Today’s 30-year Mortgage Rates

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Terms and Phrases that may be used in this Mortgage Rate Table

Upfront costs: The upfront costs are charged for originating the loan. These costs are commonly labeled as Origination, Application, Processing, Underwriting, or Administration fees. The upfront costs may not include all costs associated with securing your mortgage. Please visit the Consumer Financial Protection Bureau’s website or consult a loan officer or broker for more information.

Points: Points are fees paid directly to the lender in exchange for a reduced interest rate. A point is equal to 1% of the borrowed funds. By paying points, you save money on interest over your mortgage’s term.

5-year cost: This is an estimated amount you’ll pay in interest and costs, such as the upfront costs and points, for the identified time. The estimated amount does not include principal payments or other costs, such as taxes, insurance, or private mortgage insurance. Your actual loan terms, such as the rate, annual percentage rate, monthly payment, and upfront costs, may be different because of other factors, such as your credit score, income, and employment history.

Calculate your monthly payment:

Principal: The face value of a loan, independent of the interest charged on the loan amount.

Interest: Payments made to a lender by a borrower in exchange for a loan.

Property Tax: Any tax on real estate or certain other forms of property.

Private mortgage insurance (PMI): An insurance policy that compensates lenders for losses from a mortgage loan default.

Homeowner association (HOA): A private association formed by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision.

One-time fees breakdown: These fees are estimates of the fees charged by the lender for processing, approving and funding a loan.

What Are Today’s 30-Year Fixed Mortgage Rates?

On Thursday, November 26, 2020 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 30-year fixed mortgage rate is 2.920% with an APR of 3.230%. The average 30-year fixed mortgage refinance rate is 3.050% with an APR of 3.250%.

Current 30-Year Mortgage Rates

ProductInterest RateAPR
30-Year Fixed Rate3.050%3.250%
30-Year FHA Rate2.900%3.680%
30-Year VA Rate2.920%3.110%
30-Year Fixed Jumbo Rate3.070%3.130%
20-Year Fixed Rate2.940%3.190%
15-Year Fixed Rate2.480%2.690%
15-Year Fixed Jumbo Rate2.460%2.500%
5/1 ARM Rate3.120%4.090%
5/1 ARM Jumbo Rate2.890%4.030%
7/1 ARM Rate2.970%3.970%
7/1 ARM Jumbo Rate2.930%3.930%
10/1 ARM Rate3.110%3.950%
ProductInterest RateAPR
30-Year Fixed Rate2.920%3.230%
30-Year FHA Rate3.000%3.750%
30-Year VA Rate2.980%3.140%
30-Year Fixed Jumbo Rate2.970%3.070%
20-Year Fixed Rate2.830%3.130%
15-Year Fixed Rate2.410%2.730%
15-Year Fixed Jumbo Rate2.380%2.440%
5/1 ARM Rate3.020%4.060%
5/1 ARM Jumbo Rate2.920%3.950%
7/1 ARM Rate%%
7/1 ARM Jumbo Rate2.860%3.930%
10/1 ARM Rate2.980%3.900%

Rates as of Thursday, November 26, 2020

What Is a 30-Year Fixed Mortgage?

A 30-year fixed-rate mortgage is repaid over a 30-year period and its interest rate never changes. The long repayment period means you’ll have smaller monthly payments compared to shorter-term loans, which helps make this the most popular type of loan. In recent years, roughly eight out of 10 conventional mortgages are 30-year fixed rate loans, according to Freddie Mac.

What Is a Good 30-Year Fixed Mortgage Rate?

In July 2020 the average 30-year fixed mortgage rate fell below 3% for the first time since the Federal Reserve began tracking mortgage rates. Since then, rates have stayed near this all-time low. So if you can qualify for a 30-year fixed rate mortgage anywhere near 3% you aren’t just getting a good deal – you’re getting a historically great rate.

Certain mortgages typically have higher rates, like loans for investment properties, jumbo loans, and cash-out refinance mortgages. So even a rate that’s a bit over 3% on one of these types of loans is still a great deal.

How Do I Compare Current 30-Year Fixed Mortgage Rates?

Comparing 30-year fixed mortgage rates isn’t as straightforward as looking at the mortgage interest rates you qualify for with different lenders. This is because a mortgage interest rate doesn’t account for mortgage fees. To get an understanding of the overall cost of your home loan, you need to also compare annual percentage rates (APR), which factor in other costs like loan origination fees and discount points.

After you apply for a mortgage you’ll get what is known as a Loan Estimate from the lender. Learning how to read a Loan Estimate is important because it shows an estimate of every fee the lender is charging you. Since every Loan Estimate form is the same, it’s a vital tool for comparing mortgage lenders and avoiding excessive fees.

When to Consider a 30-year Fixed Mortgage

There are a handful of advantages to a 30-year fixed-rate mortgage that make it the right choice in many cases. But choosing a mortgage is a highly personal decision and there are certain situations where a 30-year fixed mortgage isn’t a good fit.

Pros of a 30-Year Fixed Mortgage 

The main benefit of a 30-year loan with a fixed interest rate is long-term affordability. The loan’s interest rate never changes, so the only way your monthly payments can increase is if your property taxes or homeowners insurance go up. But those adjustments are typically only a small portion of your monthly payment, and insurance is always something you can shop around for in search of a lower premium.

Spreading out the repayment term over 30 years instead of 15 years also makes homes in expensive real estate markets more affordable. For example, a $350,000 mortgage with a 3% interest rate would cost $900 more a month with a 15-year loan compared to a 30-year loan. So a 30-year fixed-rate home loan is a more affordable option.

Cons of a 30-Year Fixed Mortgage

If you want to get the absolute lowest mortgage rate, a 30-year fixed rate loan isn’t the best option. Currently, the average 15-year fixed mortgage rate is roughly half a percentage point lower than the comparable 30-year fixed rate. 

Since you’re repaying the loan over a much longer period of time, a 30-year loan is much more expensive than a shorter-term mortgage. A 30-year $350,000 home loan at a 3% interest rate will cost you $531,358 over the life of the loan. You’ll pay $111,252 less for the exact same mortgage amount with a 15-year term and a 2.5% interest rate.

Loan AmountInterest RateMonthly PaymentTotal Loan Cost
30-Year Loan$350,0003%$1,475$531,358
15-Year Loan$350,0002.5%$2,333$420,106

Is a 30-Year Fixed Mortgage Right for You?

Whether or not a 30-year fixed-rate mortgage is right for you depends on your personal situation. Everything from where you are in your career to where you want to live can impact the decision.

A 30-year fixed mortgage can be ideal for a first-time homebuyer because they are more affordable. But as your income increases, you may want to refinance to a shorter-term loan to reduce the interest you’ll pay over the life of the loan.

There are even rare circumstances where adjustable-rate mortgages (ARM) can make sense. If you know you will be moving before the interest rate adjusts, an ARM may be cheaper than a 30-year fixed rate mortgage for those first few years.

How to Find Personalized 30-Year Mortgage Rates?

To find personalized 30-year mortgage rates you’ll have to share a bit about your finances with potential lenders. They will need information, like your income, credit history, and debt-to-income ratios.

You can usually get a ballpark estimate from lenders by sharing this information with them over the phone. However, to get preapproved for a mortgage you will need to verify everything with documentation and a credit check. Being preapproved for a mortgage will give you an idea of what mortgage rate you qualify for, but the rate won’t be locked in until after you submit an application and are approved for the loan. Even then, you’ll want to confirm with the lender that your rate is locked and how long the rate lock will be valid for.