Find the Best 30-Year Mortgage Rates Today
Stay up to date with the latest 30-year mortgage rates, expert insights and tips for homebuyers.

Getting the best 30-year mortgage rate possible can save you thousands of dollars a year. So it's vital to stay informed about economic factors that influence rates.
While the Fed does not directly control mortgage rates, its actions influence them indirectly by affecting the broader economic environment and lender borrowing costs. When the Fed signals potential rate cuts or hikes, mortgage rates often respond accordingly, as lenders adjust to expectations of future inflation and economic growth.
At the June Federal Reserve meeting, the Fed held its benchmark federal funds rate at 4.25% to 4.50%, marking the fourth consecutive meeting with no change. Policymakers cited persistent inflation, continued strength in the labor market and economic uncertainty as reasons for holding steady rather than moving rates either up or down.
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Mortgage rates, which hovered in the high 6% to 7% range throughout most of 2024, experienced a brief decline before rising again amid economic tensions. As of September, the average rate on a 30-year fixed mortgage is 6.35%, according to Freddie Mac.
While the Federal Reserve has yet to begin cutting rates this year, many experts anticipate reductions in 2025. A decline in mortgage rates could encourage more homeowners to sell, increasing the housing supply and potentially helping to unlock the housing market.
With these shifts on the horizon, it's important to know where to find the best mortgage rate for your situation.
30-year mortgage rates
If you're looking for the lowest mortgage rate, you should shop around. The financial institution you usually work with may not have the best rate available, so you should look at multiple options before deciding where to go. And mortgage rates have a massive impact on your monthly cash flow and what you overall end up paying.
For example, let’s look at a home with a sale price of $420,000.
Assume you put down 20% ($84,000) and get a $336,000 mortgage. At 6.35%, you’d be paying $2,090.71 on your monthly mortgage payment. But at 6%, you’d be paying $2,014.49 monthly — saving about $914.67 each year.
Curious about today's rates? Explore and compare some of today's best mortgage offers with the tool below, powered by Bankrate:
If you already have a mortgage, remember that you can refinance. This was a plan for many people who bought while interest rates were high. The expectation was that when rates went down, they'd be able to refinance and get a better deal. Read more on how refinancing a mortgage works and what it costs.
Rates haven't gone down quite enough to make this an entirely attractive prospect yet, but the expectation is that in the future they will.
Check out the latest refinancing options with the tool below, powered by Bankrate:
Four ways to get a lower mortgage rate
Market conditions influence mortgage rates, but you can take several proactive steps to improve your chances of securing a lower interest rate. Here are four key strategies to help you save on your mortgage.
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 credit card 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 to 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 you won't have to worry about your rate changing before you sell.
Locking for the best 30-year mortgage rate can save you thousands over the life of your loan. By boosting your credit score, making a larger down payment and shopping around for quotes, you can put yourself in a better position to get a lower rate.
Good luck, and happy hunting.
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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.
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