Compare Current 30-Year Mortgage Rates

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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How to compare the best 30-year mortgage rates in three easy steps

  1. Enter your information into the fields below using the dropdown menu choices. Then, click “update rates.”

  2. Review the best 30-year mortgage rate quotes from several lenders. Use the clickable headings in blue to switch between 30-year fixed mortgage rates and 30-year adjustable mortgage rates in the table below.

  3. Pick the best offer and start saving.

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Mortgage rates have come down since their high of 7.08% near the end of 2022, but fluctuated slightly between the beginning of this year and the end of February. Our experts predict that, barring an unexpected increase in inflation. mortgage rates will land in the realm of 6.5% over the coming months.

What is a 30-year fixed-rate mortgage?

A 30-year fixed-rate mortgage is a home loan repaid over 30 years. The 30-year period is known as your “loan term.” A 30-year term typically gives you the lowest monthly payment compared to other, shorter-term options.

Mortgage interest rates on 30-year mortgages are usually higher than shorter-term mortgages, such as a 15-year fixed-rate loan. You’ll also pay more interest over a 30-year term than with a shorter 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.

How do mortgage rates work?

Checking 30-year mortgage rates regularly can help you save money on closing costs and interest charges over the life of your home loan. Depending on the news or events of the day, mortgage rates may change daily and can even spike or drop hourly.

If you see rates that work with your finances, get a rate lock so that you won’t lose access to that interest rate in the time it takes you to find your dream home or close on your loan.

How mortgage rates are determined for each borrower

Mortgage lenders typically take into account the following factors when offering you a mortgage rate:

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

How 30-year mortgage rates are determined on LendingTree’s platform: Mortgage quotes displayed on LendingTree are based on historical mortgage rate data from offers made to users through the LendingTree platform.

Are 30-year mortgage rates going down?

The past few years have given us rising interest rates, which in the fall of 2022 exceeded 7% for the first time in more than 20 years. Since then we’ve seen rates come down a bit and, in the first few months of 2023, hover between 6.09% and 6.73%. While these rates aren’t exceptionally high from a historical perspective, they can be challenging to deal with — especially when combined with a national housing market beset by inventory shortages and, as a result, high home prices and reduced affordability.

For those seeking the lowest possible entry point, adjustable-rate mortgages (ARMs) hold great appeal since they tend to offer the lowest interest rates and monthly payments during their introductory periods. Buyers have shown a growing interest in ARMs over the past few years, and offers for ARMs more than tripled on the LendingTree platform between the first half of 2021 and the first half of 2022.

  Conventional ARM loan rate changes in 2023

Starting May 1, 2023, borrowers taking out conventional loans with adjustable rates might have to pay an extra fee at closing or face higher interest rates. The fee will only apply to borrowers taking out an ARM with a loan-to-value (LTV) ratio higher than 90% and will be calculated at 0.25% of the loan amount.

Pros and cons of 30-year mortgage rates

A 30-year term is the longest fixed-rate loan term typically available. But, there are tradeoffs with choosing a 30-year loan term over a fixed-rate loan with a shorter term.


  You’ll enjoy a lower monthly payment as compared to a 15-year mortgage

  You’ll qualify for a higher loan amount and a more expensive home

  You’ll have more room in your budget to accomplish other financial goals

  You may get a bigger tax write-off because you’ll be paying more interest 

  You’ll usually have a higher interest rate than a 15-year mortgage

  You won’t build home equity as quickly 

  You’ll pay more interest over the life of the loan

  You may be tempted to buy more house than you need 

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

Here are seven simple steps you can take to get the lowest 30-year fixed mortgage rates.

  1. Work on your credit score.

    Borrowers with credit scores of 740 or higher typically receive the lowest interest rates. For conventional loans, starting May 2023 those with a 780 score or higher will see the best rates. Paying off credit card balances and making payments on time will help keep your credit scores in good shape.

  2. Make a bigger down payment.

    Lenders often charge higher rates for low-down-payment loans because there’s more risk the borrower might default. Adding some extra cash to your down payment will help reduce that risk and usually snag you a lower rate.

  3. Avoid tapping too much equity.

    Lenders typically charge a premium for a cash-out refinance compared to a rate-reduction refi because there’s a higher risk you’ll default by taking on a bigger mortgage. Borrow only what you need — the extra equity may come in handy later if you suddenly need to sell your home.

