Current Refinance Rates
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Use our free mortgage calculator to see how today’s mortgage rates affect your monthly payments. Just enter different rates and term lengths to see how much you’ll pay over time.
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Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Rates Nearly Flat (-0.03%)
The average 30-year fixed mortgage rate is now 6.06%. It’s only three basis points lower than last week’s rate, according to Zillow. Compared to a month ago, it’s 0.45 percentage points lower, at 6.51%.
At 6.06%, your monthly payment for every $100,000 borrowed would be $603. This includes both principal and interest.
The 30-year fixed-rate mortgage is the most popular home loan type. You’ll pay back what you borrowed over 30 years. And your interest rate won’t change during that time.
20-Year Fixed Mortgage Rates Hold Relatively Steady (+0.02%)
The average 20-year fixed mortgage rate is up by two basis points from last week. It now sits at 5.81%. Last month, the rate was 6.11%.
At 5.81%, your monthly payment for every $100,000 borrowed would be $706. This covers principal and interest.
A 20-year term is less common than 30-year or 15-year terms. Yet, many mortgage lenders offer this option.
15-Year Fixed Mortgage Rates Fall (-0.22%)
The average 15-year mortgage rate is now 5.37%. It’s 22 basis points lower than last week. Last month, it was 5.75%.
At 5.37%, your monthly payment for every $100,000 borrowed would be $810. This covers principal and interest.
If you prefer a fixed rate but want to save on interest, consider a 15-year mortgage. These terms are shorter and have lower rates than 30-year mortgages. You could save tens of thousands of dollars in interest. However, your monthly payments will be higher.
7/1 ARM Rates Rise (+0.30)
The 7/1 adjustable mortgage rate is up 30 basis points from last week at 6.38%. It’s flat compared to a month ago, when it was 6.40%.
At 6.38%, your monthly payment would be $624 for every $100,000 borrowed. This applies for the first seven years. After that, your payment could change annually based on the new rate.
5/1 ARM Rates Tick Up (+0.15%)
The average 5/1 ARM rate is now 6.34%, a 15-basis-point increase from last week. It’s slightly lower than a month ago, when it was 6.48%.
For the first five years, a 6.34% rate means a monthly payment of $622 for every $100,000 borrowed.
30-Year FHA Rates Stay Flat (No Change)
The average 30-year FHA interest rate is 4.96%, unchanged from last week. It was 5.47% a month ago.
At 4.96%, your monthly payment for every $100,000 borrowed would be $534.
FHA mortgages are great if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and a 580 credit score to qualify.
30-Year VA Rates Dip (-0.34%)
The current VA mortgage rate is 5.31%, down 34 basis points from last week. It was 5.75% a month ago.
With a 5.31% rate, your monthly payment for every $100,000 borrowed would be $556. This covers principal and interest.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates Go Down (-0.26%)
The average 30-year refinance rate is now 6.31%, down 26 basis points from last week. It’s also lower than a month ago, when it was 7.06%.
With a 6.31% rate, you’d pay $620 each month toward principal and interest for every $100,000 borrowed.
Switching to a 30-year term can lower your monthly payments. But, you’ll end up paying more over time.
20-Year Fixed Refinance Rates Rise (+0.32%)
The 20-year fixed refinance rate is now 6.04%, up 32 basis points from last week. It was 6.25% a month ago.
At 6.04%, your monthly payment would be $719 toward principal and interest for every $100,000 borrowed.
15-Year Fixed Refinance Rates Fall (-0.46%)
The average 15-year fixed refinance rate is 5.70%, down 46 basis points from last week. It’s also lower than a month ago, when it was 6.16%.
With a 5.70% rate, you’d pay $828 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. You’ll get a lower rate and pay off your mortgage faster. But, your monthly payments might be higher.
7/1 ARM Refinance Rates Tick Up (+0.07%)
The average 7/1 ARM refinance rate is 6.34%, up seven basis points from last week. It’s lower than a month ago, when it was 6.66%.
Refinancing into a 7/1 ARM with a 6.34% rate means your monthly payment would be $622 for every $100,000 borrowed. This rate will stay the same for the first seven years, then it could change annually unless you refinance again.
5/1 ARM Refinance Rates Increase (+0.42%)
The 5/1 ARM refinance rate is now 6.42%, up 42 basis points from last week. It’s slightly higher than a month ago, when it was 6.39%.
A 6.42% rate would result in a monthly payment of $627 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 Hold Steady (No Change)
The 30-year FHA refinance rate is 5.49%, the same as last week. It was 5.39% a month ago.
A 5.49% rate would lead to a $567 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Inch Up (+0.06%)
The average 30-year VA refinance rate is 5.57%, up six basis points from last week. It was 5.65% a month ago.
At 5.57%, your new monthly payment would be $572 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates were high at the start of the year but have dropped lately. They might fall even more by the end of 2024.
Homeowners wanting to fund a big project, like a home renovation, might consider a home equity line of credit (HELOC). This is a smart choice while waiting for mortgage rates to drop further. Check out our best HELOC lenders to find the right loan for you.
A HELOC is a line of credit that uses your home’s equity. It works like a credit card, letting you borrow what you need. You don’t get the full amount at once, unlike a cash-out refinance.
Current HELOC rates are low compared to other loans like credit cards and personal loans.