Current mortgage rates

Mortgage interest rates stay close to record lows: the average 30-year fixed-mortgage rate is 5.97, the average rate for the benchmark 15-year fixed ...

The 30-year fixed mortgage is the most popular loan for homeowners. While you can get a mortgage with poor or bad credit, your interest rate and terms may not be as cheap. A month ago, the average rate on a 30-year fixed mortgage was lower, at 5.40 percent. The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates rose past 5 percent in 2022. The average 30-year fixed-refinance rate is 5.99 percent, up 45 basis points from a week ago. Loans insured by the Federal Housing Administration, or FHA, have a minimum credit score requirement of just 580. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Because of the predictability, you can plan your housing expenses for the long term. Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $539 per $100k borrowed. “Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far,” says Greg McBride, CFA, Bankrate chief financial analyst. The rates listed here are Bankrate’s overnight average rates and are based on the assumptions shown here. “All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, Bankrate senior economic analyst.

Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We've got you covered.

Fifteen-year fixed rate mortgages come with a higher monthly payment compared to its 30-year counterpart. Mortgages can be fixed-rate or adjustable-rate. When picking a mortgage, it is important to pick out a loan term or payment schedule. Thirty-year fixed mortgages are the most commonly sought out loan term. The average mortgage interest rate for a standard 15-year fixed mortgage is 5.15%, an increase of 0.45 percentage points from last week’s 4.70%. The average mortgage interest rate for a standard 30-year fixed mortgage is 5.97%, an increase of 0.42 percentage points from last week’s 5.55%.

A number of important mortgage rates all climbed up today. The amazing increase in borrowing costs for fixed-rate 30-year mortgages is notable, but 15-year ...

And with interest rates being relatively low right now, you should lock in your rate as soon as you can. A down payment of 20% or more will save you money in two ways: with a more favorable mortgage rate, and you’ll be able to avoid paying for private mortgage insurance (PMI). If you hit a snag during closing and it looks like your rate lock will expire you should talk with your lender. Keep in mind that your payment could end up being hundreds of dollars higher after a rate adjustment, depending on the terms of your loan. What this means is current mortgage interest rates are still very good from a long-term view despite breaking through the psychological barrier of 5%. The fees for your appraisal, title insurance, and any lender origination charges are all part of your closing costs. You can survive the inevitable fluctuations in the market by keeping the home for a longer period of time. Looking back at Freddie Mac historical rates offers a good snapshot into how today’s rates compare with the past two decades. The amazing increase in borrowing costs for fixed-rate 30-year mortgages is notable, but 15-year fixed rates also increased. A sagging economy typically goes hand in hand with lower mortgage rates. Owning a home is a better choice if you plan on staying for a long time. At the same time, average rates for 5/1 adjustable-rate mortgages (ARM) also crawled higher.