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Today's 30-Year Mortgage Rates

January 26, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

There's a reason the 30-year mortgage is so popular among homebuyers. 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.

Current 30-Year Mortgage Rates

Rates As of Jan 25, 2021
Product Interest Rate Average Points/Credits
Fixed 30 Year 2.832% -0.063
Fixed 20 Year 2.615% -0.350
Fixed 15 Year 2.290% -0.160
ARM 10/1 3.025% 0.256
ARM 7/1 3.000% 0.240
ARM 5/1 3.189% 0.240
Fixed 30 Year - FHA 2.805% -0.056
Fixed 30 Year - VA 2.595% -0.056
Fixed 30 Year - Jumbo 3.004% -0.226
Fixed 30 Year 2.929% 0.044
Fixed 20 Year 2.751% -0.102
Fixed 15 Year 2.392% -0.055
ARM 10/1 2.991% 0.164
ARM 7/1 2.926% 0.081
ARM 5/1 3.120% -0.038
Fixed 30 Year - FHA 2.716% 0.081
Fixed 30 Year - VA 2.521% 0.021
Fixed 30 Year - Jumbo 2.956% 0.027
The Ascent's Mortgage Rates Tracking Methodology

How does a 30-year mortgage work?

A 30-year mortgage is a home loan that's paid off in 360 monthly installments. With a fixed 30-year loan, your monthly payment stays the same throughout the life of your loan. Those payments can be fairly easy to work into your budget. However, in the earlier stages of your repayment period, more of your payments go toward the interest portion of your loan rather than its principal. In the latter stages, more will go toward the principal.

Many homeowners choose 30-year mortgages over 15-year loans. 30-year mortgages are popular because they lend to result in lower monthly payments. To understand why, let’s look at an example. Imagine you're looking to borrow $200,000 to buy a home. If you have twice the amount of time to pay that sum back, you'll owe less each month.

Pay attention to interest rates, though. You'll generally be subject to a higher interest rate with a 30-year mortgage.

How to compare 30-year mortgage rates

You have several options for finding a 30-year mortgage. You can work with a broker who can gather rates for you. Alternatively, you can shop around online with various banks and credit unions.

When comparing different mortgage lenders, pay attention to:

  • Interest rates
  • Closing costs and fees
  • Hidden penalties (such as a prepayment penalty for paying off your loan early)
  • Minimum down payment required
  • Minimum credit score needed to qualify

It also helps to look for mortgage lenders who offer pre-qualification. This way, you know what sort of rates and fees to expect. You also won't face a hard inquiry, which could lower your credit score.

Hard inquiries come into play when you officially apply for a loan. If you're going to apply for multiple 30-year mortgages at once, aim to do so within the same 30-day period. Those various hard inquiries will all count as just one. As a result, you won’t see as much of an impact on your credit score.

How much house can I afford?

Use our mortgage calculator to estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.

Is a 30-year mortgage right for me?

A 30-year mortgage is right for you if you want to keep your monthly payments manageable. Stretching out your repayment period offers more financial flexibility. That leaves you the option to take the money you're not pumping into a mortgage payment and invest it or meet other important financial goals.

With a 30-year mortgage, you'll pay more interest than with a shorter-term loan. But if you invest the money you don't put into your mortgage during that time, your gains could well exceed the extra interest.

If you sign up for a 30-year mortgage, you can always pay down your loan sooner. That way, you can save money on interest and shorten its lifespan. Just make sure your loan doesn't come with a prepayment penalty. With a 30-year mortgage, you get the wiggle room that comes with a lower monthly payment. But you also have the option to accelerate your repayment period if your earnings increase.

Select the state you want to see mortgage rates for:

Alabama mortgage rates Alaska mortgage rates Arizona mortgage rates Arkansas mortgage rates California mortgage rates Colorado mortgage rates Connecticut mortgage rates Washington DC mortgage rates Delaware mortgage rates Florida mortgage rates Georgia mortgage rates Hawaii mortgage rates Idaho mortgage rates Illinois mortgage rates Indiana mortgage rates Iowa mortgage rates Kansas mortgage rates Kentucky mortgage rates Louisiana mortgage rates Maine mortgage rates Maryland mortgage rates Massachusetts mortgage rates Michigan mortgage rates Minnesota mortgage rates Mississippi mortgage rates Missouri mortgage rates Montana mortgage rates Nebraska mortgage rates Nevada mortgage rates New Hampshire mortgage rates New Jersey mortgage rates New Mexico mortgage rates New York mortgage rates North Carolina mortgage rates North Dakota mortgage rates Ohio mortgage rates Oklahoma mortgage rates Oregon mortgage rates Pennsylvania mortgage rates Rhode Island mortgage rates South Carolina mortgage rates South Dakota mortgage rates Tennessee mortgage rates Texas mortgage rates Utah mortgage rates Vermont mortgage rates Virginia mortgage rates Washington mortgage rates West Virginia mortgage rates Wisconsin mortgage rates Wyoming mortgage rates

Check out more mortgage rates:

15-year mortgage rates

20-year mortgage rates

Refinance mortgage rates

FHA mortgage rates

Jumbo mortgage rates

VA loan rates

5/1 ARM rates

7/1 ARM rates

FAQs

  • A 30-year mortgage is a home loan that's paid off in 360 monthly installments.

  • You can work with a broker who will gather rates for you or you can shop around online with various banks and credit unions.

  • A 30-year mortgage may be a good option if you want to stretch out your repayment period and keep your monthly payments manageable.

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