Compare 30-year mortgage rates
Find and compare the current 30-year mortgage rates available in your area. A 30-year fixed-rate mortgage allows you to buy or refinance a home with affordable monthly payments.
About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
On Wednesday, Nov. 25, 2020, the average rate on a 30-year fixed-rate mortgage dropped three basis points to 2.87%, the average rate on a 15-year fixed-rate mortgage rose one basis point to 2.47% and the average rate on a 5/1 ARM went up one basis point to 2.941%, according to a NerdWallet survey of mortgage rates published daily by national lenders. A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR. The 30-year fixed-rate mortgage is one basis point lower than one week ago and 114 basis points lower than one year ago.
Current mortgage and refinance rates
|30-year fixed rate||2.768%||2.870%|
|15-year fixed rate||2.275%||2.470%|
|5/1 ARM rate||2.698%||2.941%|
Data source: NerdWallet mortgage rate index
What is today’s 30-year fixed mortgage rate?
On November 25, 2020, the average rate on the 30-year fixed-rate mortgage is 2.87%. Rates are quoted as annual percentage rate (APR).
How do I find current 30-year mortgage rates?
NerdWallet’s mortgage rate tool can help you find competitive 30-year mortgage rates. In the filters above, enter a few details about the loan you’re looking for, and you’ll get a personalized rate quote in moments, without providing any personal information. From there, you can start start the process of getting approved for your home loan. It’s that easy
A 30-year fixed-rate mortgage is the most common term of mortgage. It provides the security of a fixed principal and interest payment, and the flexibility to afford a larger mortgage loan because the payments are more affordable — they’re spread out over three decades.
How do I compare current 30-year fixed mortgage rates?
The more lenders you check out when shopping for mortgage rates, the more likely you are to get a lower interest rate. Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the mortgage.
With NerdWallet’s easy-to-use mortgage rate tool, you can compare current 30-year home loan interest rates — whether you’re a first-time home buyer looking at 30-year fixed mortgage rates or a longtime homeowner comparing refinance mortgage rates.
How do I find personalized 30-year mortgage rates?
NerdWallet’s mortgage rate tool can help you find competitive 30-year mortgage rates. Specify the property’s ZIP code and indicate whether you’re buying or refinancing. After clicking "Get Started", you’ll be asked the home’s price or value, the size of the down payment or current loan balance, and the range of your credit score. You’ll be on your way to getting a personalized rate quote, without providing personal information. From there, you can start the process to get preapproved for your home loan. It’s that easy.
What is a good 30-year fixed mortgage rate?
A 30-year fixed-rate mortgage is a home loan that maintains the same interest rate and monthly principal-and-interest payment over the 30-year loan period. With a rate that lasts the length of the loan, you’ll want the best rate you can get. Since your rate is most directly impacted by your credit score and down payment, you’ll want to make sure your credit file is accurate — and make a down payment that’s as much as you can easily afford.
Getting a good deal on a mortgage is like getting a good deal on a car. You do online research, you talk with friends and family, and then you comparison-shop. That last step, which involves applying with multiple lenders, is the most important step.
When you compare loan offers using the Loan Estimates, you’ll feel confident when you identify the offer that has the best combination of rate and fees.
A Freddie Mac report concluded that a typical borrower can expect to save $400 in interest in just the first year by comparison-shopping five lenders instead of applying with just one lender. Over several years, comparison-shopping for a mortgage can save thousands of dollars. That’ll give you something you can brag about.
The 30-year fixed isn’t your only option. The 15-year fixed loan is common among refinancers. Adjustable-rate mortgages have low monthly payments during the first few years of the loan, making them popular for high-dollar loans.
Do 30-year fixed loans have better mortgage rates?
Longer-term mortgages typically have higher interest rates than shorter-term loans. So a 30-year loan will have a higher rate than a 15-year loan, for example. However, your monthly payments will be lower because you’re paying your loan back over a much longer period of time.
Of course, that also means you’re also paying much more in interest.
Pros and cons of a 30-year fixed mortgage
While the 30-year fixed mortgage is the most popular type of home loan, it isn’t for everyone. Here are some benefits and drawbacks to the 30-year fixed:
Lower payments. Because they’re spread out over 30 years, the monthly payments on a 30-year fixed mortgage are lower than for loans with shorter terms.
Flexibility. You’re welcome to make the minimum monthly payment. But if you want to shrink your debt faster, you can make larger extra payments or extra ones. When you don’t have spare money hanging around, you can go back to making the minimum monthly payments.
Predictability. Because it’s a fixed rate, the monthly principal and interest payments are the same over the life of the loan. Keep in mind that the payments include taxes and insurance, which can go up and even sometimes go down.
