Mortgage Rates: Compare Today's Rates | Bankrate (2024)

Mortgage Rates: Compare Today's Rates | Bankrate (1)Written by

Jeff Ostrowski

Jeff Ostrowski

Mortgage Rates: Compare Today's Rates | Bankrate (2)Edited by

Suzanne De Vita

Suzanne De Vita

Mortgage Rates: Compare Today's Rates | Bankrate (3)Reviewed by

Greg McBride, CFA

Greg McBride, CFA

Mortgage Rates: Compare Today's Rates | Bankrate (4)Edited by

Suzanne De Vita

Suzanne De Vita

Mortgage Rates: Compare Today's Rates | Bankrate (5)Reviewed by

Greg McBride, CFA

Greg McBride, CFA

Apr. 18, 2024

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  • Mortgage news this week
  • How to get the best mortgage rate
  • Compare mortgage lenders side by side
  • Factors that determine your mortgage rate
  • Mortgage FAQ
  • How to refinance your current mortgage

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Top offers on Bankrate vs. the national average interest rate

Hover for more

Top offers on Bankrate:6.47%

National average:7.03%

For the week of April 12th, top offers on Bankrate are X% lower than the national average.On a $340,000 30-year loan, this translates to $XXX in annual savings.

Today's national mortgage interest rate trends

On Thursday, April 18, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.22%, increasing 21 basis points since the same time last week. If you're looking to refinance your current loan, the current average 30-year refinance interest rate is 7.19%, rising 16 basis points from a week ago. In addition, the national 15-year fixed refinance interest rate is 6.66%, rising 20 basis points over the last seven days. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

Mortgage Rates: Compare Today's Rates | Bankrate (6)Written by

Jeff Ostrowski

Jeff Ostrowski

Mortgage Rates: Compare Today's Rates | Bankrate (7)Edited by

Suzanne De Vita

Suzanne De Vita

Mortgage Rates: Compare Today's Rates | Bankrate (8)Reviewed by

Greg McBride, CFA

Greg McBride, CFA

On Thursday, April 18, 2024, the national average 30-year fixed mortgage APR is 7.27%. The average 15-year fixed mortgage APR is 6.74%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Thursday, April 18, 2024, the national average 30-year fixed mortgage APR is 7.27%. The average 15-year fixed mortgage APR is 6.74%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

  • National mortgage interest rate trends
  • Mortgage news this week
  • How to get the best mortgage rate
  • Compare mortgage lenders side by side
  • Factors that determine your mortgage rate
  • Mortgage FAQ
  • How to refinance your current mortgage

Weekly national mortgage interest rate trends

Current mortgage rates

30 year fixed7.03%
15 year fixed6.50%
10 year fixed6.37%
5/1 ARM6.53%

Today's national mortgage interest rate trends

On Thursday, April 18, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.22%, increasing 21 basis points since the same time last week. If you're looking to refinance your current loan, the current average 30-year refinance interest rate is 7.19%, rising 16 basis points from a week ago. In addition, the national 15-year fixed refinance interest rate is 6.66%, rising 20 basis points over the last seven days. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

Mortgage news this week

Mortgage rates rise to 7.3%

Rates on the most popular types of mortgages surged this week, according to Bankrate’s weekly national survey of large lenders.

The average rate on a 30-year fixed mortgage rose to 7.33 percent the week of April 17, while the average rate on a 15-year fixed mortgage climbed to 6.66 percent.

After a disappointing March inflation report, mortgage rates seem unlikely to fall anytime soon.

“The inflation numbers were bad, and both bond yields and mortgage rates are bouncing higher in response to what is now an uncertain timetable on when — or if — the Fed begins cutting rates in 2024,” says Greg McBride, Bankrate’s chief financial analyst.

Learn more: Historical mortgage ratesThe Federal Reserve has been working to bring inflation to a more sustainable level of 2 percent. At its March meeting, the central bank again left rates unchanged.

The Fed doesn't directly set mortgage rates, but its monetary policies do influence their direction. Fixed mortgage rates move with the 10-year Treasury yield, while adjustable-rate loans more closely follow the Fed.

