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The 30-year fixed-rate mortgage is by far the most popular type of home loan. Because the terms on these mortgages are so long, borrowers who get a 30-year mortgage enjoy low monthly payments — though they’ll ultimately pay a lot more in interest over the life of the loan.
See where 30-year mortgage rates are today and if a 30-year mortgage makes sense for you.
30-year mortgage rates today
Check out the latest new mortgage and mortgage refinance rates to see how today’s 30-year mortgage rates compare. To learn more about refinancing, check out our page on 30-year refinance rates.
30-year mortgage rate trends
Here are the lowest 30-year fixed rates each year, from 2012 to 2022:
In the past couple of decades, it was pretty common to see 30-year rates in the 5% to 6% range. Pre-2000, rates were even higher, sometimes reaching double digits. During the pandemic, rates reached historic lows, at times dropping below 3%.
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But rates have risen from the historic lows of the pandemic, and they rose more than three percentage points last year. In recent months, rates have skyrocketed.
In October, 30-year rates at times spiked close to 8%. They’ve eased back down a bit in recent weeks, but they’re still extremely high compared to where they’ve been in recent years.
30-year fixed-rate mortgage details
Fixed-rate mortgages lock in your rate for the entire life of your loan, and they come in a variety of term lengths. A 30-year loan is the most common term length for new mortgages, but lenders offer other term options.
A 30-year fixed-rate mortgage keeps your rate the same until you either make your final payment at the end of the 30 years or you sell or refinance.
Is a 30-year fixed mortgage a good deal?
If a low, stable monthly payment is important to you, a 30-year fixed-rate mortgage might be a good deal. But 30-year fixed rates are also higher right now than they’ve been in over a decade. If you want a lower interest rate, other options might suit you better.
Adjustable rates are lower than 30-year fixed rates, but your rate might increase once the intro rate period ends. This means that an ARM could be the better deal if you want to sell the home before your intro rate period ends, but a fixed rate may be better if you want to stay in the house for a long time.
You’ll also pay a lower rate with a shorter term, like a 20-year or 15-year fixed mortgage. That’s the general rule: The shorter your fixed-rate term, the lower the rate. And you’ll pay less interest over time with a shorter term, because the mortgage will be paid off sooner.
But your monthly payments will be lower with a 30-year mortgage than with a shorter term, because the loan payments are spread out over a longer amount of time.
The pros and cons of 30-year fixed mortgages
Compare 30-year fixed-rate mortgages to 15-year fixed-rate mortgages
To see the difference of what you’d pay on a 30-year mortgage compared to a 15-year mortgage, take a look at this example for a $250,000 loan, using average interest rates for November 2023, according to Freddie Mac data:
As you can see, the 30-year fixed-rate mortgage has a significantly lower monthly payment. However, you’ll pay a lot more in interest over the life of the loan than you would with a 15-year fixed-rate mortgage.
But if keeping your monthly costs down is a priority, the 30-year mortgage would likely be the better fit.
How to get a good 30-year mortgage rate
Lenders take your financial profile into consideration when determining an interest rate. The better your finances are, the lower your rate will be.
Lenders look at three main factors: down payment, credit score, and debt-to-income ratio.
- Down payment: Depending on which type of mortgage you take out, a lender might require anywhere from 0% to 20% for a down payment. But the higher your down payment is, the lower your rate will likely be.
- Credit score: Most mortgages require a minimum 620 credit score, and an FHA loan lets you get a mortgage with a 580 score. But the higher your score is, the better. To improve your score, try making payments on time, paying down debts, and letting your credit age.
- Debt-to-income ratio: Your DTI is the amount you pay toward debts each month in relation to your monthly income. You generally can’t get a mortgage with a DTI above 50%, and you can land a lower rate with a lower DTI ratio. To decrease your DTI ratio, you either need to pay down debts or earn more money.
If you have a large down payment, excellent credit score, and low DTI ratio, then you should be able to get a good 30-year fixed rate.
Use our free mortgage calculator to see how today’s 30-year rates will affect your monthly payments and long-term finances.
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$1,161
Your estimated monthly payment
- 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
You can apply for preapproval with a lender to get an idea of the rate you’ll pay. Just be sure to pay attention to both the rate and the mortgage APR. The APR shows you the full cost of borrowing, not just the interest rate. A mortgage’s APR takes into account things like points and fees paid to the lender in addition to your interest rate.
Is a 30-year fixed mortgage a good fit for you?
You’ll probably like a 30-year fixed mortgage if you want relatively low monthly payments.
You might prefer a shorter term if you want to be aggressive about paying off your mortgage faster, and if you can afford higher monthly payments. If you’re refinancing, you might consider a 15-year mortgage refinance to lower your interest costs.
You don’t necessarily need to stay in a home for 30 years to benefit from a 30-year mortgage. Even if you plan to move in a few years, you can benefit from the low monthly payments.
You may prefer an adjustable-rate mortgage if you want to move before your intro period rate ends, because adjustable rates often start lower than fixed rates. For example, if you get a 7/1 ARM and move before the seven-year mark, you’ll never risk your rate increasing.
30-year mortgage rates frequently asked questions
Average 30-year mortgage rates have generally been elevated in recent months, but they fluctuate a bit from day to day. In general, rates have been in the 7% to 8% range recently.
Average 30-year mortgage rates have been between 6% and 7% for most of 2023, though they’ve recently risen above 7% and even neared 8% for some borrowers. But rates could start falling soon.
The best 30-year mortgage rate ever happened in January 2021, when it hit 2.65%, according to Freddie Mac data.
A 30-year fixed mortgage is a home loan that is paid back over a 30-year term. Because the rate is fixed, your principal and interest payment stays the same throughout the entire life of the loan (though small increases can happen if your taxes or insurance go up).
With a 30-year fixed-rate mortgage, your payments will be set up so that the mortgage can be entirely paid back in monthly installments over the course of 30 years. However, most people don’t hold on to their mortgages that long; if you refinance or sell your home, you’ll pay off the mortgage early.
