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Overall, rates have fluctuated since this time last week. But 30-year mortgage rates and other fixed-rate terms are down across the board.
Rates have trended down over the past week in response to economic data showing that the economy is cooling. This is good news for mortgage rates because it means that the Federal Reserve may decide it doesn't need to raise the federal funds rate at its December meeting
Once the Fed backs off from its fight against inflation, mortgage rates should start falling further. And if the central bank cuts rates next year, we'll likely see an even more substantial drop.
All this is good news if you're hoping to buy a home soon. If you're waiting for better rates before you start shopping for a home, you may finally have an opportunity to jump into the market by the time homebuying season starts in the spring of 2024.
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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 Inch Down (-0.05%)
The current average 30-year fixed mortgage rate is 7.25%, down five basis points since this time last week. This rate is also down quite a bit compared to a month ago, when it was 7.45%.
At 7.25%, you'll pay $682 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 Drop (-0.24%)
The average 20-year fixed mortgage rate is down 24 basis points from last week and sits at 6.75%. This time last month, the rate was 7.18%.
With a 6.75% rate on a 20-year term, your monthly payment will be $760 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 Down (-0.06%)
The average 15-year mortgage rate is 6.55%, down a bit from last week. It's also down from this time last month, when it was 6.63%.
With a 6.55% rate on a 15-year term, you'll pay $874 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 Rise (+0.07%)
The 7/1 adjustable mortgage rate is up a little compared to last week, currently at 7.54%. It's down a bit since this time last month, when it was at 7.58%.
At 7.54%, your monthly payment would be $702 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 Nearly Flat (+0.01%)
The average 5/1 ARM rate is 7.25%, a one-point increase from last week. It's also a little higher than it was a month ago, when it was 7.20%.
Here's how a 7.25% rate would affect you for the first five years: You'd pay $682 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Dip (-0.05%)
The average 30-year FHA interest rate is 6.63% today, which is a little lower than it was a week ago. This rate was 6.75% a month ago.
At 6.63%, you would pay $641 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 Decrease (-0.09%)
The current VA mortgage rate is 6.48%, nine basis points down from this time last week. This rate was 6.75% a month ago.
With a 6.48% rate, your monthly payment would be $631 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates are Stagnant (No Change)
The average 30-year refinance rate is 7.61%, which is the same as it was last week. It's down compared to a month ago, when it was 7.70%.
Here's how a 7.61% rate would affect your monthly payments: You'd pay $707 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 Plummet (-0.32%)
The current 20-year fixed refinance rate is 6.84%, which is down compared to a week ago. This rate was 7.26% this time last month.
A 6.84% rate on a 20-year term will result in a $766 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Tick Up (+0.03%)
The average 15-year fixed refinance rate is 7.00%, which is three points higher than it was it was last week. This rate is up a bit compared to this time in October, when it was at 6.78%.
A 7.00% rate on a 15-year term means you'll pay $899 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 Plunge (-0.67%)
The average 7/1 ARM refinance rate is 6.96%, down quite a bit from this time last week. A month ago, it was much higher at 7.82%.
Refinancing into a 7/1 ARM with a 6.96% rate means your monthly payment toward principal and interest will be $663 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 (+0.38%)
The 5/1 ARM refinance rate is 7.41%, up significantly from last week. But it's down a little bit from this time last month, when it was 7.56%.
A 7.41% rate will result in a monthly payment of $693 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 Inch Down (-0.06%)
The 30-year FHA refinance rate is 6.67%, which is down from last week, when this rate was above 7%. This rate was 6.50% this time last month.
A 6.67% refinance rate would lead to a $643 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Spike (+0.52%)
The average 30-year VA refinance rate is 7.21%, which is up from last week. This rate was 6.69% a month ago.
At 7.21%, your new monthly payment would be $679 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 risen throughout 2023, and they're higher than they were in November 2022.
As inflation starts to come down, mortgage rates will recede somewhat as well. But average 30-year fixed rates will likely remain somewhere in the 7% to 8% 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.