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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.
6.407%
30-year fixed-rate“
On Sunday, December 8, 2024, the average APR on a 30-year fixed-rate mortgage fell 11 basis points to 6.407%. The average APR on a 15-year fixed-rate mortgage rose 5 basis points to 5.764% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 2 basis points to 7.217%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 26 basis points lower than one week ago and 48 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Product | Interest Rate | APR |
---|---|---|
30-year fixed-rate | 6.335% | 6.407% |
20-year fixed-rate | 6.281% | 6.371% |
15-year fixed-rate | 5.641% | 5.764% |
10-year fixed-rate | 5.530% | 5.700% |
7-year ARM | 6.723% | 7.212% |
5-year ARM | 6.550% | 7.217% |
3-year ARM | 8.125% | 8.355% |
30-year fixed-rate FHA | 5.500% | 6.284% |
30-year fixed-rate VA | 5.906% | 6.170% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
👉 Did you buy a home in 2023? Refinancing might save you money — mortgage rates are down a percentage point compared to last year’s peak. See mortgage rates this week and try our refinance calculator to see how much you could save.
A 15-year fixed-rate mortgage is a home loan that has the same interest rate and monthly principal-and-interest payment over the 15-year loan period. You can use a 15-year mortgage to buy a home or refinance an existing home loan.
15-year mortgages usually have lower interest rates than 30-year mortgages, but the monthly payments tend to be higher because you repay the money in half the time. However, since you can pay off a 15-year mortgage faster, you’ll pay less interest over the life of the loan. This feature makes 15-year loans popular for refinancing a 30-year purchase mortgage.
NerdWallet's mortgage rate tool can help you find competitive 15-year fixed mortgage rates. In the filters above, enter a few details about the loan you're looking for, and you can see rate quotes without providing any personal information.
You can find the best rate and save money by comparison shopping and applying with multiple lenders. Each lender offers its own combination of interest rate and fees.
After you submit complete mortgage applications, each lender will provide you with a Loan Estimate form. This will let you compare interest rates, origination fees and closing costs and give you confidence that you’re getting the right loan for your situation.
Mortgage rates vary daily and are influenced by the economy’s overall rate of growth, the inflation rate and the health of the job market. Unpredictable events can affect all of those factors. NerdWallet’s mortgage interest rates forecast gives a snapshot of current trends, along with a forecast for the month.
You will build home equity faster with a 15-year mortgage than with a 30-year mortgage, and you’ll pay less interest over the life of the loan. The higher monthly payments could squeeze your household budget, though. Here’s what to consider.
With lower rates and major interest savings, it’s worth checking out 15-year refinance rates if you can afford a higher monthly mortgage payment. But if you want to pay off your mortgage faster, refinancing isn’t your only option. You can also make extra payments toward the principal each month. With this method, you always have the flexibility to back down to the minimum payment any time you need more cash flow.