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Thirty-year mortgage rates have inched up further after surpassing 6.60% for the first time since March last week, according to Zillow data.
Though mortgage rates are expected to go down by the end of this year, the path they'll take in the near term is less certain. Rates should ease as inflation slows and the Federal Reserve is able to start cutting the federal funds rate. But we need more data before we can be certain that inflation is actually continuing to slow.
If the next couple of monthly inflation reports show slowing, we could see rates trend down by the summer.
If you're thinking about buying a home this year, you may be able to snag a better mortgage rate by waiting a few months before you start your search. But rates aren't expected to drop substantially until much later in 2024 or in 2025.
In its latest forecast, the Mortgage Bankers Association predicted that 30-year rates won't drop below 6% until next year. The MBA believes that rates could end 2025 around 5.60%.
Current Mortgage Rates
| Mortgage type | Average rate today |
This information has been provided by Zillow. See more mortgage rates on Zillow
Current Refinance Rates
| Mortgage type | Average rate today |
This information has been provided by Zillow. See more mortgage rates on Zillow
Mortgage Calculator
Use ourfree mortgage calculatorto see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.
Mortgage Calculator
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$1,161 Your estimated monthly payment
More details
Total paid
$418,177
Principal paid
$275,520
Interest paid
$42,657
Ways you can save:
- Paying a 25% higher down payment would save you $8,916.08 on interest charges
- Lowering the interest rate by 1% would save you $51,562.03
- Paying an additional $500 each month would reduce the loan length by 146 months
Click "More details" for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Inch Up (+0.04%)
The current average 30-year fixed mortgage rate is 6.61%, up four points from where it was this time last week, according to Zillow data. This rate is up significantly compared to a month ago, when it was 6.30%.
At 6.61%, you'll pay $639 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
20-Year Fixed Mortgage Rates Increase (+0.15%)
The average 20-year fixed mortgage rate is 15 points up from where it was last week, and is sitting at 6.30%. This time last month, the rate was 6.07%.
With a 6.30% rate on a 20-year term, your monthly payment will be $734 toward principal and interest for every $100,000 borrowed.
A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-Year Fixed Mortgage Rates Rise (+0.20%)
The average 15-year mortgage rate is 6.11%, up from last week. It's also up compared to this time last month, when it was 5.80%.
With a 6.11% rate on a 15-year term, you'll pay $850 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Increase Slightly (+0.11%)
The 7/1 adjustable mortgage rate is up 11 basis points from a week ago, currently at 6.69%. It's down from a month ago, when it was at 6.96%.
At 6.69%, your monthly payment would be $645 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Tick Up a Bit (+0.09%)
The average 5/1 ARM rate is 6.84%, a nine-point increase from last week. It's nearly flat compared to where it was a month ago, when it was 6.81%.
Here's how a 6.84% rate would affect you for the first five years: You'd pay $655 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Go Up (+0.10%)
The average 30-year FHA interest rate is 5.74% today, which is 10 basis points up from last week. This rate was 5.51% a month ago.
At 5.74%, you would pay $583 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Inch Down (-0.08%)
The current VA mortgage rate is 5.83%, eight basis points lower than this time last week. This rate was 5.68% a month ago.
With a 5.83% rate, your monthly payment would be $589 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates Decrease (-0.30%)
The average 30-year refinance rate is 7.06%, 30 basis points lower than last week. It's up compared to a month ago, when it was 6.73%.
Here's how a 7.06% rate would affect your monthly payments: You'd pay $669 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.
20-Year Fixed Refinance Rates Plunge (-1.55%)
The current 20-year fixed refinance rate is 6.38%, which is down 155 basis points compared to a week ago. This rate was 6.94% this time last month.
A 6.38% rate on a 20-year term will result in a $739 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Go Up (+0.59%)
The average 15-year fixed refinance rate is 6.44%, which is more than half a percentage point higher compared to last week. It's also up compared to this time a month ago, when it was at 6.14%.
A 6.44% rate on a 15-year term means you'll pay $868 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, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Increase a Full Percentage Point (+1.00%)
The average 7/1 ARM refinance rate is 7.61%, up 100 points from where it was last week. But it's down a bit from a month ago, when it was 7.81%.
Refinancing into a 7/1 ARM with a 7.61% rate means your monthly payment toward principal and interest will be $707 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Rise (+0.67%)
The 5/1 ARM refinance rate is 7.17%, which is higher than it was this time last week. It's down compared to this time last month, when it was 7.44%.
A 7.17% rate will result in a monthly payment of $677 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 Increase Slightly (+0.14%)
The 30-year FHA refinance rate is 5.76%, which is 14 points higher than last week. This rate was 5.38% this time last month.
A 5.76% refinance rate would lead to a $584 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Tick Up (+0.16)
The average 30-year VA refinance rate is 5.79%, which is up 16 points compared to where it was was last week. This rate was 5.52% a month ago.
At 5.79%, your new monthly payment would be $586 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC ratesare relatively low compared to other loan options, including credit cards and personal loans.
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.