  4. Shop with multiple lenders.

    Studies have shown that shopping with three to five mortgage lenders can get you a lower rate, which could mean thousands of dollars in savings over 30 years. Rates change daily, so collect your loan estimates on the same day for apples-to-apples comparisons.

  5. Compare APRs, not just interest rates.

    Many lenders advertise the interest rates they offer, 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 because an APR includes lender fees and closing costs, in addition to the interest rate.

  6. 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 make sure you calculate your break-even point — if you don’t plan to stay in your home long enough to recoup the cost of the discount points, buying them isn’t a good idea.

  7. Reduce your debt-to-income (DTI) ratio.

    Beginning Aug. 1, 2023, conventional loan borrowers will pay an extra fee or be charged a higher interest rate if their DTI ratio is higher than 40% and they’re borrowing more than 60% of their home’s value.

30-year fixed-rate refinance trends

Refinance rates are usually slightly more expensive than purchase rates, but the two tend to move up and down roughly in tandem. In today’s rates environment, you can expect about a 24-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 $63, so it shouldn’t be a huge concern.)

When should you refinance a 30-year mortgage?

You should refinance a 30-year mortgage if you’ll recoup your closing costs 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 maxed-out credit cards

The interest charged on credit card debt is usually far higher than the interest you’ll have to pay on a 30-year mortgage. Paying off revolving debt with a refinance also has an added bonus: Your credit score may bump up.

  • You want to get rid of mortgage insurance

If you made a small down payment to buy your home but values have been skyrocketing in your area, a refinance could help you get a lower rate and drop your monthly private mortgage insurance (PMI) payments.

  • You want to pay off an FHA mortgage

If you recently took out a mortgage with a 3.5% down payment backed by the Federal Housing Administration (FHA), refinancing to a conventional mortgage is the only way you’ll get rid of FHA mortgage insurance.

  • Your adjustable-rate mortgage (ARM) rate is about to rise

If you’ve received a notice that 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

Spread out the cost of a kitchen remodel or other high-cost home improvement project with a 30-year fixed-rate cash-out refinance. You can also choose a 30-year term on a renovation loan to finance your fixer-upper costs based on the estimated value of your home after the improvements are complete (a cash-out refinance is based on your home value before improvements).

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

As 30-year fixed rates are increasing, ARM loans are growing in popularity because they offer lower monthly payments for a set number of years, which can help borrowers save money. Many lenders offer ARMs with a lower initial rate that’s fixed for three, five or seven years. However, once the “teaser” rate period expires, your monthly payment could go up based on the terms of the program you chose.

Highlights 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 have short-term savings needs and plan to sell or refinance your home before the adjustable-rate period kicks in.

30-year fixed mortgage rates vs. ARM rates

Here’s an example comparing the potential monthly payments on a 30-year fixed-rate mortgage versus a 5/1 ARM used to buy a $350,000 home with a $50,000 down payment. As you can see in the table below, if you chose a 5/1 ARM you could enjoy monthly payments that are $176 cheaper for the first five years.

RateMonthly payment (principal and interest)
30-year fixed6.875%$1,970.79
5/1 ARM5.98%$1,794.80

If you’d like to do further calculations comparing loans with different rates, use the mortgage calculator below:

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More mortgage resources and tools

  • How much house can I afford? Calculate how much you should spend on a home based on your current income and debt.
  • APR vs. interest rate. Learn the difference between APR and interest rate so that you can shop for home loans with confidence.
  • Understanding closing costs. Get an idea of how much you’ll pay in total, and what sorts of individual charges and fees you might be asked to pay at closing.
  • Rent vs. buy calculator. Find out if it makes more sense for you to rent or buy in your current location.

Frequently asked questions

Lenders look at your DTI ratio to determine how much you can afford based on the loan you apply for. Most loan programs allow for a maximum DTI ratio between 41% and 45%.

Once you’ve received a loan estimate that fits your needs, you should ask for a rate lock. Provide the requested loan paperwork quickly so your loan closes before the rate expires and you avoid costly extension fees.

A lender credit is a cash credit your lender may offer to cover some or all of your closing costs if you’re willing to pay a higher interest rate. Although you’ll save money at closing, you’ll spend more on interest charges over the life of your loan. If closing costs are the only thing standing between you and homeownership, however, lender credits may be worth considering