30-year fixed mortgage interest rates
The average rate for a 30-year fixed-rate mortgage is 2.84 percent, dropping 2 basis points over the previous seven days. A month ago, the average rate on a 30-year mortgage loan was worse, at 2.89 percent. Today’s 30-year rate is 129 bps less than 2019’s average annual rate, making it a favorabletime to get a fixed-rate mortgage.
At today’s interest rate, you’ll pay principal and interest of $413.02 for every $100,000 you borrow. Compared to a week ago, that’s $1.07 lower.
Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.
30-year refinance rates
Today’s average 30-year fixed refinance rate is 2.87 percent, falling 3 basis points over the previous seven days. This time last month, the average rate on a 30-year mortgage was 2.95 percent.
At the current average rate, you’ll pay principal and interest of about $415 for every $100,000 you borrow. Compared to last week, that’s $1.60 lower.
Bankrate OA data: average annual 30-year fixed rate for 2010-2019
Year | Average 30-Year Fixed Annual Rate |
---|---|
2010 | 4.86% |
2011 | 4.65% |
2012 | 3.88% |
2013 | 4.16% |
2014 | 4.31% |
2015 | 3.99% |
2016 | 3.79% |
2017 | 4.14% |
2018 | 4.70% |
2019 | 4.13% |
Mortgage lock recommendations
A rate lock guarantees a lender will honor a specified interest rate at a specific cost for a set period. The benefit of a mortgage rate lock is that it protects you from market fluctuations. It also puts pressure on borrowers to make sure they close on homes before the rate-lock period expires. For example, if your lender locks in your rate at 3.75 percent for 45 days and rates jump up to 4 percent within that period, you’ll still get your loan at the lesser rate.
If they choose not to lock in your rate, you’ll have a “floating” rate. That’s not a bad strategy when interest rates are generally falling, but it could be costly in a rising rate environment. A rate lock is a must for risk-averse people who are seeking a mortgage. It’s a good idea to ask for a 45-day lock at a minimum; 60 days is even better.
Where rates are headed
Every week, our editorial team asks a panel of mortgage experts where they think mortgage rates will go over the next week. See Bankrate’s Mortgage Rate Trend Index for weekly projections.
To provide the freshest rates, lenders across the nation respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see our latest marketplace average rates and an up to date analysis on current interest rates..
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Source: bankrate.com