Published March 27, 2024 at 8:30 a.m. UTC
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The current 30-year fixed-rate mortgage rate is 7.30%, while the 15-year fixed-rate mortgage is 6.53%. The interest rate on a 30-year jumbo mortgage is 7.31%.
*Data was accurate as of March 26, 2024, and was the most recent available.
30 year fixed mortgage rate
According to data from Curinos, the mortgage rate for a 30-year fixed rate loan is 7.30%. This represents a slight increase from last week's 7.29%. Last month's interest rate was 7.44%, the current interest rate has increased significantly from last year's 5.87%.
The current 30-year fixed rate average is 1.83 points below the 52-week high of 9.13% and 1.67 points above the 52-week low of 5.63%.
At the current 30-year fixed rate, you'll pay about $690 a month for every $100,000 you borrow, up from about $699 last week.
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15 year fixed mortgage rate
Mortgage rates for 15-year fixed loans were 6.53% today, a slight increase from 6.48% last week. Today's interest rate was down from 6.73% last month and up from 5.15% a year ago.
At the current 15-year fixed rate, you'll pay about $876 a month for every $100,000 you borrow, down from about $882 last week.
30 year jumbo mortgage rate
Mortgage interest rates for 30-year jumbo loans rose from 7.24% last week to 7.31% on this day. This is up from 7.23% last month and 5.62% last year.
At the current 30-year jumbo rate, you'll pay about $690 per month for every $100,000 you borrow, down from about $696 last week.
methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For a conventional mortgage, the loan amount is calculated based on his $350,000 owner-occupied one-unit property. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.
Frequently asked questions (FAQ)
If you choose a rate lock, you can usually lock it in for 30 to 60 days, depending on the lender. In some cases, you may be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders may let you lock in your mortgage rate for free, you'll likely have to pay a fee the longer you lock in. This fee typically ranges from 0.25% to 0.5% of the loan amount. If you wish to extend the lock period, you may be charged a fee, typically 0.375% of the loan amount.
If you don't plan on keeping your home for a long time, an ARM may be a better option, especially if the interest rates on fixed-rate loans are much higher at the time. This is because ARMs tend to have lower starting interest rates than fixed-rate mortgages, but the interest rates can rise over time.
A fixed rate loan has the same interest rate throughout its term, whereas an ARM starts with a fixed rate for a certain period of time and then switches to a variable rate that can be changed for the remainder of the loan term. For example, a 5/1 ARM will have a fixed rate for five years (the “5” in 5/1), after which it will switch to a variable rate (the “1” in 5/1) that he can change once per year.
Mortgage interest rates are determined by a variety of factors, including the overall economy, inflation, and the actions of the Federal Reserve. Mortgage lenders set loan interest rates based on these economic factors.
The interest rate you're offered on a mortgage depends not only on the lender, but also on your credit score, income, debt-to-income (DTI) ratio, and other financial profiles.
Blueprint is an independent publisher and comparison service and is not an investment advisor. The information provided is for educational purposes only and you are encouraged to seek individual advice from a qualified professional regarding your specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. Any opinions, analyses, reviews, or recommendations expressed in this article are solely those of Blueprint editorial staff. Blueprint adheres to strict editorial integrity standards. Information is accurate as of the date of publication, but please always check the provider's website for the most up-to-date information.
