Compare Current 30-Year Mortgage Rates in October 2024

Rates are dropping!
30-year mortgage rates currently average 6.92% for purchase loans and 7.15% for refinance loans.

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree's Terms of Use for more details.

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Current 30-year mortgage and refinance interest rates

Loan Product	Interest Rate	APR
30-year fixed rate	6.92%	7.20%
30-year fixed rate refinance	7.15%	7.37%
FHA 30-year fixed rate	6.12%	6.80%
FHA 30-year fixed rate refinance	6.55%	7.24%
30-year 5/1 ARM	6.39%	7.65%
30-year 5/1 ARM refinance	6.59%	7.73%
VA 30-year 5/1 ARM	5.76%	6.56%
VA 30-year 5/1 ARM refinance	6.09%	6.78%
VA 30-year fixed rate	5.71%	5.91%
VA 30-year fixed rate refinance	6.10%	6.44%

Written by Rene Bermudez | Edited by Crissinda Ponder | Updated October 11, 2024

How to compare the best 30-year mortgage rates

Use an online rate comparison site to see mortgage rate offers from different lenders side-by-side. This option can save you a lot of time and energy because you only have to enter your personal and financial information once to give it to many lenders. Get started below on LendingTree today!
Reach out to each lender yourself either by phone, in person, or online. This way you can talk to loan officers to understand what lender might be the best option for you. But you will need to fill out multiple applications to get rates to compare.

Are 30-year fixed mortgage rates going down?

Yes, mortgage rates are forecasted to trend down through 2024. Mortgage rates this year have been experiencing some drops, and now that the Federal Reserve cut rates by 0.5 percentage points in September, there is even more positive outlook on rates movement as the year closes.

Here are the U.S. weekly average rates from the Freddie Mac Primary Mortgage Market Survey, as of October 10, 2024:

30-year fixed-rate mortgage: 6.32%
15-year fixed-rate mortgage: 5.41%

This week, 30-year rates rose by 0.20 percentage points and 15-year rates increased by 0.16 percentage points. Our experts predict that, barring an unexpected increase in inflation, the Federal Reserve could make more rate cuts before the end of 2024. In response, mortgage rates should go down. This is good news for potential homebuyers looking to purchase in what has been the least affordable housing market since the 1980s.

While current 30-year mortgage rates aren’t exceptionally high from a historical perspective, they can be hard to deal with — especially when combined with a housing market affected by inventory shortages, high home prices and lower affordability.

30-year fixed-rate refinance trends

Refinance rates are usually slightly more expensive than purchase rates, but the two tend to move roughly in tandem. In today’s rates environment, you can expect about a 26-basis-point difference between what you’ll pay to refinance versus purchase. (That said, on a $400,000 loan that’s likely only going to affect your monthly payment by about $69, so it shouldn’t be a huge concern.)

What is a 30-year fixed-rate mortgage?

A 30-year fixed-rate mortgage is a home loan repaid over 30 years with an interest rate that does not change. The 30-year period is your “loan term,” and usually gives you the lowest monthly payment compared to shorter terms.

Mortgage interest rates on 30-year mortgages are often higher than shorter-term mortgages, like 15-year fixed-rate loans. You also pay more interest over 30 years than with a shorter loan term. Check out an amortization schedule to compare the differences in monthly payments and total interest paid for a 15-year versus a 30-year mortgage.

Learn more about 15-year vs 30-year mortgages.

On this page

What is a 30-year fixed-rate mortgage?
How do mortgage rates work?
How to get the lowest 30-year fixed rates today
Pros and cons of 30-year mortgage rates
30-year fixed mortgage rates vs ARM loan rates
When should you refinance a 30-year mortgage?
Frequently asked questions
Current 30-year mortgage rates by state

How do mortgage rates work?

Mortgage rates can change daily and can even rise or fall hourly. If you see rates that work with your finances, get a rate lock from your lender so you don’t lose access to that interest rate in the time it takes to find your dream home and close on your loan.

