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CURRENT 30-YEAR FIXED MORTGAGE RATES
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WEEKLY TRENDS AND INSIGHTS
National mortgage interest rate trends
On the week of December 9, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
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Mortgage rates by loan term
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
| Product | Interest rate | APR | ||||
|---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Dec 15, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Dec 15, 2024. These rates are based on the assumptions shown here. Actual rates may vary. | ||||||
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Getting pre-approved for a mortgage
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Angela Mae is a freelance writer with a passion for all things personal finance. She has written about consumer loans, debt management, investing, retirement planning, and more. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories.
Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.
Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.
A 30-year fixed mortgage is a mortgage loan that has the same interest rate for the entire duration of the loan — in this case, 30 years. This means that your interest rate will not change, even if the market does. Your monthly payment amount will also remain the same, except in certain cases, such as when your property taxes or homeowners insurance premiums increase.
The higher the interest rate, the more you’ll end up paying in interest over time. Conversely, the lower the rate — and the shorter the repayment period — the less you’ll typically pay in interest.
Many direct and indirect factors can affect housing interest rates today. Some of these factors are within your control, while others are not.
One of the biggest factors that you can’t control when it comes to current 30-year fixed mortgage rates is the Federal Reserve’s monetary policies. The Fed cannot set housing interest rates on its own, but it does determine the federal funds rate. Financial institutions refer to this rate when issuing loans. A higher federal funds rate may result in higher mortgage rates.
Another indirect determinant of mortgage interest rates is inflation. As inflation goes up, so do mortgage rates, and vice versa. Current market conditions — that is, supply and demand — also factor in when determining mortgage rates.
With that in mind, lenders also determine mortgage rates based on factors within your control, such as:
- Loan type: Many types of home loans exist, including conventional, jumbo, USDA, VA, and FHA loans. Mortgage rates can vary based on the type you choose.
- Loan term: 30-year mortgage rates might be higher than shorter-term loan rates. This is because longer terms are riskier for lenders.
- Interest rate type: There are two main types of interest rates: fixed and adjustable. Fixed rates do not fluctuate. Adjustable rates, however, may come with a lower initial rate that increases after a certain period of time.
- Loan amount: A larger loan may come with a higher interest rate. Typically, jumbo loans are also more expensive than conforming home loans. They may also have a higher rate.
- Down payment amount: Most mortgage lenders require a minimum down payment of 3% to 5%. However, lenders may view you as less risky if you put down more money upfront, resulting in a lower interest rate on your home loan.
- Property location: Interest rates vary based on where you live. Some states or counties may have higher or lower rates, depending on the current housing market there.
- Credit score: Your credit score is another indicator of how likely you are to pay back the money you borrowed. Typically, the better your credit score is, the lower your interest rate will be.
The average 30-year mortgage rate can fluctuate, which is why it’s important to compare rates from several lenders before settling on one. Thirty-year fixed mortgage rates have gone up in recent years and current rates are around 7%. Check out today’s 30-year interest rates from top lenders.
Here are the main things you can do to get the lowest 30-year home interest rates possible:
- Reduce your current debts: Paying off your debts frees up more cash and lowers your debt-to-income ratio (DTI). Your DTI is the percentage of your gross monthly income that goes toward your debts each month. Home lenders typically prefer working with borrowers whose housing expenses and long-term debt add up to no more than 36% of their monthly gross income.
- Compare lenders: Shopping around lets you see your loan options and find the best 30-year mortgage rates for your financial situation. You can rate shop with multiple lenders.
- Get pre-approved: Getting pre-approved for a loan doesn’t guarantee your rates or terms, but it can give you a sense of the rate you might qualify for. This will usually require a credit check, but if you compare lenders within a 45-day period, only the first hard inquiry will affect your credit score.
- Save up for a larger down payment: Having a larger down payment could get you a lower interest rate, increase your approval odds, and result in a lower monthly payment.
- Consider using discount points: One way to lower your mortgage rate is to make a larger upfront payment during the closing process to get discount points. Discount points are generally calculated based on the loan amount, though each lender has its own policy.
The main benefits of getting a 30-year fixed mortgage include:
- Reliable monthly payments: Fixed 30-year mortgage interest rates don’t change, so you always know how much you’re going to pay each month. This is especially useful if you’re trying to budget or achieve other financial goals.
- Smaller monthly payments: A 30-year repayment term gives you more time to pay off your mortgage. Your monthly payments also tend to be smaller as a result of the longer term.
- Ability to qualify for a larger loan: You may be able to get a more expensive home with a longer mortgage term. Make sure you can afford the monthly payments, though.
Keep in mind that there are also a few drawbacks, such as:
- More total interest paid: The longer you have the loan, the more total interest charges you’ll end up paying over time. Use an online mortgage calculator to determine how much you could be paying in interest.
- Potentially higher interest rate: A shorter mortgage term length might come with a lower interest rate. This is because lenders often charge a higher rate to offset the risk of issuing a loan with a longer repayment term.
- Takes longer to build equity: When you take out a home loan, most of your initial monthly payments go toward interest. Over time, more of your payments will go toward the principal balance. With a 30-year repayment period, it can take longer to start building home equity.
- May be difficult to manage: Although a 30-year mortgage could qualify you for a larger loan amount, it could also mean higher monthly payments. It might also increase the temptation and risk of buying a home that is too expensive for your budget.
A 30-year fixed mortgage is generally viewed as a higher risk to a lender than a 15-year fixed mortgage. This is because the longer term gives the borrower more time to run into financial hardships that make it difficult to pay back what you owe.
Typically, 30-year fixed mortgage rates are higher than 15-year rates. This means you could end up paying more in total interest due to both the higher rate and the longer term. Even if the rate on both loans is the same, a longer term means more interest paid over the duration of the loan.
A longer term also means it’ll take more time to build home equity and become debt-free. However, 30-year fixed loans typically have lower monthly payments than shorter-term loans. This can make it easier to qualify for and afford a mortgage sooner.
Taking out a 30-year fixed-rate mortgage might make sense if you:
- Want to get a home sooner rather than later
- Want smaller monthly mortgage payments
- Intend to live in the same home for the foreseeable future and can build equity over time
- Want predictable monthly payments
- Are interested in purchasing a more expensive home
Take some time to consider whether now’s the right time to get a mortgage loan and, if so, which term might be best for you. Remember to regularly check the latest 30-year mortgage rates as this can make a difference in how much you pay in interest.
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