Compare Today&039s 30-Year Mortgage Rates | Bankrate

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Mortgage industry insights

After steep rise, mortgage rates appear to be stabilizing

With inflation still running hot and the Federal Reserve responding aggressively, the average rate on 30-year mortgages has climbed significantly.

The bump comes as the Fed has moved to raise rates in 2022. The central bank is ramping up efforts to fight inflation, which has remained high after a bout of pandemic stimulus. In May, annual price increases clocked in at 8.6 percent.

“Inflation is out of control and until it peaks, neither will mortgage rates,” says Greg McBride, chief financial analyst for Bankrate.

While the central bank directly moves interest rates on some mortgage products, namely adjustable-rate mortgages and home equity loans. Fed policy has fewer ramifications for fixed mortgage rates, which more closely follow the 10-year Treasury yield. The 10-year Treasury does react to inflation, however, and also to investor sentiment, with the benchmark yield recently trending upward.

For borrowers, the spike marks an end to the historically low rates that characterized the period following the global financial crash of 2008 and 2009. Rates were as low as 3 percent in August 2021. In June 2022, they approached 6 percent. However, there are signs that the rate is leveling off and may even fall amid signs inflation is easing a bit.

Read more: This week’s latest mortgage news

How to compare 30-year fixed mortgage rates

If you compare loan offers from mortgage lenders, you’ll have a better chance of securing a competitive rate. Here’s how to compare:

  1. Get preapprovals from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors.
  2. When reviewing rate quotes, compare the annual percentage rate (APR), which generally reflects all the expenses you’ll incur for the loan, such as the origination fee and any points.
  3. Aside from APR, consider each lender’s fees — some don’t charge an origination fee, for example — and other factors beyond the numbers, such as convenience or responsiveness.

Why compare 30-year mortgage rates?

It’s important to shop around when you’re looking for a mortgage to make sure you’re getting the best deal. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could have to pay out over the life of the loan.

Bankrate can help you connect with below-average rate offers to help you save even more.

When to consider a 30-year fixed mortgage

A 30-year fixed mortgage is best for those looking for predictable, relatively low monthly payments. You’ll wind up paying more in interest over the life of a 30-year mortgage than a 15- or 20-year one, but because of the longer repayment timeline, your monthly costs will be lower, so the more expensive loan may ultimately be easier on your budget.

Pros and cons of a 30-year mortgage

Choosing the right home loan is an important step in the home-buying process, and you have options based on your credit score, income, down payment amount, budget and financial goals. Here are the main pros and cons of a 30-year fixed mortgage:


  • Lower monthly payment: Repaying a mortgage over 30 years means you’ll have lower, more affordable payments spread out over time compared to shorter-term loans like 15-year mortgages.
  • Stability: Having a consistent principal and interest payment helps you better map out your housing expenses for the long term. (Your overall monthly housing expenses can change, however, if your homeowners insurance and property taxes go up or down.) Of course, this is only true if your mortgage has a fixed rate. An adjustable-rate mortgage won’t give you this same benefit for the whole life of the loan.
  • Buy more house: With lower payments, you might be able to qualify for a larger loan amount and may be able to afford a more expensive home.
  • More wiggle room: Lower monthly payments can provide more cushion in your budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.


  • More total interest paid: Stretching out repayment over 30 years means you’ll wind up paying more in interest overall than you would with a shorter-term loan.
  • Higher mortgage rates: Lenders usually charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer amount of time.
  • Becoming house poor: Just because you might be able to afford more house with a 30-year loan doesn’t mean you should overstretch your budget. Give yourself some breathing room for other financial goals and unexpected expenses.
  • Slower equity growth: It will take longer to build equity in your home because most of your initial mortgage payments will go towards interest rather than paying down your principal amount.

FAQs about 30-year mortgages

  • What is a 30-year fixed mortgage?
  • How are 30-year mortgage rates set?
  • What are the differences between 15- and 30-year mortgages?
  • What is the difference between a fixed- and adjustable-rate mortgage?
  • When should you refinance your 30-year mortgage?

Other mortgage tools:

  • Mortgage calculator: estimate your monthly payment and see how much house you can afford
  • Compare today’s top refinance rates: lower your monthly mortgage payment
  • First time home buyers grants and programs: get financial assistance to lower your down payment and closing costs

Learn more about specific loan type rates Loan Type Purchase Rates Refinance Rates The table above links out to loan-specific content to help you learn more about rates by loan type. 30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates 20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates 15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates 10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates FHA Loan FHA Mortgage Rates FHA Refinance Rates 30-Year FHA Loan 30-Year FHA Loan Rates 30-Year FHA Refinance Rates VA Loan VA Mortgage Rates VA Refinance Rates ARM Loan ARM Mortgage Rates ARM Refinance Rates 5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates 7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates 10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates 30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates

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