How mortgage rates are determined for each borrower

Mortgage lenders account for the following factors to determine your mortgage rate:

Credit score
Down payment amount
Loan type
Intended use of the home (e.g., primary vs. investment property)
Closing costs

How to get the lowest 30-year fixed mortgage rates today

Raise your credit score. Those with 780+ credit scores tend to get the lowest interest rates. Paying off credit card balances and making payments on time will help keep your credit score in good shape.
Make a bigger down payment. Lenders often charge higher rates for low-down-payment loans because there’s more risk that the borrower might default. Adding some extra cash to your down payment will help reduce that risk and usually snag you a lower rate.
Avoid tapping too much equity. Lenders typically charge a premium for a cash-out refinance compared to a rate-reduction refi because taking on a bigger mortgage with a cash-out refinance increases the risk you’ll default. Only borrow what you need — the extra home equity could be handy later if you suddenly need to sell your home.
Shop with multiple lenders. Studies have shown that shopping with three to five mortgage lenders can get you a lower mortgage rate, which could save you thousands of dollars over 30 years. Rates change daily, so collect your loan estimates on the same day for the best comparison. You can start by reviewing our top mortgage lender choices below.
Compare APRs, not just interest rates. Many lenders advertise interest rates, but you should dig a little deeper as you compare quotes. Annual percentage rates (APRs) are a truer measure of the costs of borrowing with a given loan, since an APR includes lender fees and closing costs along with home loan interest rates.
Pay mortgage points. The cost to buy one point is equal to 1% of your loan amount. Paying mortgage points lowers your mortgage rate, which can save you thousands of dollars in interest over the life of your loan. Just be sure to calculate your break-even point — if you don’t plan to stay in your home long enough to make back the cost of the points, buying them isn’t a good idea.

Our picks for the best mortgage lenders

User ratings	LendingTree rating	Min. credit score
(1,419) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Read review Best mortgage lender for refinance loans	Not disclosed	Get Offers
(2,616) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Read review Best mortgage lender for VA loans	580	Get Offers
(36) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Read review Best mortgage lender for jumbo loans	Not disclosed	Get Offers
(952) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Read review Best lender for online mortgage experience	620	Get Offers
(15,030) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Read review Best mortgage lender for FHA loans	600	Get Offers
User reviews coming soon	Read review Best lender for home equity loans	580 to 620	Get Offers
(79,755) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services.	Read review Best lender for overall mortgage loan variety	580 to 620	Get Offers

Learn more about how we chose our list of the best mortgage lenders.

Pros and cons of 30-year mortgage rates

A 30-year loan term is the longest fixed-rate mortgage term normally offered. Still, there are tradeoffs with choosing a 30-year loan term over a fixed-rate loan with a shorter term.

Pros	Cons
Lower monthly payment compared to a 15-year mortgage Qualify for a higher loan amount and a more expensive home More room in your budget to accomplish other financial goals May get a bigger tax write-off because you'll be paying more interest	Higher interest rate than a 15-year mortgage Won't build home equity as quickly as a shorter loan term Pay more interest over the life of the loan May tempt you to spend more because you can get a larger loan

Ready to compare mortgage lenders? Get Rate Offers from Top Lenders Today

30-year fixed mortgage rates vs. ARM rates

As 30-year fixed rates increase, ARM loans grow more popular because they often offer a lower starting rate that remains for three, five or seven years. This means you start out with lower monthly payments for a set number of years, which can help you save money.

But once the “teaser” initial rate period expires, your monthly payment could go up based on the terms of the program you chose.

See current ARM loan rates today.

Benefits of ARM loans include:

A lower initial rate than comparable 30-year fixed-rate mortgages
A yearly cap on how much the rate can increase once the teaser rate period expires
A lifetime cap on how much the rate can rise

For most people, an ARM only makes sense if you want to build your short-term savings and plan to sell or refinance the home before the adjustable-rate period kicks in. If you aren’t prepared to take on potentially higher monthly mortgage payments once your ARM rate changes, an adjustable-rate mortgage is probably not the option for you.

