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Today's 30-Year Mortgage Rates

Matt Frankel, CFP®
Maurie Backman
By: Matt Frankel, CFP® and Maurie Backman

Our Mortgages Experts

Ashley Maready
Check IconFact Checked Ashley Maready

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

There's a reason the 30-year mortgage is so popular with home buyers. With a longer repayment schedule, you pay less each month than with a shorter-term loan. The mortgage rate you qualify for helps determine your monthly payment. Below, you can see what current 30-year mortgage rates look like from select lenders.

How to get the best 30-year mortgage rate

Here are a few tips that could help you get the best possible mortgage rate that is available to you:

  • Work on your credit score: A higher credit score often means a lower interest rate.
  • Shop around: You may be surprised at the difference in 30-year mortgage rates different lenders might offer the exact same borrower.
  • Pay down other debts: Lenders often give better rates to buyers with low debt. Ideally, try to get your debt to 45% or less of your pre-tax income.

Mortgage rates are significantly higher than they've been for much of the past decade, and a lower mortgage rate can make a big difference in your monthly housing costs. As we'll see later, even a seemingly small difference in your mortgage rate could save you thousands of dollars over a 30-year mortgage term.

How to compare 30-year mortgage rates between lenders

Many lenders post their current rates on their websites, but it's important to realize that they aren't necessarily the rates you can get. In most cases where lenders list their rates, they are the rates given to the most highly qualified borrowers.

A mortgage pre-approval will let you check what rate a lender will offer you specifically. It will have a small impact on your credit score.

Pre-approval is essentially an entire mortgage application, just without a specific home attached to the loan. You'll have to provide your:

  • Social Security number
  • Information about your current housing situation
  • Information about your employment situation, including references
  • Information about your assets
  • Other information as needed by the lender

It's a smart idea to get pre-approved by several lenders for rate-comparison purposes. As long as you do all of your applications within two weeks, all of your mortgage shopping will count as a single credit pull for scoring purposes.


Interest rate vs. APR

Mortgage interest rate isn't the only number to consider. It's also important to take into account the annual percentage rate (APR), which is a better metric to compare the true cost of borrowing. APR includes the interest you pay, as well as certain upfront costs, such as points or lender fees.

Should I lock in my 30-year mortgage rate?

While nobody can predict future interest rates, a rate lock can be good protection. One downside is that unless your rate lock includes a provision known as a "float-down option," you can't change your rate to a lower one if interest rates fall between your application and closing. It's worth asking your lender what happens if you lock your rate and then the lender's 30-year mortgage rates go down.

What is a mortgage rate lock?

A rate lock ensures the interest rate you are offered will be the interest rate you actually get when you close. This protects you from mortgage interest rate fluctuations.

Once you obtain a 30-year mortgage rate quote and make an offer on a home, your lender will typically allow you to lock your rate. Depending on the lender and the particular mortgage product you're using, common rate lock durations can range from 15 to 60 days, and in many cases you can pay a fee to extend a rate lock if needed.

How 30-year mortgage rates affect your mortgage payments

A lower 30-year mortgage rate will make your monthly mortgage payment smaller.

As an example, if you're borrowing $400,000, a 6% mortgage rate will make your monthly payment $263 lower per month as compared to a 7% mortgage rate.

A lower mortgage rate will also lower your overall mortgage costs. Since there are 360 monthly payments in a 30-year mortgage, the $263 monthly difference mentioned in the example above would mean a difference of nearly $95,000 over the 30-year term.

What is a mortgage rate?

There are two different types of mortgage rates that you should know about.

A mortgage interest rate is what you pay in exchange for borrowing money, expressed on an annualized basis. For example, if you borrow $100,000 at a 5% interest rate, it will initially accumulate interest at the rate of $5,000 per year.

There's also the annual percentage rate, or APR, which is perhaps the most important "mortgage rate" to know. APR tells you the true cost of borrowing money, including the interest rate as well as certain upfront costs, such as lender fees and mortgage points.

The Ascent's best mortgage lenders

If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.


  • A 30-year mortgage is the most popular loan option among home buyers. Simply put, it is a type of loan that allows you to repay the amount borrowed over 30 years or in 360 monthly installments.

  • You can work with a broker who will gather rates for you or you can shop around yourself with various banks and credit unions, either online or in-person at branches.

  • A 30-year mortgage may be a good option if you want to stretch out your repayment period and keep your monthly payments manageable. It can also allow you to afford more for a home purchase than if you bought with a 15-year mortgage.

Our Mortgages Experts