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.

Mortgage rates may fluctuate by only fractions of a percent, but those small differences can translate into thousands in long-term savings. Understanding what influences these rates can help you lock in a better deal.
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 its most recent September meeting, the Federal Reserve cut the federal funds rate by 25 basis points, bringing the target range to 4.00% to 4.25%. The move, the Fed’s first rate cut in some time, was described as a “risk-management” response to signs of labor market cooling, even as inflation remains a concern.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free 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.
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 only just begun to ease rates, many experts anticipate further 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. Mortgage rates have a massive impact on your monthly cash flow and what you end up paying overall.
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.
To put those savings into perspective, here’s how different interest rates can affect your monthly payment, total interest and overall cost over a 30-year loan.
Interest Rate | Monthly Payment | Annual Payment | Total Interest (30 yrs) | Total Cost (Principal + Interest) |
7.00% | $2,235.42 | $26,825.00 | $468,749.90 | $804,749.90 |
6.75% | $2,179.29 | $26,151.48 | $448,544.26 | $784,544.26 |
6.50% | $2,123.75 | $25,484.98 | $428,549.48 | $764,549.48 |
6.25% | $2,068.81 | $24,825.72 | $408,771.53 | $744,771.53 |
6.00% | $2,014.49 | $24,173.88 | $389,216.32 | $725,216.32 |
These calculations are for illustrative purposes only and assume a 20% down payment on a $420,000 home. Monthly and total costs reflect principal and interest payments only and do not include property taxes, homeowners' insurance, HOA fees or other costs of homeownership.
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.
Refinance rates haven't gone down enough to make this an entirely attractive prospect yet, but the expectation is that in the future they will. Read more on how refinancing a mortgage works and what it costs.
Explore and compare 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.
Looking 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.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Carla Ayers joined Kiplinger in 2024 as the E-Commerce & Personal Finance Editor. Her professional background spans both commercial and residential real estate, enriching her writing with firsthand industry insights.
Carla has worked as a personal finance and real estate writer for Rocket Mortgage, Inman and other industry publications.
She is passionate about making complex real estate and financial topics accessible to all readers. Dedicated to transparency and clarity, her ultimate goal is to help her audience make informed and confident decisions in their financial pursuits.
-
IRS Names Its First CEO: But He’s Also Still Running Social Security
Tax News Will this new role make it difficult to address emerging issues like budget and staffing cuts and customer service concerns?
-
Ohio Property Tax Shock: Why Your New Assessment Is So High (And What Comes Next)
State Taxes Higher home valuations in Ohio have led to homeowner property tax relief. But is it enough?
-
How Location Changes the Math on Owning a Vacation Home
The market you choose can make your dream getaway a smart investment — or an expensive mistake.
-
Home Equity in Retirement: Should You Sell, Borrow or Rent?
Learn how to preserve your property's value, tap equity for income and make smart choices about downsizing, renting or leaving a legacy.
-
Falling Interest Rates: What They Mean for Homeowners, Savers and Investors
As interest rates fall, homeowners may celebrate while savers feel the pinch. Here’s what the change could mean for your money.
-
Refinance Applications Surge as Mortgage Rates Tumble
The window to refinance is reopening as mortgage rates hit their lowest level in nearly a year. Here’s what the market shift means for homeowners.
-
Cash vs. Mortgage: How to Pay for Your Second Home
Should you buy your second home outright or finance it with a loan? Weigh the pros, cons and tax implications before making the leap.
-
Mortgage Rates Dip to Year-Low as Jobs Data Disappoints
With August job growth falling short of expectations, markets drive 30-year mortgage interest rates down, opening refinance and homebuying opportunities.
-
Can You Afford a Million-Dollar Home on a $250,000 Salary?
It’s more than the sticker price — mortgage rates, down payments, taxes and debt all factor into whether a million-dollar home fits your budget.
-
Why a Landmark Real Estate Commission Settlement Hasn’t Lowered Costs for Homebuyers
The 2024 NAR settlement promised commission transparency and negotiation —but one year later, average fees remain unchanged. See why change has been slow and what it means for homebuyers and sellers.