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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Current 30-year mortgage rates are averaging 7.22%.*
*Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day 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.

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. If you’d like, you can use the clickable headings in blue to switch between 30-year fixed mortgage rates, 15-year fixed mortgage rates and 30-year 5/1 adjustable mortgage rates (if available) in the table below.
  3. Pick the best offer and start saving.
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Are 30-year fixed mortgage rates going down?

Yes, mortgage rates are finally drifting downward. The past few years have given us rising interest rates, which in the fall of 2022 — and again in the fall of 2023 — exceeded 7% for the first time in more than 20 years. Since then, however, we’ve seen rates drop and, in December 2023, finally go below 7%.

While these rates aren’t exceptionally high from a historical perspective, they can be challenging to deal with — especially when combined with a housing market beset by inventory shortages, high home prices and reduced affordability.

Mortgage rates have come down since their recent peak of 7.79% in October 2023, dropping consistently for nine weeks straight and finally dipping under 7%. This is good news for potential homebuyers looking to purchase in what has been the least affordable housing market since the 1980s. Our experts predict that, barring an unexpected increase in inflation, the Federal Reserve could make several rate cuts in 2024. In response, mortgage rates should continue to move downward.

 30-year fixed-rate refinance trends

Refinance rates are usually slightly more expensive than purchase rates, but the two tend to fluctuate 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.)

How do mortgage rates work?

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 you don’t lose access to that interest rate in the time it takes you to find your dream home and 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

Mortgage quotes displayed on LendingTree are based on historical mortgage rate data from offers made to users through the LendingTree platform.

 

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

  1. Work on your credit score. Borrowers with 780 credit scores or higher typically receive the lowest interest 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 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.
  3. Avoid tapping too much equity. Lenders typically charge a premium for a cash-out refinance compared to a rate-reduction refi, as taking on a bigger mortgage bumps up the risk you’ll default. 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, since 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 be sure to 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.
  Looking for top mortgage lenders? Check out our list of the best mortgage lenders of 2024.
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Pros and cons of 30-year mortgage rates

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

ProsCons

  •   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


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 initial rate that’s fixed for three, five or seven years. Many lenders offer adjustable-rate mortgages (ARMs) with lower monthly payments for a set number of years, which can help borrowers save money. However, once the “teaser” initial 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

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 fixed5/1 ARM
Interest rate6.875%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.

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.

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

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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).

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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%.

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