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Mortgage rates are up compared to where they were a week ago. Average 30-year mortgage rates are hovering around 6.53%, up 23 basis points from where they were this time last week.
As inflation slows and the economy balances out, mortgage rates are expected to go down this year. But in the last couple of months, inflation has proved to be somewhat sticky, potentially pushing back the timeline of when rates are likely to go down.
In February, inflation ticked up a bit from the previous month, according to the latest Consumer Price Index data. We’ll need to see how price growth trends in the coming months before we get a better idea of when mortgage rates might start to fall.
Overall, experts still believe that inflation is continuing to ease, but that the path down to 2% inflation might be uneven. So we still should see rates drop lower in 2024.
Current Mortgage Rates
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Current Refinance Rates
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Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Mortgage Calculator
$1,161
Your estimated monthly payment
- Paying a 25% higher down payment would save you $8,916.08 on interest charges
- Lowering the interest rate by 1% would save you $51,562.03
- Paying an additional $500 each month would reduce the loan length by 146 months
Click “More details” for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Rates Go Up (+0.23%)
The current average 30-year fixed mortgage rate is 6.53%, up 23 points from where it was this time last week, according to Zillow data. This rate is down slightly compared to a month ago, when it was 6.68%.
At 6.53%, you’ll pay $634 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
20-Year Fixed Mortgage Rates Rise Slightly (+0.15%)
The average 20-year fixed mortgage rate is up bit from last week, and is sitting at 6.22%. This time last month, the rate was 6.43%.
With a 6.22% rate on a 20-year term, your monthly payment will be $729 toward principal and interest for every $100,000 borrowed.
A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-Year Fixed Mortgage Rates Back Above 6% (+0.23%)
The average 15-year mortgage rate is 6.03%, up from last week. It’s nearly flat compared to this time last month, when it was 6.05%.
With a 6.03% rate on a 15-year term, you’ll pay $845 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Inch Up (+0.06%)
The 7/1 adjustable mortgage rate is up 6 basis points from a week ago, currently at 7.02%. It’s also up compared to this time last month, when it was at 6.93%.
At 7.02%, your monthly payment would be $667 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Up a Bit (+0.25%)
The average 5/1 ARM rate is 7.06%, an increase from last week. It’s up very slightly from where it was a month ago, when it was 7.01%.
Here’s how a 7.06% rate would affect you for the first five years: You’d pay $669 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Spike More Than Half a Percentage Point (+0.58%)
The average 30-year FHA interest rate is 6.09% today, which is up 58 basis points from last week. This rate was 5.73% a month ago.
At 6.09%, you would pay $605 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Trend Up (+0.27%)
The current VA mortgage rate is 5.95%, 27 basis points higher than this time last week. This rate was 5.98% a month ago.
With a 5.95% rate, your monthly payment would be $596 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates Back Above 7% (+0.35%)
The average 30-year refinance rate is 7.08%, 35 basis points higher than last week. It’s also up compared to a month ago, when it was 6.74%.
Here’s how a 7.08% rate would affect your monthly payments: You’d pay $671 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.
20-Year Fixed Refinance Rates Drop (-0.41%)
The current 20-year fixed refinance rate is 6.53%, which is 41 basis points down compared to a week ago. This rate was 6.54% this time last month.
A 6.53% rate on a 20-year term will result in a $747 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Increase (+0.20%)
The average 15-year fixed refinance rate is 6.34%, which is up 20 points compared to last week. It’s also up compared to this time a month ago, when it was at 5.91%.
A 6.34% rate on a 15-year term means you’ll pay $862 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Tick Up (+0.13%)
The average 7/1 ARM refinance rate is 7.94%, up 13 points from where it was last week. It’s up significantly from a month ago, when it was 7.01%.
Refinancing into a 7/1 ARM with a 7.94% rate means your monthly payment toward principal and interest will be $730 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Somewhat Higher This Week (+0.15%)
The 5/1 ARM refinance rate is 7.59%, which is a bit higher than it was this time last week. It’s slightly up compared to this time last month, when it was 7.55%.
A 7.59% rate will result in a monthly payment of $705 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.
30-Year FHA Refinance Rates Inch Up (+0.11%)
The 30-year FHA refinance rate is 5.49%, which is just 11 points higher than last week. This rate was 5.53% this time last month.
A 5.49% refinance rate would lead to a $567 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Rise (+0.30%)
The average 30-year VA refinance rate is 5.82%, which is 30 points higher compared to where it was was last week. This rate was 5.83% a month ago.
At 5.82%, your new monthly payment would be $588 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have ticked back up a bit recently, they should go down by the end of 2024.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