“Recent economic data shows that the economy and job market remain strong, which is likely to keep mortgage rates at these elevated levels for the near future,” says Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

Learn more: How the Federal Reserve impacts mortgage rates

Rates to keep climbing

Mortgage Rates: Compare Today's Rates | Bankrate (9)

Allison Kaminaga

Lecturer of Mathematics and Economics, Bryant University, Smithfield, RI

"I expect mortgage rates to increase this week. The 10-year Treasury yield is still trending upwards, and the Fed is signaling it needs to see more progress on inflation before cutting rates." - April 17

Learn more: Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

ProductInterest RateAPR
30-Year Fixed Rate7.22%7.27%
20-Year Fixed Rate7.03%7.08%
15-Year Fixed Rate6.66%6.74%
10-Year Fixed Rate6.53%6.60%
5-1 ARM6.50%7.81%
10-1 ARM6.90%7.96%
30-Year Fixed Rate FHA7.30%7.35%
30-Year Fixed Rate VA7.38%7.42%
30-Year Fixed Rate Jumbo7.33%7.38%

Rates as of Thursday, April 18, 2024 at 6:30 AM

Learn more: Interest rate vs. APR

ProductInterest RateAPR
30-Year Fixed Rate7.19%7.24%
20-Year Fixed Rate7.04%7.09%
15-Year Fixed Rate6.66%6.74%
10-Year Fixed Rate6.55%6.62%
5-1 ARM6.44%7.75%
10-1 ARM6.88%7.95%
30-Year Fixed Rate FHA7.28%7.33%
30-Year Fixed Rate VA7.75%7.78%
30-Year Fixed Rate Jumbo7.36%7.41%

Rates as of Thursday, April 18, 2024 at 6:30 AM

How to get the best mortgage rate

Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. Here’s how to do it:

  1. Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
  2. Compare mortgage rates.There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
  3. Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.

Learn more: How to get a mortgage

Why compare mortgage rates?

It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Mortgage Rates: Compare Today's Rates | Bankrate (10)

Garden State Home Loans

NMLS: 473163

|

State License: MB-473163

3.6

Rating: 3.6 stars out of 5

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Recent Customer Reviews

Rating: 4.98 stars out of 5

5.0

562reviews

Read full lender review

Mortgage Rates: Compare Today's Rates | Bankrate (11)

Homefinity

NMLS: 2289

|

State License: 4965

4.5

Rating: 4.5 stars out of 5

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Recent Customer Reviews

Rating: 4.94 stars out of 5

4.9

1063reviews

Read full lender review

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you’re buying.
  • Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.

Mortgage FAQ

How to refinance your current mortgage

When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons.

Compare refinance rates and do the math with Bankrate's refinance calculator.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride

Mortgage rates in other states

  • United States
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington DC
  • West Virginia
  • Wisconsin
  • Wyoming
Mortgage Rates: Compare Today's Rates | Bankrate (2024)

FAQs

What is a good mortgage rate in today's market? ›

If you're looking to refinance, today's average 30-year refinance interest rate is 7.31%, rising 20 basis points compared to this time last week. Meanwhile, today's average 15-year fixed refinance interest rate is 6.79%, rising 12 basis points compared to this time last week.

Are mortgage rates expected to drop? ›

Mortgage rates are expected to decline later this year as the U.S. economy weakens, inflation slows and the Federal Reserve cuts interest rates. The 30-year fixed mortgage rate is expected to fall to the mid- to low-6% range through the end of 2024, potentially dipping into high-5% territory by early 2025.

Are mortgage rates going down in 2024? ›

Mortgage Rate Projection for 2024

As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

What are current mortgage rates near me? ›

Today's rate

Today's mortgage rates in Los Angeles, CA are 7.137% for a 30-year fixed, 6.487% for a 15-year fixed, and 7.858% for a 5-year adjustable-rate mortgage (ARM).

Will mortgage rates ever be 3 again? ›

It's possible that rates will one day go back down to 3%, though if current trends hold that's not likely to happen anytime soon.

