower rate.
Buy mortgage points
Paying for mortgage points lowers your mortgage rate, saving you money over the life of your loan. But it also means you’ll need to fork over more cash at the closing table. The cost to buy one point is generally equal to 1% of your loan amount.
Check out our list of the best mortgage lenders.
Interest rates for 15-year fixed mortgages are typically lower than 30-year fixed mortgage rates, since you’re paying off the loan faster. The shorter repayment term of a 15-year loan will push the monthly payment higher, but you’ll pay less interest over the life of the loan.
Learn more about 15-year vs. 30-year mortgages.
Pros and cons of a 30-year mortgage
Pros
- Your monthly payments will be lower: One of the main draws of a 30-year mortgage is lower monthly payments, since you’re repaying the loan over a longer term.
- You could qualify for a higher loan amount: Since your payments will be lower, it’s possible for you to get approved for a larger loan amount, helping you afford a more expensive home.
- You’ll have more financial wiggle room: Spreading your payments out over a longer term gives you more flexibility with your finances and helps you avoid becoming “house poor.” This way, you’ll have more money to put toward other goals, such as saving for retirement or making home improvements.
- You’ll have lots of options. Whether you choose a conventional or government-backed loan, a purchase or a refinance, almost every loan program offers a 30-year loan.
- May become more affordable over time. If your income gradually increases over the long haul, fixed monthly payments can become easier to manage. The extra income can also help you chip away at your loan balance more quickly.
Cons
- Your mortgage rate may be higher: Since 30-year mortgages include more risk than shorter-term mortgages, lenders typically charge higher rates.
- You’ll pay more interest over time: Since your mortgage term is stretched over a longer time period, you’ll pay more in interest than you would with a shorter-term loan.
- Your equity will grow more slowly: During the first several years of a 30-year term, a larger portion of your monthly payments go toward interest than principal, meaning it’ll take longer for you to build home equity.
A 30-year mortgage costs a small fortune in interest payments over the years. You could shorten that commitment and lower the total interest you pay by getting a 15-year mortgage, but the trade-off is typically a monthly payment that is hundreds of dollars higher than you’d have with a 30-year mortgage. That makes the 30-year mortgage a far more appealing and realistic option.
How are mortgage rates determined?
Factors you can control:
- Your credit score. A lower score usually helps you access lower interest rate offers.
- Your down payment amount. A larger down payment reduces your loan-to-value (LTV) ratio and total loan amount, both of which can help bring down your total loan costs.
- Debt-to-income (DTI) ratio. Lenders use DTI ratios to assess how risky it is to lend to you, and, by extension, how expensive they should make your loan. Lower debt typically unlocks lower rates.
Factors you can’t control:
- Inflation. When inflation rises, mortgage rates typically also creep up.
- Federal Reserve rate cuts. The Fed’s cuts influence the broader market, but don’t directly determine most mortgage interest rates.
- The bond market. Mortgage rates are tied to the 10-year U.S. Treasury note rate, so movements in the bond market are an important factor in determining mortgage rates.
Factors you can improve by comparison shopping:
The rates you’ll be offered will vary by mortgage lender, since each lender has its own risk tolerance, overhead expenses and underwriting requirements. Shopping around and negotiating your rate and fees are all excellent ways to make sure you’re getting a good deal on a mortgage.
Next steps in the homebuying process
- Learn about how much house you can realistically afford with our home affordability calculator.
- Estimate your monthly payments using our mortgage payment calculator.
- Explore first-time homebuyer programs in your state.
Frequently asked questions
There will always be some level of uncertainty when it comes to the decision to lock your mortgage rate, since rates are often volatile. Generally speaking, it’s a good idea to lock in your rate as soon as possible so you don’t get stuck with a higher rate. But keep in mind there’s a risk that rates could go down, and you’ll still be locked into the higher rate.
The monthly principal and interest payment would be about $665. This assumes a 20% down payment, and doesn’t include property taxes, homeowners insurance or HOA fees.
One of the best ways to get a lower mortgage rate is to compare offers from multiple lenders, since rates and fees vary between companies. You can also work on increasing your credit score or paying off debt before applying for a mortgage.
Yes, it’s possible to refinance a 30-year mortgage — and it can be beneficial if it helps you secure a lower rate, reduce your monthly payments or save on interest charges in the long run. Keep in mind you’ll pay refinance closing costs, which can run up to 5% of your loan amount. It’s important to calculate your break-even point, which is how long it takes for the benefits of refinancing to outweigh the costs.