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Interest rates for the most popular 30-year fixed mortgage averaged around 6.85% in April 2024, according to Zillow data. Rates for 15-year mortgages, which are also relatively popular, were 6.18%. But rates have been higher in recent weeks.
The average monthly mortgage payment is currently $2,883 for a 30-year fixed mortgage, based on recent home price and mortgage rate data.
Mortgage rates are always changing, and there are a lot of factors that can sway your interest rate. Some of them are personal factors you have control over and some aren't.
Most experts believe that mortgage rates will go down in 2024, though we may not see rates drop until later on in the year.
Average mortgage rates today
See how mortgage rates are trending today.
| Mortgage type | Average rate today |
This information has been provided by Zillow. See more mortgage rates on Zillow
While average mortgage and refinance rates can give you an idea of where rates are currently at, remember that they're never a guarantee of the rate a lender will offer you. Mortgage interest rates vary by borrower, based on factors like your credit, loan type, and down payment.
To get the best rate for you, you'll want to get quotes from multiple lenders.
How are mortgage rates determined?
Multiple factors affect the interest rate you'll pay on a mortgage. Some are outside of your control. Others you can influence.
Individual factors influencing mortgage rates
Key determining factors that you do have control over include:
- Your credit score
- Debt-to-income ratio
- The amount of your down payment
- The type of mortgage you get
- The length of your term
Role of the economy and government policies
No matter how good your finances are, you won't be able to get a rate that's dramatically lower than average. Rates are determined in large part by economic trends and how those trendsaffect investor demand for mortgage-backed securities.
When there's a lot of economic growth, mortgage rates typically go up. In recent years, high inflation has pushed mortgage rates up. Whengrowth is cooler, rates often go down.
Federal Reserve policy can also influence mortgage rates. When the Fed raises or lowers the federal funds rate, mortgage rates can move up or down as well based on how investors believe Fed changes will impact the broader economy.
Average mortgage rate trends
Comparison with previous years
Here's how the average mortgage interest rate has changed over time, according todata from Freddie Mac.
| Year | Average 30-year fixed mortgage rate (January) |
| 2000 | 8.15% |
| 2001 | 7.07% |
| 2002 | 7.14% |
| 2003 | 5.85% |
| 2004 | 5.87% |
| 2005 | 5.77% |
| 2006 | 6.15% |
| 2007 | 6.18% |
| 2008 | 6.07% |
| 2009 | 6.01% |
| 2010 | 5.09% |
| 2011 | 4.77% |
| 2012 | 3.87% |
| 2013 | 3.34% |
| 2014 | 4.53% |
| 2015 | 3.73% |
| 2016 | 3.97% |
| 2017 | 4.20% |
| 2018 | 3.95% |
| 2019 | 4.51% |
| 2020 | 3.72% |
| 2021 | 2.65% |
| 2022 | 3.22% |
| 2023 | 6.48% |
| 2024 | 6.62% |
Throughout 2020, the average mortgage rate fell drastically due to the economic impact of the COVID-19 pandemic. Thirty-year fixed mortgage rates hit a historic low of 2.65% in January 2021, according to Freddie Mac. Rates began to rise again in 2022.
Most major forecasts expect rates to start dropping throughout the next few years, and they could ultimately end up somewhere in the 5% range.
Mortgage rates by state
Rates can vary depending on where you live. Check the latest rates in your state at the links below.
AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowa KansasKentuckyLouisianaMaine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota TennesseeTexas Utah Vermont Virginia Washington Washington, DC West Virginia Wisconsin Wyoming
Rates by type of mortgage
Purchase mortgage
The rates you'll get on a mortgage used to purchase a home are often better than what you'll be quoted for a refinance. They differ by the loan's length in years, and whether the interest rate is fixed or adjustable. Two of the most popular types include:
- 30-year mortgage rates: The most popular type of mortgage, this home loan makes for low monthly payments by spreading the amount over 30 years.
- 15-year mortgage rates: Interest rates and payments won't change on this type of loan, but it has higher monthly payments since payments are spread over 15 years. However, it comes with lower rates than a 30-year loan.
Mortgage refinance
Mortgage refinance rates typically differ somewhat from purchase rates, and may be slightly higher — particularly if you're getting a cash-out refinance, since these are considered riskier.
If you're considering a refinance, be sure to shop around with the best mortgage refinance lenders and get multiple rate quotes to be sure you're getting the best deal.
- 30-year mortgage refinance rates:Refinancing into a 30-year term can lower your monthly payment since you're spreading out what you owe over a longer period of time.
