30-year mortgage rates
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Current mortgage rates
Check out the latest mortgage rates to see how today’s 30-year mortgage rates compare.
|Mortgage term||Average mortgage interest rate||Average refinance interest rate|
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Compare 30-year mortgage rate trends
Here are the lowest 30-year fixed rates each year, from 2012 to 2022:
In the past couple of decades, it wasn’t uncommon to see 30-year rates in the 5% to 6% range. Pre-2000, rates were even higher, sometimes reaching double digits. During the pandemic, rates reached historic lows, at times dropping below 3%.
But rates have risen from the historic lows of the pandemic, and they rose more than three percentage points last year. Rates started trending down later in 2022 and at the start of 2023, though they’ve recently started increasing again.
It’s likely that 30-year fixed rates will remain elevated for the near future, before dropping later this year.
What is a 30-year fixed-rate mortgage?
Fixed-rate mortgages lock in your rate for the entire life of your loan, and they come in a variety of term lengths. A 30-year loan is the most common term length for new mortgages, but lenders offer other term options.
A 30-year fixed-rate mortgage keeps your rate the same until you either make your final payment at the end of the 30 years or you sell or refinance.
Is a 30-year fixed mortgage a good deal?
If a low, stable monthly payment is important to you, a 30-year fixed-rate mortgage might be a good deal. But 30-year fixed rates are also higher right now than they’ve been in over a decade. If you want a lower interest rate, other options might suit you better.
Adjustable rates are lower than 30-year fixed rates, but your rate might increase once the intro rate period ends. This means that an ARM could be the better deal if you want to sell the home before your intro rate period ends, but a fixed rate may be better if you want to stay in the house for a long time.
You’ll also pay a lower rate with a shorter term, like a 20-year or 15-year fixed mortgage. That’s the general rule: The shorter your fixed-rate term, the lower the rate. And you’ll pay less interest over time with a shorter term, because the mortgage will be paid off sooner.
But your monthly payments will be lower with a 30-year mortgage than with a shorter term, because the loan payments are spread out over a longer amount of time.
The pros and cons of 30-year fixed mortgages
Compare 30-year fixed-rate mortgages to 15-year fixed-rate mortgages
To see the difference of what you’d pay on a 30-year mortgage compared to a 15-year mortgage, take a look at this example for a $250,000 loan, using average interest rates for January 2023, according to Freddie Mac data:
|Type of mortgage||30-year fixed-rate||15-year fixed-rate|
|Total interest paid||$305,317||$115,780|
As you can see, the 30-year fixed-rate mortgage has a significantly lower monthly payment. However, you’ll pay a lot more in interest over the life of the loan than you would with a 15-year fixed-rate mortgage.
But if keeping your monthly costs down is a priority, the 30-year mortgage would likely be the better fit.
How to get a good 30-year fixed rate
Lenders take your financial profile into consideration when determining an interest rate. The better your finances are, the lower your rate will be.
Lenders look at three main factors: down payment, credit score, and debt-to-income ratio.
- Down payment: Depending on which type of mortgage you take out, a lender might require anywhere from 0% to 20% for a down payment. But the higher your down payment is, the lower your rate will likely be.
- Credit score: Most mortgages require a minimum 620 credit score, and an FHA loan lets you get a mortgage with a 580 score. But the higher your score is, the better. To improve your score, try making payments on time, paying down debts, and letting your credit age.
- Debt-to-income ratio: Your DTI is the amount you pay toward debts each month in relation to your monthly income. Most lenders want to see a maximum DTI ratio of 36%, but you can land a lower rate with a lower DTI ratio. To decrease your DTI ratio, you either need to pay down debts or earn more money.
If you have a large down payment, excellent credit score, and low DTI ratio, then you should be able to get a good 30-year fixed rate.
Is a 30-year fixed mortgage a good fit for you?
You’ll probably like a 30-year fixed mortgage if you want relatively low monthly payments.
You might prefer a shorter term if you want to be aggressive about paying off your mortgage faster, and if you can afford higher monthly payments.
You don’t necessarily need to stay in a home for 30 years to benefit from a 30-year mortgage. Even if you plan to move in a few years, you can benefit from the low monthly payments.
You may prefer an adjustable-rate mortgage if you want to move before your intro period rate ends, because adjustable rates often start lower than fixed rates. For example, if you get a 7/1 ARM and move before the seven-year mark, you’ll never risk your rate increasing.
How do you find personalized 30-year fixed rates?
We’re showing national average mortgage rates, but you can find personalized rates based on your down payment amount, credit score, and debt-to-income ratio.
Use our free mortgage calculator to see how today’s 30-year rates will affect your monthly payments and long-term finances.
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Ways you can save:
- Paying a 25% higher down payment would save you $8,916.08 on interest charges
- Lowering the interest rate by 1% would save you $51,562.03
- Paying an additional $500 each month would reduce the loan length by 146 months
What’s the difference between a mortgage interest rate and APR?
When searching for rates, you’ll probably see two percentages pop up: interest rate percentage and annual percentage rate (APR).
The interest rate is the rate the lender charges you for taking out a mortgage.
The APR shows you the full cost of borrowing, not just the interest rate. A mortgage’s APR takes into account things like points and fees paid to the lender in addition to your interest rate.
The APR gives you a better idea of how much you’ll actually pay to get a mortgage.