Jeff Ostrowski Jeff Ostrowski
Written by
Suzanne De Vita Suzanne De Vita
Edited by
Greg McBride, CFA Greg McBride, CFA
Reviewed by
Suzanne De Vita Suzanne De VitaEdited by
Greg McBride, CFA Greg McBride, CFAReviewed by
Apr. 22, 2024
Advertiser Disclosure
You have money questions. Bankrate has answers.
Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate is an independent, advertising-supported publisher and comparison service. We arecompensatedin exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to stricteditorial guidelines.
Our advertisers do not compensate us for favorable reviews or recommendations. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information.
Compare personalized rates in your area to find a lender
COMPARE
Top offers on Bankrate vs. the national average interest rateHover for more
Hover for more
How our rates are calculated
- Thenational averageis calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
Bankratetop offersrepresent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
Top offers on Bankrate:6.68%
National average:7.23%
For the week of April 19th, top offers on Bankrate are X% lower than the national average.On a $340,000 30-year loan, this translates to $XXX in annual savings.
Today's national 30-year mortgage interest rate trends
On Monday, April 22, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.29%, increasing 24 basis points since the same time last week. If you're looking to refinance your current mortgage, the national interest rate for a 30-year fixed refinance is 7.30%, rising 23 basis points over the last week. Mortgage rates have shifted around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly fall, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.
Here's how it works:
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
Jeff Ostrowski Jeff OstrowskiWritten by
Suzanne De Vita Suzanne De VitaEdited by
Greg McBride, CFA Greg McBride, CFAReviewed by
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
On Monday, April 22, 2024, the national average 30-year fixed mortgage APR is 7.34%. The average 30-year fixed refinance APR is 7.34%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Monday, April 22, 2024, the national average 30-year fixed mortgage APR is 7.34%. The average 30-year fixed refinance APR is 7.34%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
- National mortgage interest rate trends
- Mortgage news this week
- How to compare 30-year fixed mortgage rates
- Compare mortgage lenders side by side
- Pros and cons of a 30-year mortgage
- 30-year mortgage FAQ
Weekly national mortgage interest rate trends
Current mortgage rates
| 30 year fixed | 7.23% | |
| 15 year fixed | 6.70% | |
| 10 year fixed | 6.54% | |
| 5/1 ARM | 6.68% |
Today's national 30-year mortgage interest rate trends
On Monday, April 22, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.29%, increasing 24 basis points since the same time last week. If you're looking to refinance your current mortgage, the national interest rate for a 30-year fixed refinance is 7.30%, rising 23 basis points over the last week. Mortgage rates have shifted around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly fall, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.
Mortgage news this week
30-year mortgage rate now at 7.3%
The average rate on a 30-year fixed mortgage jumped to 7.33 percent as of April 17, according to Bankrate’s weekly national survey of large lenders.
While many variables impact mortgage prices, the big focus right now is inflation and the Federal Reserve’s response to it. This week, the annual inflation number came in at a higher-than-expected 3.5 percent.
“Retail sales is the latest key data point that was much stronger than expected,” says Melissa Cohn of William Raveis Mortgage. “Inflation is also not going in the right direction, having increased recently. [Federal Reserve Chair Jerome] Powell made it clear in his latest speech that it will take longer than expected for the Fed to have sufficient confidence that inflation is moving back to the 2 percent goal. As such, rates will continue to remain higher for longer.”
While the Fed doesn't directly set 30-year fixed mortgage rates, its monetary policies do influence their direction. The rate on 30-year mortgages, specifically, moves with the 10-year Treasury yield, which topped 4.6 percent recently.
Learn more: How the Federal Reserve impacts mortgage ratesForecasters have begun to rethink predictions that rates will trend down throughout the year, especially as the prospect of a Federal Reserve rate cut moves further down the line. At its March meeting, the central bank again left rates untouched.
Learn more: Historical 30-year mortgage rates
Current mortgage and refinance interest rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.29% | 7.34% |
| 20-Year Fixed Rate | 7.15% | 7.21% |
| 15-Year Fixed Rate | 6.74% | 6.82% |
| 10-Year Fixed Rate | 6.61% | 6.68% |
| 5-1 ARM | 6.68% | 7.92% |
| 10-1 ARM | 7.03% | 7.98% |
| 30-Year Fixed Rate FHA | 7.13% | 7.18% |
| 30-Year Fixed Rate VA | 7.28% | 7.32% |
| 30-Year Fixed Rate Jumbo | 7.38% | 7.44% |
Rates as of Monday, April 22, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.30% | 7.34% |
| 20-Year Fixed Rate | 7.16% | 7.22% |
| 15-Year Fixed Rate | 6.77% | 6.85% |
| 10-Year Fixed Rate | 6.63% | 6.71% |
| 5-1 ARM | 6.56% | 7.83% |
| 10-1 ARM | 7.03% | 7.97% |
| 30-Year Fixed Rate FHA | 7.19% | 7.24% |
| 30-Year Fixed Rate VA | 7.77% | 7.80% |
| 30-Year Fixed Rate Jumbo | 7.39% | 7.44% |
Rates as of Monday, April 22, 2024 at 6:30 AM
How to get the best 30-year mortgage rate
If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:
- Decide whether a 30-year mortgage rate is right for you. The 30-year term is the most popular option, but it’s far from the only one. Depending on the lender you work with, you might be able to apply for fixed-rate loans amortized over anywhere from eight to 29 years.
- Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment.
- Compare the interest rate and APR:The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points.
- Consider the lender’s ratings and your experience: Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have had to say about the lender, too.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1063reviews
Read full lender review
Pros and cons of a 30-year mortgage
Prosof a 30-year mortgage
- Lower monthly payment: Repaying a mortgage over 30 years means you’ll have lower, more affordable payments spread out over time compared to shorter-term loans like 15-year mortgages.
- Stability: Having a consistent principal and interest payment helps you better map out your housing expenses for the long term. (Your overall monthly housing expenses can change, however, if your homeowners insurance and property taxes go up or down.) Of course, this is only true if your mortgage has a fixed rate. An adjustable-rate mortgage won’t give you this same benefit for the whole life of the loan.
- Buy more house: With lower payments, you might be able to qualify for a larger loan amount and afford a more expensive home.
- More financial flexibility: Lower monthly payments can provide more cushion in your budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Consof a 30-year mortgage
- More total interest paid: Stretching out repayment over 30 years means you’ll wind up paying more in interest overall than you would with a shorter-term loan.
- Higher mortgage rates: Lenders usually charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer amount of time.
- Becoming house poor: Just because you might be able to afford more house with a 30-year loan doesn’t mean you should overstretch your budget. Give yourself some breathing room for other financial goals and unexpected expenses.
- Slower equity growth: It will take longer to build equity in your home because most of your initial mortgage payments will go towards interest rather than paying down your principal amount.
30-year mortgage FAQ
Mortgage rates in other states
- United States
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington DC
- West Virginia
- Wisconsin
- Wyoming
