Compare current mortgage rates for today
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Top offers on Bankrate vs. national average interest rates
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APRs not included. For our most recent APR information, please visit our
How our rates are calculated
- The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
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Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
For the week of August 18th, top offers on Bankrate are X% lower than the national average. On a $340,000 30-year loan, this translates to $XXX in annual savings.
Today's national mortgage interest rate trends
For today, Wednesday, August 21, 2024, the current average interest rate for a 30-year fixed mortgage is 6.54%, falling 3 basis points over the last seven days. If you're looking to refinance, today's average 30-year fixed refinance interest rate is 6.51%, down 4 basis points from a week ago. Meanwhile, today's average 15-year refinance interest rate is 5.98%, decreasing 2 basis points since the same time last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.![](https://www.bankrate.com/2024/01/17094047/jeff4_720.jpg?auto=webp&quality=85&width=24&height=24&fit=cover&enable=upscale&crop=1:1,smart)
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On Wednesday, August 21, 2024, the national average 30-year fixed mortgage APR is 6.59%. The average 15-year fixed mortgage APR is 6.05%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Wednesday, August 21, 2024, the national average 30-year fixed mortgage APR is 6.59%. The average 15-year fixed mortgage APR is 6.05%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Weekly national mortgage interest rate trends
Current mortgage rates
30 year fixed | 6.57% | |
15 year fixed | 5.95% | |
10 year fixed | 5.95% | |
5/1 ARM | 6.16% |
Today's national mortgage interest rate trends
For today, Wednesday, August 21, 2024, the current average interest rate for a 30-year fixed mortgage is 6.54%, falling 3 basis points over the last seven days. If you're looking to refinance, today's average 30-year fixed refinance interest rate is 6.51%, down 4 basis points from a week ago. Meanwhile, today's average 15-year refinance interest rate is 5.98%, decreasing 2 basis points since the same time last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.Mortgage rate news this week - Aug. 15, 2024
Mortgage rates at 6.59% as inflation dips below 3%
The average rate on a 30-year fixed mortgage held at 6.59 percent this week — the same as last week — according to Bankrate’s lender survey. This is the lowest that rates have been since May 2023. With reports that inflation is coming down, and unemployment growing, many experts predict the Federal Reserve will cut rates in September.
Mortgage analyst Andrew Dehan covers more on the latest rate movement in our weekly update.
Learn more: Mortgage rates 1970s to present
Experts: Rates to trend downward
Allison Kaminaga
Lecturer of Mathematics and Economics, Bryant University, Smithfield, RI
"I expect mortgage rates to decrease. Today's CPI report showed inflation slowing even more than expected, providing the data the Fed needs to cut rates in September." - Aug. 14
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Melissa Cohn
Regional Vice President, William Raveis Mortgage
"Mortgage rates are moving in the same direction as inflation this week — downward! This week’s CPI and PPI reports revealed that the rate of inflation has continued its slow march down to the Fed’s goal of 2 percent. - Aug." 14
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Michael Becker
Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
"Inflation readings from PPI and CPI [reports] showed inflation moderating or continuing to come down. We are getting closer to the Fed’s target rate of 2 percent inflation. This will allow the Fed to start cutting interest rates in September, with possible further cuts in November and December. Bond markets are recognizing this and this will lead to slightly lower mortgage rates in the coming week." - Aug. 14
Learn more: Weekly mortgage rate trend predictions
Current mortgage and refinance interest rates
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 6.54% | 6.59% |
20-Year Fixed Rate | 6.37% | 6.42% |
15-Year Fixed Rate | 5.97% | 6.05% |
10-Year Fixed Rate | 5.95% | 6.03% |
5-1 ARM | 6.11% | 7.35% |
10-1 ARM | 6.60% | 7.45% |
30-Year Fixed Rate FHA | 6.66% | 6.70% |
30-Year Fixed Rate VA | 6.80% | 6.84% |
30-Year Fixed Rate Jumbo | 6.66% | 6.70% |
Rates as of Wednesday, August 21, 2024 at 6:30 AM
Learn more: Interest rate vs. APR
-
Bankrate displays two sets of rate averages through our surveys: the daily "overnight averages" and the weekly "Bankrate Monitor averages."
For our overnight averages, the APRs and rates are calculated without considering a borrower’s existing relationship with the lender or automatic payment discounts. To determine the Bankrate Monitor mortgage rate averages, we gather APRs and rates from the 10 largest banks in 10 major U.S. markets, again without considering any existing relationship or automatic payments.
We partner with industry-leading advertisers who compensate us for featuring their products or services on our site when you click on specific links. This enables us to provide you with high-quality content, competitive rates and useful tools at no cost to you.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 6.51% | 6.56% |
20-Year Fixed Rate | 6.38% | 6.43% |
15-Year Fixed Rate | 5.98% | 6.05% |
10-Year Fixed Rate | 5.96% | 6.04% |
5-1 ARM | 5.95% | 7.19% |
10-1 ARM | 6.59% | 7.50% |
30-Year Fixed Rate FHA | 6.82% | 6.86% |
30-Year Fixed Rate VA | 7.40% | 7.43% |
30-Year Fixed Rate Jumbo | 6.56% | 6.61% |
Rates as of Wednesday, August 21, 2024 at 6:30 AM
How to get the best mortgage rate
Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. And you also need to narrow down the best type of mortgage for your situation. Here’s how to do it:
- Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
- Compare mortgage rates. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate’s mortgage lender reviews can get you started. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
- Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.
Why compare mortgage rates?
It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
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Garden State Home Loans
NMLS: 409701
|
3.6
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Bankrate's take
Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
Nationwide availability
Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
5.0
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Homefinity
NMLS: 2289
|
State License: 4965
4.5
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Bankrate's take
Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
Nationwide availability
All U.S. states except New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
4.9
Factors that determine your mortgage rate
Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:
- Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
- Loan amount: The size of your loan can impact your rate.
- Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
- Location of the property: Rates vary depending on where you’re buying.
- Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
- Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
- The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
- Mortgage points. Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payments. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed. For more details, see Bankrate’s guide to mortgage points.
- The size of your down payment. If you put down less than 20 percent of the purchase amount, you may pay a higher rate.
How to refinance your current mortgage
While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with Bankrate's refinance calculator.
Next steps to getting a mortgage
Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:
Mortgage FAQ
-
A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself. That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan.
Learn more: What is a mortgage?
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A mortgage rate lock guarantees (with a few exceptions) that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home, submit an offer and close. Most lenders offer a 30- to 45-day rate lock free of charge. Often, you’ll need to pay a fee to extend the lock period.
Learn more: What is a mortgage rate lock? -
The closing costs on a mortgage encompass all of the fees associated with the loan, including the lender’s charges, typically an origination fee often equal to 1 percent of the loan principal and optional points. Closing costs also include third-party fees like the cost of an appraisal and title insurance. All together, these usually run anywhere from 2 percent to 5 percent of the amount you’re borrowing, above and beyond your down payment.
Learn more: Mortgage closing costs -
Depending on your needs, the best mortgage lenders are often the ones that offer the most competitive rates and fees, stellar customer service and convenience.
Learn more: Best mortgage lenders in 2024
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
Read more from Suzanne De Vita
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.
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