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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.
Trends and insights
NerdWallet’s mortgage rate insight
On Thursday, August 18th, 2022, the average APR on a 30-year fixed-rate mortgage fell 1 basis point to 5.387%. The average APR on a 15-year fixed-rate mortgage fell 6 basis points to 4.632% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 6 basis points to 5.080%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 24 basis points higher than one week ago and 246 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
|30-year fixed-rate FHA||4.208%||5.020%|
|30-year fixed-rate VA||4.465%||4.826%|
What is today’s 30-year fixed mortgage rate?
On October 25, 2021, the average rate on the 30-year fixed-rate mortgage is 3.076%. 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:
About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.
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