Compare 30-year mortgage rates today

Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Nov. 22, 2024

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Top offers on Bankrate vs. national average interest rates
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Top offers on Bankrate: 6.30%
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National average:  6.90%

For the week of November 17th, 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 30-year mortgage interest rate trends

For today, Friday, November 22, 2024, the current average 30-year fixed mortgage interest rate is 6.96%, increasing 5 basis points from a week ago. For homeowners looking to refinance, today's average 30-year fixed refinance interest rate is 6.96%, increasing 6 basis points from a week ago. Mortgage rates have shifted around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly fall, eventually landing under 6 percent. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.

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Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA

On Friday, November 22, 2024, the national average 30-year fixed mortgage APR is 7.01%. The average 30-year fixed refinance APR is 7.00%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Friday, November 22, 2024, the national average 30-year fixed mortgage APR is 7.01%. The average 30-year fixed refinance APR is 7.00%, 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.

Mortgage rate news this week - Nov. 21, 2024

30-year mortgage rates edge past 7%

The average rate on a 30-year fixed mortgage rose to 7.02 percent this week, according to Bankrate’s latest lender survey.

Mortgage rates rose despite the Federal Reserve’s November quarter-point rate cut. The Fed doesn’t set mortgage rates, but its decisions move factors that influence them, including the 10-year Treasury yield, often the benchmark for fixed mortgage rates.

Rather, the new consensus among economists is that the reelection of Donald Trump will lead to tax cuts and a ballooning federal deficit, ultimately driving up 10-year yields.

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 6.96% 7.01%
20-Year Fixed Rate 6.75% 6.81%
15-Year Fixed Rate 6.23% 6.31%
10-Year Fixed Rate 6.20% 6.28%
5-1 ARM 6.47% 7.25%
10-1 ARM 6.64% 7.09%
30-Year Fixed Rate FHA 6.72% 6.76%
30-Year Fixed Rate VA 6.67% 6.71%
30-Year Fixed Rate Jumbo 7.00% 7.05%

Rates as of Friday, November 22, 2024 at 6:30 AM

 

 

How to get the best 30-year mortgage rate

If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:

  • Decide whether a 30-year mortgage rate is right for you. The 30-year term is the most popular option, but it’s far from the only one. Depending on the lender you work with, you might be able to apply for fixed-rate loans amortized over anywhere from eight to 29 years.
  • Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment.
  • Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points.
  • Consider the lender’s ratings and your experience: Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have had to say about the lender, too.
Learn more: How to get the best mortgage rate

How are 30-year mortgage rates determined?

There are many variables that go into the cost of a 30-year mortgage, including:

  • The individual mortgage lender
  • Your credit score
  • Your debt-to-income (DTI) and loan-to-value (LTV) ratios
  • The loan amount
  • The type of property being financed
  • 10-Year Treasury yield 
  • Economic or geopolitical influences
  • Inflation
Learn more: How mortgage rates are set

Pros and cons of a 30-year mortgage

Pros of a 30-year mortgage

  • Lower monthly payment: Repaying a mortgage over 30 years means you’ll have lower, more affordable payments spread out over time compared to shorter-term loans like 15-year mortgages.
  • Stability: Having a consistent principal and interest payment helps you better map out your housing expenses for the long term. (Your overall monthly housing expenses can change, however, if your homeowners insurance and property taxes go up or down.) Of course, this is only true if your mortgage has a fixed rate. An adjustable-rate mortgage won’t give you this same benefit for the whole life of the loan.
  • Buy more house: With lower payments, you might be able to qualify for a larger loan amount and afford a more expensive home.
  • More financial flexibility: Lower monthly payments can provide more cushion in your budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.

Cons of a 30-year mortgage

  • More total interest paid: Stretching out repayment over 30 years means you’ll wind up paying more in interest overall than you would with a shorter-term loan.
  • Higher mortgage rates: Lenders usually charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer amount of time.
  • Becoming house poor: Just because you might be able to afford more house with a 30-year loan doesn’t mean you should overstretch your budget. Give yourself some breathing room for other financial goals and unexpected expenses.
  • Slower equity growth: It will take longer to build equity in your home because most of your initial mortgage payments will go toward interest rather than paying down your principal amount.

Why is a 30-year mortgage the most popular?

Robert Odom

President, Ameris Mortgage

"From a consumer standpoint, the 30-year fixed-rate mortgage is typically the most popular because it offers borrowers lower monthly payments while providing long-term stability and predictability. Stretching out the loan over 30 years significantly reduces the monthly payment compared to a shorter term like a 15-year mortgage. This may make homeownership more affordable and attainable, especially for first-time buyers who may not have a lot of upfront cash or significant savings. With a lower payment, there's more wiggle room in the household budget for other expenses. Because a 30-year fixed-rate mortgage offers a set interest rate for the entire loan term, a borrower’s monthly payment stays the same throughout those 30 years, providing peace of mind and budgeting stability."

Jeff Ostrowski

Principal writer, Home lending

"The 30-year loan wins the popularity contest for a simple reason: affordability. A 30-year amortization schedule offers a much lower monthly payment than a 20-, 15- or 10-year loan. With home prices near record highs and mortgage rates up sharply since the pandemic, most buyers would struggle to qualify for a mortgage of a shorter term. Meanwhile, 30-year loans also are popular among a subset of financially savvy homeowners who could afford a shorter term but prefer to maximize the mortgage and put the proceeds in the stock market."

30-year mortgage FAQ

Additional resources for getting a 30-year mortgage

  • Mortgage Percent Icon
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    How to get the best mortgage rate

    Ready to buy a house? Find the best mortgage rate with these eight easy steps.

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    Bankrate’s mortgage calculator

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  • Mortgage Reviews Icon
    Best mortgage lenders

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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.

Read more from Jeff Ostrowski

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.

Read more from Greg McBride

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