After a week of ups and downs, the interest rate on a 30-year fixed-rate mortgage was 3.599% on Friday. That’s a 0.020 percentage point decrease from Monday’s rate. Rates for all loan categories were also lower, with the 30-year refinance rate sliding to 3.776%.
Despite this week’s downward movement, the 30-year rate has been inching up throughout the month and is currently slightly above the month-ago average. Still, rates are low by historic standards and borrowers interested in a home purchase or mortgage refinance can find affordable monthly payments.
- The latest rate on a 30-year fixed-rate mortgage is 3.599%. ⇓
- The latest rate on a 15-year fixed-rate mortgage is 2.569%. ⇓
- The latest rate on a 5/1 ARM is 2.184%. ⇔
- The latest rate on a 7/1 ARM is 3.332%. ⇓
- The latest rate on a 10/1 ARM is 3.455%. ⇑
Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, since they measure rates offered to borrowers with higher credit scores.
30-year fixed-rate mortgage rates today
- The 30-year rate is 3.599%.
- That’s a one-day decrease of 0.014 percentage points.
- That’s a one-month increase of 0.068 percentage points.
A 30-year fixed-rate mortgage will have a steady interest rate and monthly payments. The long payback time results in lower payments compared to a shorter-term loan. All these features combine to make it the most popular home loan among borrowers. However, the interest rate will be higher, which means you’ll pay more for a 30-year loan over time.
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Average Mortgage Rates
Data based on US mortgage loans closed on Dec 16, 2021
|Loan Type||Dec 16||Last Week||Change|
|15 Year Fixed Conventional||2.57%||2.59%||0.02%|
|30 Year Fixed Conventional||3.6%||3.6%||0.0%|
|7/1 ARM Rate||3.33%||3.09%||0.24%|
|10/1 ARM Rate||3.46%||3.22%||0.24%|
Your actual rate may vary
15-year fixed-rate mortgage rates today