Find The Best 30-Year Mortgage Rates

30-year mortgage rates — check out the best here.

A small toy house with a large hand dropping coins into a slot in the roof.
(Image credit: Getty)

Recently, the Federal Reserve raised interest rates for the ninth consecutive time, hiking rates by 0.25% and bringing the federal funds rate to a target range of 4.75% to 5%. When the federal funds rate goes up, consumers are faced with higher interest rates on credit card APRs, personal loans and mortgages

Currently, the average 30-year mortgage rate is at 6.39%, compared to 6.27% last week and 5.00% last year. Overall, this is lower than the long-term average of 7.75%. 

However, if the financial uncertainty in the aftermath of Silicon Valley Bank and Signature Bank failing continues, borrowers could see rates continue to go down in 2023, although not as low as they were a few years ago.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

On the other hand, Greg McBride, the chief financial analyst for Bankrate (opens in new tab), said recently (opens in new tab), “If things stabilize and we’re back to worrying about inflation and whether the job market is too hot, the pullback will prove short-lived.”

Find the Best Mortgage Rates

Currently, as mentioned above, the average interest rate for a 30-year fixed mortgage is 6.39% (opens in new tab). Last month, the average rate for 30-year fixed mortgages was higher, at 6.42%. 

Additionally, the average interest rate for a 15-year fixed mortgage is 5.76% (opens in new tab), up from 5.54% a week ago and 4.17% last year. Rates for 15-year fixed mortgages last month were 5.68%.

Use our tool, in partnership with Bankrate, to compare current mortgage rates available for purchase and refinancing.

Four Ways to Get a Lower Mortgage Rate

  • Raise your credit score: One of the best and most effective ways to save on your mortgage is to raise your credit score, the biggest factor in determining your mortgage rate. Upping your FICO credit score, which ranges from 300 to 850, by just 20 points can save you hundreds of dollars by lowering your mortgage. So, while you’ll likely need at least a 620 FICO score in order to qualify for a mortgage at any rate, you'll need a higher score to get approved for the best rates. Raising your credit score can be done in a number of ways, including making card payments on time and keeping balances low. 
  • Increase your down payment: In order to get the best rates on a conventional mortgage loan from Fannie Mae or Freddie Mac, you'll need to make at least a 20% down payment. In fact, the bigger your down payment is, the better your rate will likely be. You'll have to repay less principal and less interest over the life of the loan.
  • Get multiple quotes: Different lenders may offer different rates. Because of this, it's important to get multiple quotes to ensure you're getting the lowest interest rates available for you. 
  • Consider an adjustable-rate mortgage (ARM): if you know you're going to sell your home in the near future, opting for an ARM could be a good decision. For example, if you're going to sell your home in four years, choosing a 5 year ARM could save you a lot in interest. You'll be able to take advantage of the lower interest rates associated with this kind of mortgage, and won't have to worry about your rate changing before you sell. 
Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.