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Mortgage rates are up significantly compared to where they were a month ago. Average 30-year mortgage rates have increased nearly 20 basis points since this time in September.
Depending on the path of inflation, mortgage rates could start inching down before the end of the year. Borrowers should keep an eye on Thursday's Consumer Price Index data release to see how inflation fared in September.
As long as inflation continues to slow, mortgage rates should start to come down soon. But exactly when we'll start seeing lower rates depends in part on the Federal Reserve. If the Fed feels it needs to hike the federal funds rate again to bring inflation down to its target rate, or if it waits longer than expected to start cutting rates, mortgage rates could stay elevated for longer.
Current Mortgage Rates
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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 7.49%, up 17 basis points since this time last week. This rate is also much higher compared to a month ago, when it was 6.85%.
At 7.49%, you'll pay $699 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 Go Up (+0.37%)
The average 20-year fixed mortgage rate is up 37 basis points from last week and sits at 7.21%. This time in September, the rate was 6.49%.
With a 7.21% rate on a 20-year term, your monthly payment will be $788 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 Tick Up a Bit (+0.11%)
The average 15-year mortgage rate is 6.64%, an 11-basis-point increase from last week. It's also up from this time last month, when it was 6.29%.
With a 6.64% rate on a 15-year term, you'll pay $879 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 Spike (+0.58%)
The 7/1 adjustable mortgage rate is up more than half a percentage point from last week, currently at 7.46%. It was 7.17% a month ago.
At 7.46%, your monthly payment would be $696 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 Barely Inch Up (+0.03%)
The average 5/1 ARM rate is 7.32%, a 3-point increase from last week. This time in September, this rate was a bit lower at 7.17%.
Here's how a 7.32% rate would affect you for the first five years: You'd pay $687 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Increase Dramatically (+0.71%)
The average 30-year FHA interest rate is 6.75% today, which is up quite a bit from a week ago. This rate was 6.08% this time last month.
At 6.75%, you would pay $649 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 a Bit (+0.19%)
The current VA mortgage rate is 6.68%, 19 basis points up from this time last week. It was 6.14% this time last month.
With a 6.68% rate, your monthly payment would be $644 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates Are Up Somewhat (+0.10%)
The average 30-year refinance rate is 7.65%, which is a little bit higher than it was last week. It's also up compared to a month ago, when it was 7.33%.
Here's how a 7.65% rate would affect your monthly payments: You'd pay $710 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 Inch Up (+0.09%)
The current 20-year fixed refinance rate is 7.13%, which is just a bit higher compared to a week ago. This rate was 6.46% this time in September.
A 7.13% rate on a 20-year term will result in a $783 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Increase (+0.29)
The average 15-year fixed refinance rate is 6.82%, which is just a little higher than it was it was last week. This rate is up a bit compared to this time in September, when it was at 6.75%.
A 6.82% rate on a 15-year term means you'll pay $889 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 Up a Bit (+0.12%)
The average 7/1 ARM refinance rate is 7.50%, up from this time last week. A month ago, it was 7.70%.
Refinancing into a 7/1 ARM with a 7.50% rate means your monthly payment toward principal and interest will be $699 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 Very Slightly Inch Down (-0.05%)
The 5/1 ARM refinance rate is 7.51%, down a tiny bit from last week. It's up compared to this time last month, when it was 7.37%.
A 7.51% rate will result in a monthly payment of $700 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 Rise (+0.58%)
The 30-year FHA refinance rate is 6.50%, which is up more than half a percentage point compared to last week. This rate was 5.92% this time last month.
A 6.50% refinance rate would lead to a $632 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Slightly Increase (+0.18%)
The average 30-year VA refinance rate is 6.93%, which is up from last week. This rate was 6.36% a month ago.
At 6.93%, your new monthly payment would be $661 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 September 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.