- 15-year mortgage refinance rates:Refinancing into a shorter term like a 15-year mortgage will increase your monthly payment, but help you save on interest.
Home equity line of credit (HELOC) and home equity loans
HELOC rates and home equity loan rates are generally a little higher than rates on first mortgages, but they can still be worth it if you're looking to tap into your home's equity without having to take on a new rate on your main mortgage.
As with other types of mortgages, you'll want to shop around and get multiple rate quotes to find the best HELOC lenders or home equity loan lenders.
Average rate by credit score
Data from credit scoring company FICO shows that the lower your credit score, the more you'll pay for credit. Here's the average interest rate by credit level for a 30-year fixed-rate mortgage of $300,000, as of May 2024:
| FICO Score | National average mortgage APR |
620 to 639 | 8.364% |
640 to 659 | 7.818% |
660 to 679 | 7.388% |
680 to 699 | 7.174% |
700 to 759 | 6.997% |
760 to 850 | 6.775% |
According to FICO, only people with credit scores above 660 will truly see interest rates around the national average.
Impact of mortgage rates on homebuyers
How rates affect affordability and buying power
Snagging a lower rate can enable you to borrow more money, boosting your homebuying power.
For example, say you can afford to spend $2,000 per month on your mortgage payment (not including taxes and insurance). With a rate of 7%, you could borrow around $300,000. But with a 4% rate, you could afford to borrow as much as $400,000.
Strategies for buying in varying rate environments
If you're buying when rates are high, you'll need to adjust your homebuying plans accordingly. You might need to lower your price range or make a larger down payment to achieve an affordable monthly payment.
You should also be careful about overspending in a low rate environment. Though you may be able to borrow a larger amount with a low rate, make sure you aren't stretching your budget too far. You don't necessarily need to borrow the full amount the mortgage lender approves you for.
How to get the best mortgage rate
Tips for locking in the best rates
One of the best ways to score a good rate is to get approved with two or three different lenders and compare the rates they offer you.
If you're having trouble getting a good rate, you might want to work on improving your credit or saving for a larger down payment and reapply later.
The importance of credit scores and down payments
Your credit score can greatly affect the price you'll pay to borrow a mortgage.
See Insider's picks for the best mortgage lenders »
The higher your score is, the less you'll pay to borrow money. Generally, 620 is the minimum credit score needed to buy a house, with some exceptions for government-backed loans.
Mortgage rate outlook
Mortgage rates are expected to trend down eventually, but they likely won't recede until inflation decelerates further.
Fannie Mae and the Mortgage Bankers Association predict that 30-year rates will fall to 6.4% by the end of the year.
Average mortgage rates FAQs
What factors contribute to average mortgage rates?
Mortgage rates are influenced by economic trends and investor demand for mortgage-backed securities.
What is the average 30-year mortgage rate?
In April 2024, 30-year mortgage rates averaged 6.85%.
Are 8% mortgage rates coming?
Average mortgage rates nearly reached 8% in October of 2023, but they've since come down a bit. However, rates can vary a lot depending on your finances. If you have a lower credit score, you could still get a rate that's in or near the 8% range. Rates are expected to decrease this year, so we may not see average rates reach 8%.
Are there benefits to buying a home when average mortgage rates are higher?
If you're planning to buy a house, you might not want to or be able to wait until rates drop. There can be benefits to buying when rates are high. You can often get a better deal on a home, since you won't be up against as much competition.
What credit score gets you the best mortgage rate?
The better your credit score, the better the rate you'll get on your mortgage. To access the best mortgage interest rates, aim to have a credit score at least in the 700s.
How do current average mortgage rates compare to last year?
Mortgage rates are up compared to where they were a year ago.
What can potential homebuyers do to get a lower mortgage rate?
To get a lower rate, you'll want to have a great credit score, a large down payment, and a low debt-to-income ratio.
How might average mortgage rates change in the near future?
Mortgage interest rates are expected to fall soon, but when and how much depends on the path of inflation; if price growth continues to slow, rates should fall in the coming months. If inflation remains stubborn, we may have to wait a bit longer.
Personal Finance Reporter
Liz was a personal finance reporter at Insider. Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.
Mortgage Reporter
Molly Grace is a reporter at Business Insider. She covers mortgage rates, refinance rates, mortgage lender reviews, and homebuying for Personal Finance Insider.Before joining the Insider team, Molly was a blog writer for Rocket Companies, where she wrote educational articles about mortgages, homebuying, and homeownership.You can reach Molly at mgrace@businessinsider.com, or on Twitter @mollythegrace.
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