Bigger loan. Because the monthly payments on a 30-year loan are smaller than on a shorter loan (such as 20 or 15 years), you can borrow more.
Higher interest rate. Because the lender is tying up its money longer, the interest rate on 30-year fixed mortgage is higher than on, say, a 15-year loan.
More interest overall: You pay more interest over the life of a 30-year mortgage because you make more payments.
You risk borrowing too much. A 30-year loan lets you borrow more, which could tempt you into taking out a loan that’s too big. You might afford the monthly payments, but lack money for vacations, dining out, new cars and other discretionary spending.
How are 30-year fixed mortgage rates set?
At a high level, mortgage rates are determined by economic forces that influence the bond market. You can’t do anything about that, but it’s worth knowing: Bad economic or global political worries can move mortgage rates lower. Good news can push rates higher.
What you can control are the amount of your down payment and your credit score. Lenders fine-tune their base interest rate on the risk they perceive to be taking with an individual loan.
So their base mortgage rate, computed with a profit margin aligned with the bond market, is adjusted higher or lower for each loan they offer. Higher mortgage rates for higher risk; lower rates for less perceived risk.
So the bigger your down payment and the higher your credit score, generally the lower your mortgage rate.
» MORE: Get your credit score for free
What’s the difference between interest rate and APR?
The interest rate is the percentage that the lender charges for borrowing the money. The APR, or annual percentage rate, is supposed to reflect a more accurate cost of borrowing. The APR calculation includes fees and discount points, along with the interest rate.
APR is a tool used to compare loan offers, even if they have different interest rates, fees and discount points.
A major component of APR is mortgage insurance — a policy that protects the lender from losing money if you default on the mortgage. You, the borrower, pay for it.
Lenders usually require mortgage insurance on loans with less than 20% down payment (in a home purchase) or less than 20% equity (in a refinance).
Learn more about fixed-rate loans:
Check out our other mortgage and refinance tools
Get your true budget and find a home with ease.
AgentsFind a real estate agent
Get matched with a top agent in your area.
CalculatorCalculate your mortgage
Figure out your estimated payments the easy way.
CalculatorShould You Refinance
Calculate how much you can save by refinancing
Mortgage rates by loan type
- 30-year fixed mortgage rates
- 20-year fixed mortgage rates
- 15-year fixed mortgage rates
- 10-year fixed mortgage rates
- 7/1 ARM mortgage rates
- 5/1 ARM mortgage rates
- 3/1 ARM mortgage rates
- Condo mortgage rates
- Conventional mortgage rates
- Investment property mortgage rates
- Second home mortgage rates
- FHA mortgage rates
- VA mortgage rates
- Jumbo mortgage rates
Mortgage and refinance rates by state
- Alabama mortgage and refinance rates
- Alaska mortgage and refinance rates
- Arizona mortgage and refinance rates
- Arkansas mortgage and refinance rates
- California mortgage and refinance rates
- Colorado mortgage and refinance rates
- Connecticut mortgage and refinance rates
- Delaware mortgage and refinance rates
- District of Columbia mortgage and refinance rates
- Florida mortgage and refinance rates
- Georgia mortgage and refinance rates
- Hawaii mortgage and refinance rates
- Idaho mortgage and refinance rates
- Illinois mortgage and refinance rates
- Indiana mortgage and refinance rates
- Iowa mortgage and refinance rates
- Kansas mortgage and refinance rates
- Kentucky mortgage and refinance rates
- Louisiana mortgage and refinance rates
- Maine mortgage and refinance rates
- Maryland mortgage and refinance rates
- Massachusetts mortgage and refinance rates
- Michigan mortgage and refinance rates
- Minnesota mortgage and refinance rates
- Mississippi mortgage and refinance rates
- Missouri mortgage and refinance rates
- Montana mortgage and refinance rates
- Nebraska mortgage and refinance rates
- Nevada mortgage and refinance rates
- New Hampshire mortgage and refinance rates
- New Jersey mortgage and refinance rates
- New Mexico mortgage and refinance rates
- New York mortgage and refinance rates
- North Carolina mortgage and refinance rates
- North Dakota mortgage and refinance rates
- Ohio mortgage and refinance rates
- Oklahoma mortgage and refinance rates
- Oregon mortgage and refinance rates
- Pennsylvania mortgage and refinance rates
- Rhode Island mortgage and refinance rates
- South Carolina mortgage and refinance rates
- South Dakota mortgage and refinance rates
- Tennessee mortgage and refinance rates
- Texas mortgage and refinance rates
- Utah mortgage and refinance rates
- Vermont mortgage and refinance rates
- Virginia mortgage and refinance rates
- Washington mortgage and refinance rates
- West Virginia mortgage and refinance rates
- Wisconsin mortgage and refinance rates
- Wyoming mortgage and refinance rates