Who has the cheapest mortgage rates right now? ›

Best USDA mortgage rates
  • Home Point Financial, 4.19%
  • Freedom Mortgage, 4.21%
  • Flagstar Bank, 4.28%
  • Caliber Home Loans, 4.46%
  • U.S. Bank, 4.54%
  • AmeriHome Mortgage Company, 4.61%
  • Pennymac, 4.67%
  • NewRez, 4.68%
Jul 21, 2023

Should I lock in my mortgage rate today or wait? ›

Once you find a rate that is an ideal fit for your budget, lock in the rate as soon as possible. There is no way to predict with certainty whether a rate will go up or down in the weeks or even months it sometimes takes to close your loan.

What will interest rates look like in 5 years? ›

ING's interest rate predictions indicate 2024 rates starting at 4%, with subsequent cuts to 3.75% in the second quarter. Then, 3.5% in the third, and 3.25% in the final quarter of 2024. In 2025, ING predicts a further decline to 3%.

What is the mortgage interest rate forecast for 2024? ›

Mortgage giant Fannie Mae likewise raised its outlook, now expecting 30-year mortgage rates to be at 6.4 percent by the end of 2024, compared to an earlier forecast of 5.8 percent.

Will 2024 be a better time to buy a house? ›

Most experts expect home prices to continue to increase in 2024, which will continue to make homeownership inaccessible to many. However, some forecast the prices will drop. Here's a handful of predictions. For context, home prices rose by 7.1% in 2023, according to Fannie Mae.

How low will mortgage rates go in 2025? ›

"By the first quarter of 2025, mortgage rates could potentially fall below the 6% threshold, or maybe even lower." Hold steady through 2024: Afifa Saburi, a capital markets analyst for Veterans United Home Loans, doesn't think rates are going to drop much this year.

What will mortgage rates be in May 2024? ›

Mortgage rate predictions for 2024

The Mortgage Bankers Association and National Association of Realtors sit at the low end of the group, predicting the average 30-year fixed interest rate to settle at 6.6% for Q2. Meanwhile, Fannie Mae had the highest forecast of 6.7%.

How to get the lowest mortgage rate? ›

7 ways to get a lower mortgage rate
  1. Shop for mortgage rates. ...
  2. Improve your credit score. ...
  3. Choose your loan term carefully. ...
  4. Make a larger down payment. ...
  5. Buy mortgage points. ...
  6. Lock in your mortgage rate. ...
  7. Refinance your mortgage.

How much is it to buy down an interest rate? ›

How Much Does It Cost To Buy Down An Interest Rate? The cost for each discount point depends entirely on the amount you, as the borrower, take out on the loan. Each point that a borrower pays is equivalent to 1% of the loan amount.

Why are mortgage rates so high? ›

When inflation is running high, the Fed raises those short-term rates to slow the economy and reduce pressure on prices. But higher interest rates make it more expensive for banks to borrow, so they raise their rates on consumer loans, including mortgages, to compensate.

Is 4% a good mortgage rate? ›

Currently, a 4% mortgage rate would be considered low. If that question was asked at the beginning of 2022—when 30-year mortgage rates for conforming loans was 3.77%–instead of the end of 2022—when the same mortgage rates were 7.06%—the answer would have been, yes, a 4% mortgage rate is high.

Is 2.75 a good 30-year mortgage rate? ›

Buying a home at a low 2.75% rate is fantastic by today's standards. But when you experience buyer's regret and want to sell, you have to deal with current mortgage rates, which are closer to 7%. You might feel stuck if you can't afford to cough up the cash for an outright purchase.

What is a good interest rate on a 30-year mortgage? ›

Current mortgage and refinance rates
ProductInterest rateAPR
30-year fixed-rate7.113%7.197%
20-year fixed-rate6.981%7.083%
15-year fixed-rate6.250%6.391%
10-year fixed-rate6.178%6.376%
5 more rows

Should I lock in the rate today? ›

Once you find a rate that is an ideal fit for your budget, lock in the rate as soon as possible. There is no way to predict with certainty whether a rate will go up or down in the weeks or even months it sometimes takes to close your loan.

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