Compare Current 30-Year Mortgage Rates

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How to compare the best 30-year 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 rates 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.

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?

In early 2021, homebuyers enjoyed a very low 2.74% average mortgage rate on 30-year fixed-rate loans, but since then, rates have increased rapidly. By October 2022, the average 30-year fixed mortgage rate had more than doubled, reaching 6.92% for the first time since 2008. While these rates aren’t exceptionally high from a historical perspective, they can be challenging to deal with — especially when combined with today’s red-hot housing prices.

Borrowers can still get a competitive 30-year fixed-rate mortgage if they have a strong credit score and shop around before getting a loan. Despite the higher rates, there may be plenty of opportunities for buyers to get a mortgage without breaking the bank.

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 a low 30-year mortgage rate

Here are six simple steps you can take to get the lowest 30-year mortgage rates.
  1. Work on your credit score. Borrowers with credit scores of 740 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 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 dig a little deeper as you compare loan offers. 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.

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. Most 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

ARMs only make sense if you have short-term savings needs and plan to sell or refinance your home before the adjustable-rate period kicks in.

Frequently asked questions

Lenders look at your debt-to-income (DTI) ratio to determine how much you can afford based on the loan you apply for. Most loan programs allow for a 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 for the life of your loan. If closing costs are the only thing standing between you and homeownership, however, lender credits may be worth considering.