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How to compare the best 30-year rates in three easy steps

  1. Enter your information into the fields below
  2. Review the best 30-year mortgage rate offers from several lenders
  3. Pick the best offer and start saving


Checking mortgage rates regularly is a good way to save money on closing costs and interest charges over the life of a home loan. Depending on the news or events of the day, 30-year mortgage rates change daily and can even spike or drop hourly.

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 system.

What is a 30-year, fixed-rate mortgage?

A 30-year, fixed-rate mortgage is a home loan repaid over 30 years. The lending term for the 30-year period is your “loan term,” and 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.

Are 30-year mortgage rates going down?

The record low 30-year mortgage rates of early 2021 have been replaced by rates of nearly 5% or higher, according to Jacob Channel, senior economic analyst for LendingTree. While these rates aren’t exceptionally high from a historical perspective, they can be challenging to deal with combined with today’s 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


  You’ll make a lower monthly payment than with a shorter-term loan

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

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

  You may get a bigger tax write-off

  You’ll usually have a higher interest rate

  You won’t build home equity as quickly

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

  You may buy more house than you can afford

How to get a low 30-year mortgage rate

There are five simple steps you can take to get the lowest 30-year mortgage rates.
  1. Work on your credit scores. 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 tiptop 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 dollars 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 just want 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 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. Pay mortgage points. A point is equal to 1% of your loan amount. Paying mortgage points could lower your 30-year rate by as much as 25 percentage points. Just make sure you calculate your break-even point and plan to stay in your home long enough to recoup the discount point cost.

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. Paying off revolving debt 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 mortgage insurance.

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-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?

If 30-year fixed rates are increasing, your loan officer may suggest an ARM loan to save you money if you need a lower monthly payment for a set number of years. 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

Your interest rate is the amount your lender charges to finance your home purchase. APR is short for annual percentage rate and factors in all the costs you’ll pay to get a mortgage. The bigger the difference between your interest rate and APR, the more you’ll pay in closing costs.

Lenders look at your debt-to-income (DTI) ratio to determine how much you can afford based on the loan program you apply for. Government-backed loans usually allow for more DTI ratio exceptions than conventional loans.

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.