Example: How does a 30-year fixed-rate mortgage compare to an ARM loan?

Let’s say you want to compare potential monthly payments on a 30-year fixed-rate mortgage versus a 5/1 ARM that’s used to buy a $350,000 home with a $50,000 down payment.

	30-year fixed	5/1 ARM
Interest rate	6.875%	5.98%
Monthly payment (principal and interest)	$1,970.79	$1,794.80

→ As you can see in the table, a 5/1 ARM you could lower your monthly payments by $176 for the first five years.

Interested in comparing loans using different rates? Use our mortgage payment calculator to estimate your monthly payment with different interest rates.

When should you refinance a 30-year mortgage?

You should refinance a 30-year mortgage if you’ll make back your closing costs by paying less to your mortgage before you sell your home. This is called your break-even point, and it’s calculated by dividing your closing costs by your monthly savings. However, there are some other reasons you should consider refinancing a 30-year mortgage:

You need to pay off large credit card debt. Interest charged on credit card debt is usually much more than interest you pay on a 30-year mortgage. Paying off revolving debt with a refinance also has an added bonus: Your credit score may go up.

You want to get rid of mortgage insurance. If you made a small down payment to buy your home but your home value has gone up, a refinance could help you get a lower rate and get rid of your monthly private mortgage insurance (PMI) payments.

You want to get rid of your FHA loan and FHA mortgage insurance. If you have an FHA loan, which is a mortgage backed by the Federal Housing Administration (FHA), refinancing to a conventional mortgage is the only way to get rid of the FHA mortgage and its required FHA mortgage insurance.

Your adjustable-rate mortgage (ARM) rate is about to rise. If your ARM rate is about to go up, a refinance to a 30-year fixed-rate loan will give you a stable monthly payment.

You need cash for a major renovation or life expense. You can spread out the cost of an expensive home improvement project with a 30-year fixed-rate cash-out refinance.

Ready to compare top 30-year refinance rates and lenders?

Get Personalized Refinance Offers

How to apply for a 30-year mortgage

Learn about your options. Read up on common mortgage loan types. You don’t have to memorize every detail, but it’s important to understand the mortgage choices available to you.
Review your finances. Sit down and assess where a future mortgage payment could fit into your household budget. How much house can you afford, and how much do you need?
Gather financial documents. Getting a mortgage involves a lot of paperwork, and having the correct documents ready to go can help you avoid a lot of headaches.
Choose a lender. Look at three to five lenders minimum before making your final decision. It may sound simple, but it’s a tried-and-true way to save money.
Fill out an application. Online mortgage lenders are common these days, but if you’re more comfortable with an in-person experience, you can choose a lender with a local location.

Mortgage requirements for 2024

Minimum credit score: 500 to 640, depending on loan type
Minimum down payment: 0% to 3.5%, depending on loan type
DTI ratio: 41% to 45%, depending on loan type

Read more about the minimum mortgage requirements for 2024.

Ready to apply for custom offers today? See Top Mortgage Lenders and Rates

Frequently asked questions

Lenders look at your debt-to-income (DTI) ratio, which compares your gross monthly income to your debts, to determine how much you can afford. Lenders usually consider a DTI ratio under 35% to be “good,” but you may qualify for a loan even with a higher DTI. Most loan programs allow for a maximum DTI ratio between 41% and 45%.

Common mortgage loan types include conventional, FHA, USDA and VA loans. Borrowers with unique needs can also utilize non-qualifying loans that cater to specific financial situations or property types.

The process for refinancing a home is usually very similar to applying for any mortgage, with one big exception: streamline refinance loans. They’re called “streamline” because they’re faster and have far fewer hoops to jump through compared with standard refinances. The main catch, though, is that they can only be used to refinance a VA loan into a new VA loan, or to refinance an FHA loan into a new FHA loan.

The two streamline refinance programs are: VA interest rate reduction refinance loan (IRRRLs) and FHA streamline refinances.

Both purchase and refinance closing costs usually run about 2% to 6% of the loan amount.