Jeff Ostrowski Jeff Ostrowski
Written by
Suzanne De Vita Suzanne De Vita
Edited by
Greg McBride, CFA Greg McBride, CFA
Reviewed by
Suzanne De Vita Suzanne De VitaEdited by
Greg McBride, CFA Greg McBride, CFAReviewed by
Apr. 18, 2024
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- Mortgage news this week
- How to get the best mortgage rate
- Compare mortgage lenders side by side
- Factors that determine your mortgage rate
- Mortgage FAQ
- How to refinance your current mortgage
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Top offers on Bankrate vs. the national average interest rateHover for more
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How our rates are calculated
- Thenational averageis calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
Top offers on Bankrate:6.47%
National average:7.03%
For the week of April 12th, top offers on Bankrate are X% lower than the national average.On a $340,000 30-year loan, this translates to $XXX in annual savings.
Today's national mortgage interest rate trends
On Thursday, April 18, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.22%, increasing 21 basis points since the same time last week. If you're looking to refinance your current loan, the current average 30-year refinance interest rate is 7.19%, rising 16 basis points from a week ago. In addition, the national 15-year fixed refinance interest rate is 6.66%, rising 20 basis points over the last seven days. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Jeff Ostrowski Jeff OstrowskiWritten by
Suzanne De Vita Suzanne De VitaEdited by
Greg McBride, CFA Greg McBride, CFAReviewed by
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
On Thursday, April 18, 2024, the national average 30-year fixed mortgage APR is 7.27%. The average 15-year fixed mortgage APR is 6.74%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Thursday, April 18, 2024, the national average 30-year fixed mortgage APR is 7.27%. The average 15-year fixed mortgage APR is 6.74%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
- National mortgage interest rate trends
- Mortgage news this week
- How to get the best mortgage rate
- Compare mortgage lenders side by side
- Factors that determine your mortgage rate
- Mortgage FAQ
- How to refinance your current mortgage
Weekly national mortgage interest rate trends
Current mortgage rates
| 30 year fixed | 7.03% | |
| 15 year fixed | 6.50% | |
| 10 year fixed | 6.37% | |
| 5/1 ARM | 6.53% |
Today's national mortgage interest rate trends
On Thursday, April 18, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.22%, increasing 21 basis points since the same time last week. If you're looking to refinance your current loan, the current average 30-year refinance interest rate is 7.19%, rising 16 basis points from a week ago. In addition, the national 15-year fixed refinance interest rate is 6.66%, rising 20 basis points over the last seven days. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Mortgage news this week
Mortgage rates rise to 7.3%
Rates on the most popular types of mortgages surged this week, according to Bankrate’s weekly national survey of large lenders.
The average rate on a 30-year fixed mortgage rose to 7.33 percent the week of April 17, while the average rate on a 15-year fixed mortgage climbed to 6.66 percent.
After a disappointing March inflation report, mortgage rates seem unlikely to fall anytime soon.
“The inflation numbers were bad, and both bond yields and mortgage rates are bouncing higher in response to what is now an uncertain timetable on when — or if — the Fed begins cutting rates in 2024,” says Greg McBride, Bankrate’s chief financial analyst.
Learn more: Historical mortgage ratesThe Federal Reserve has been working to bring inflation to a more sustainable level of 2 percent. At its March meeting, the central bank again left rates unchanged.
The Fed doesn't directly set mortgage rates, but its monetary policies do influence their direction. Fixed mortgage rates move with the 10-year Treasury yield, while adjustable-rate loans more closely follow the Fed.
“Recent economic data shows that the economy and job market remain strong, which is likely to keep mortgage rates at these elevated levels for the near future,” says Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
Learn more: How the Federal Reserve impacts mortgage rates
Rates to keep climbing
Allison Kaminaga Lecturer of Mathematics and Economics, Bryant University, Smithfield, RI
"I expect mortgage rates to increase this week. The 10-year Treasury yield is still trending upwards, and the Fed is signaling it needs to see more progress on inflation before cutting rates." - April 17
Learn more: Weekly mortgage rate trend predictions
Current mortgage and refinance interest rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.22% | 7.27% |
| 20-Year Fixed Rate | 7.03% | 7.08% |
| 15-Year Fixed Rate | 6.66% | 6.74% |
| 10-Year Fixed Rate | 6.53% | 6.60% |
| 5-1 ARM | 6.50% | 7.81% |
| 10-1 ARM | 6.90% | 7.96% |
| 30-Year Fixed Rate FHA | 7.30% | 7.35% |
| 30-Year Fixed Rate VA | 7.38% | 7.42% |
| 30-Year Fixed Rate Jumbo | 7.33% | 7.38% |
Rates as of Thursday, April 18, 2024 at 6:30 AM
Learn more: Interest rate vs. APR
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.19% | 7.24% |
| 20-Year Fixed Rate | 7.04% | 7.09% |
| 15-Year Fixed Rate | 6.66% | 6.74% |
| 10-Year Fixed Rate | 6.55% | 6.62% |
| 5-1 ARM | 6.44% | 7.75% |
| 10-1 ARM | 6.88% | 7.95% |
| 30-Year Fixed Rate FHA | 7.28% | 7.33% |
| 30-Year Fixed Rate VA | 7.75% | 7.78% |
| 30-Year Fixed Rate Jumbo | 7.36% | 7.41% |
Rates as of Thursday, April 18, 2024 at 6:30 AM
How to get the best mortgage rate
Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. Here’s how to do it:
- Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
- Compare mortgage rates.There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
- Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.
Learn more: How to get a mortgage
Why compare mortgage rates?
It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1063reviews
Read full lender review
Factors that determine your mortgage rate
Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:
- Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
- Loan amount: The size of your loan can impact your rate.
- Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
- Location of the property: Rates vary depending on where you’re buying.
- Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
- Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
- The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
Mortgage FAQ
How to refinance your current mortgage
When interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.
While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons.
Compare refinance rates and do the math with Bankrate's refinance calculator.
Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Read more from Jeff Ostrowski
Reviewed by: Greg McBride, chief financial analyst for Bankrate
Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Read more from Greg McBride
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