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Mortgage rates have been pretty unpredictable over the past week and a half, mirroring their trajectory in early July. Though rates are currently down a bit from this time last month, we've seen a lot of fluctuation from day to day, and sometimes even hour to hour.
Average 30-year mortgage rates are currently around 17 basis points higher than they were a week ago, but they're 25 basis points lower month over month.
Depending on what tomorrow's Consumer Price Index report looks like, mortgage rates could start trending down more consistently this month. Inflation has been slowing since July 2022, and mortgage rates are expected to drop as inflation reaches the Federal Reserve's target annual rate of 2%.
Current Mortgage Rates
Current Refinance Rates
Mortgage Calculator
Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.
Click "More details" for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-year Fixed Mortgage Rates Increase (+0.17%)
The current average 30-year fixed mortgage rate is 6.67%, up 17 basis points since this time last week. But this rate is somewhat lower compared to where it was a month ago, when it was 6.92%.
At 6.67%, you'll pay $643 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
20-year Fixed Mortgage Rates Tick up Slightly (+0.10%)
The average 20-year fixed mortgage rate is up 10 basis points from last week and sits at 6.44%. This time in July, the rate was 6.80%.
With a 6.44% rate on a 20-year term, your monthly payment will be $742 toward principal and interest for every $100,000 borrowed.
A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-year Fixed Mortgage Rates Go Up (+0.17%)
The average 15-year fixed mortgage rate is 6.02%, a 17-basis-point increase from last week. This time in July, the rate was higher at 6.17%.
With a 6.02% rate on a 15-year term, you'll pay $845 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Increase (+0.16%)
The 7/1 adjustable mortgage rate is up somewhat since last week, currently at 7.04%. It was 7.11% a month ago.
At 7.04%, your monthly payment would be $668 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Jump Up (+0.36%)
The average 5/1 ARM rate is 6.71%, an increase from last week. This time in July, this rate was a bit higher at 6.85%.
Here's how a 6.71% rate would affect you for the first five years: You'd pay $646 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Are Flat (no change)
The average 30-year FHA interest rate is 5.59% today, which is the same as it was last week. This rate has also seen no change from a month ago.
At 5.59%, you would pay $573 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Go Up (+0.27%)
The current VA mortgage rate is 6.09%, an increase from this time last week. It was 6.26% this time last month.
With a 6.09% rate, your monthly payment would be $605 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-year Fixed Refinance Rates Go Down (-0.14%)
The average 30-year refinance rate is 6.99%, which is lower than it was last week. It's also down compared to a month ago, when it was 7.32%.
Here's how a 6.99% rate would affect your monthly payments: You'd pay $665 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.
20-year Fixed Refinance Rates Fall (-0.23%)
The current 20-year fixed refinance rate is 6.54%, which is a bit lower compared to a week ago. It was 6.87% this time in July.
A 6.54% rate on a 20-year term will result in a $748 monthly payment toward principal and interest for every $100,000 you borrow.
15-year Fixed Refinance Rates Inch Up (+0.17%)
The average 15-year fixed refinance rate is 6.54%, 17 basis points higher than it was last week. However, this rate is currently lower than it was this time in July, when it was at 6.80%.
A 6.54% rate on a 15-year term means you'll pay $873 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Spike (+0.88%)
The average 7/1 ARM refinance rate is 6.04%, up quite a bit from this time last week. A month ago, it was 7.35%.
Refinancing into a 7/1 ARM with a 6.04% rate means your monthly payment toward principal and interest will be $602 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Increase (+0.39%)
The 5/1 ARM refinance rate is 6.84%, up from last week. But it's down quite a bit compared to this time last month, when it was 7.15%.
A 6.84% rate will result in a monthly payment of $655 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.
30-year FHA Refinance Rates Stay the Same (no change)
The 30-year FHA refinance rate is 5.58%, which is flat compared to last week. This rate is also flat month over month.
A 5.58% refinance rate would lead to a $573 monthly payment toward the principal and interest per $100,000 borrowed.
30-year VA Refinance Rates Barely Inch Down (-0.03%)
The average 30-year VA refinance rate is 6.16%, which is down a tiny bit from last week. This rate was 6.33% a month ago.
At 6.16%, your new monthly payment would be $610 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates have been volatile so far in 2023, and they're higher than they were in August 2022.
As inflation starts to come down, mortgage rates will recede somewhat as well. If we experience a recession, rates may drop a little faster. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range in the near term.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.