Compare current mortgage rates for today

Lender	Rate	APR	Mo. payment	as of March 21, 2024
NMLS #240415 \| State Lic: 01525044 5.0 (844) 365-0454	6.125% 30 year fixed	6.303%	$5,250	Next
NMLS # 1025894 5.0	6.500% 30 year fixed	6.682%	$5,461	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.
Bank of America	6.875% 30 year fixed	6.986%	$5,676

Weekly national mortgage interest rate trends

Current mortgage rates

	30 year fixed	7.01%
	15 year fixed	6.53%
	10 year fixed	6.41%
	5/1 ARM	6.44%

Today's national mortgage interest rate trends

On Thursday, March 21, 2024, the current average 30-year fixed mortgage interest rate is 6.96%, up 12 basis points since the same time last week. If you're in the market for a mortgage refinance, the national interest rate for a 30-year fixed refinance is 6.97%, increasing 13 basis points compared to this time last week. Meanwhile, the national 15-year refinance interest rate is 6.49%, remaining stable from a week ago. 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 as Fed keeps rates as-is

As spring homebuying season ramps up, rates on some of the most popular types of mortgages increased this week, according to Bankrate's weekly national survey of large lenders.

The average rate on a 30-year fixed mortgage rose to 7.07 percent the week of March 20, while the average rate on a 15-year fixed mortgage increased to 6.41 percent.

Inflation remains stubbornly high, and that's keeping mortgage rates elevated, says Greg McBride, Bankrate's chief financial analyst.

"The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence," says McBride.

Learn more: Historical mortgage rates

The 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.

Learn more: How the Federal Reserve impacts mortgage rates

Majority of experts split on where rates will go

Heather Devoto

Vice President, Branch Manager, First Home Mortgage, McLean, VA

"I'm expecting mortgage rates to rise in the week ahead following Chair Powell's remarks on the state of the economy." - 3/20

Learn more: Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

Product	Interest Rate	APR
30-Year Fixed Rate	6.96%	7.01%
20-Year Fixed Rate	6.83%	6.89%
15-Year Fixed Rate	6.49%	6.56%
10-Year Fixed Rate	6.39%	6.48%
5-1 ARM	6.51%	7.87%
10-1 ARM	6.91%	8.06%
30-Year Fixed Rate FHA	6.77%	6.82%
30-Year Fixed Rate VA	7.08%	7.12%
30-Year Fixed Rate Jumbo	7.06%	7.12%

Rates as of Thursday, March 21, 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

1062 reviews

Great service with better rates!

Rating: 4.39 stars out of 5
Great information for first time homebuyer

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.

Mortgage FAQ

What is a mortgage and how does it work?
How can mortgage points lower my interest rate?
Should you lock in your mortgage rate?
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Who are the best mortgage lenders?

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.