Compare current mortgage rates for today

Lender	Rate	APR	Mo. payment	as of February 22, 2024
NMLS # 1025894 5.0	6.250% 30 year fixed	6.443%	$2,660	Next
NMLS #2289 \| State Lic: 279BA 4.9	6.875% 30 year fixed	6.873%	$2,838	Next
NMLS #3030 4.8	Numbers you can trust Start with certainty, close with confidence Unique support for first-time homebuyers	Next
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Market Survey Rates The rates below are intended for educational purposes. The lenders listed are not active participants in Bankrate's mortgage marketplace.
Nicolet National Bank	6.875% 30 year fixed	6.921%	$2,838
Bank of Wisconsin Dells	7.250% 30 year fixed	7.283%	$2,947
Community First Bank	6.625% 30 year fixed	6.637%	$2,766
Cornerstone Community Bank	7.125% 30 year fixed	7.136%	$2,910
Old National Bank	6.875% 30 year fixed	6.896%	$2,838

Weekly national mortgage interest rate trends

Current mortgage rates

	30 year fixed	7.28%
	15 year fixed	6.70%
	10 year fixed	6.62%
	5/1 ARM	6.16%

Today's national mortgage interest rate trends

On Thursday, February 22, 2024, the current average interest rate for a 30-year fixed mortgage is 7.28%, down 1 basis point from a week ago. For homeowners looking to refinance, today's average 30-year fixed refinance interest rate is 7.27%, falling 5 basis points since the same time last week. Meanwhile, today's current average 15-year fixed refinance interest rate is 6.82%, increasing 11 basis points over the last week. 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 across the board

Rates on some of the most popular types of mortgages ticked up the week of Feb. 21, according to Bankrate's weekly national survey of large lenders.

The average rate on a 30-year fixed mortgage rose to 7.13 percent, up from 7.11 percent last week, while the average rate on a 15-year fixed mortgage climbed to 6.55 percent, up from 6.49 percent a week ago.

Blame inflation, which has been stubbornly resistant to the Federal Reserve's war on rising prices. The January inflation number, released Feb. 13, came in at 3.1 percent.

"The disappointing Consumer Price Index reading administered a dose of interest rate reality to investors — the Fed will be slow to cut rates, and it won't happen right away," says Greg McBride, Bankrate's chief financial analyst. "This means interest rates staying higher for longer than was hoped, so bond yields and mortgage rates are recalibrating."

Learn more: Historical mortgage rates

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.

Learn more: How the Federal Reserve impacts mortgage rates

Expert poll: Expect a quieter week for rates

Michael Becker

Branch manager, Sierra Pacific Mortgage , White Marsh , Maryland

After mortgage rates spiked in response to the stronger employment report and the higher-than-expected inflation in the CPI report, they have settled down over the last few days. Unless there is a surprise in the release of the Fed's meeting minutes, I think mortgage rates will be flat in the coming week. - Feb. 21

Learn more: Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

Product	Interest Rate	APR
30-Year Fixed Rate	7.28%	7.30%
20-Year Fixed Rate	7.16%	7.19%
15-Year Fixed Rate	6.70%	6.73%
10-Year Fixed Rate	6.62%	6.65%
5-1 ARM	6.16%	7.33%
10-1 ARM	6.97%	7.83%
30-Year Fixed Rate FHA	6.46%	7.14%
30-Year Fixed Rate VA	6.67%	6.79%
30-Year Fixed Rate Jumbo	7.33%	7.35%

Rates as of Thursday, February 22, 2024 at 6:30 AM

Learn more: Interest rate vs. APR

How Bankrate's rates are calculated

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:

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.
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.
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.

Lender

NMLS: 473163

State License: MB-473163

3.6

Bankrate Score

About the Lender

Recent Customer Reviews

5.0

562 reviews

Joe is the man!

Rating: 4.39 stars out of 5
Outstanding experience

Rating: 4.39 stars out of 5

Read full lender review

Lender

NMLS: 2289

State License: 4965

4.5

Bankrate Score

About the Lender

Recent Customer Reviews

4.9

1058 reviews

Seamless Refinance Experience with JT and Team

Rating: 4.39 stars out of 5
Effective, Communicative and delivered

Rating: 4.39 stars out of 5

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.