The current average interest rate for a fixed-rate, 30-year conforming mortgage in the United States is 6.842%, according to the latest data available from Optimal Blue, a mortgage technology and data company. See the average interest rates for different types of mortgages and how current rates compare to those reported the previous day.
Historical mortgage interest rate graph
Here's how the current average mortgage rates we track compare to average rates over the past month.
Please note that data reporting is delayed by one business day. This means that the latest rate as of today is the November 6th rate shown in the graph.
30 year mortgage interest rate
30 years compliant
According to the latest data available at the time of this writing, the average interest rate is 6.842%. This is an increase from the previous day's 6.790%.
30 year jumbo
What exactly is a “jumbo mortgage” or “jumbo loan”? Simply put, it's an amount that exceeds the maximum amount for a regular (conforming) mortgage. Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency set this cap.
According to the most recent data available as of this writing, the average interest rate for jumbo mortgages is 6.997%. This was down from the 7.099% last reported the previous day.
30 years FHA
The Federal Housing Administration provides mortgage insurance to certain lenders, which lenders provide to consumers to help them qualify for a mortgage, potentially have a lower down payment, and potentially receive a lower interest rate. We may be able to offer you a more favorable deal in some respects.
According to the most recent data available as of this writing, the average FHA mortgage interest rate is 6.463%. This is an increase from the previous day's rate of 6.447%.
30 year veteran
VA home loans are provided by private lenders but are guaranteed in part by the Department of Veterans Affairs (reducing risk for the lender). You can access these if you are a U.S. military member, veteran, or eligible surviving spouse. With this type of loan, you may be able to purchase a home without a down payment.
According to the latest data available as of this writing, the average VA mortgage interest rate is 6.420%. This is an increase from the previous day's 6.351%.
Department of Agriculture for 30 years
The U.S. Department of Agriculture operates programs to help low-income applicants achieve homeownership. These loans help U.S. citizens and eligible non-citizens purchase homes with no down payment. Keep in mind that there are strict requirements to qualify for a USDA mortgage, including income limits and the home being located in a qualifying rural area.
According to the most recent data available as of this writing, the average USDA mortgage rate is 6.551%. This is an increase from the previous day's rate of 6.429%.
15 year mortgage interest rate
A 15-year mortgage typically has higher monthly payments, but you pay less interest over the life of the loan. According to the latest data available as of this writing, the average interest rate for a 15-year conforming mortgage is 6.125%. This is an increase from the previous day's reported rate of 6.110%.
Why do mortgage interest rates change?
The mortgage rate you receive is primarily determined by your personal credit score, but several external factors also come into play. Important considerations include:
Federal Reserve Actions: When the Federal Reserve raises or lowers the federal funds rate, lenders typically adjust their interest rates accordingly. This strategy helps the Fed control the money supply and influence borrowing costs for both consumers and businesses. Inflation levels: Inflation and Fed action are related but separate factors. The Fed raises or lowers interest rates to control inflation, but lenders may also adjust interest rates on their own to protect their profits when inflation is high. General economic conditions: Lenders consider factors such as economic growth and housing demand and supply when setting mortgage rates. These are just a few of the many pieces of the puzzle that can affect changes in mortgage rates.
Learn more: How are mortgage rates set by lenders?
Choose the mortgage that's right for you
There is no one-size-fits-all mortgage. Most mortgages are conventional, but if you qualify, government-backed loans (FHA, VA, USDA mortgages) can be a more affordable option.
Here are some other terms you may come across during your mortgage research.
Jumbo Mortgages: These aptly named jumbo loans can be more expensive in terms of interest paid over time, but are ideal for purchasing homes that exceed the conforming mortgage limit. Adjustable Rate Mortgage (ARM): ARMs typically have low initial interest rates that can increase over time. Please consider this option carefully.
The interest rate data provided in this article reflects average fixed-rate mortgages.
If you don't feel comfortable comparing rates yourself, a mortgage broker can help you (for a fee) find the best mortgage for your situation.
How high have mortgage interest rates been in the past?
While recent mortgage rates may seem very high compared to the sub-3% interest rates some homebuyers earned in 2020 and 2021, historical data on average mortgage rates and By comparison, what we see now is not so strange. Below are some graphs from the Federal Reserve Economic Data (FRED for short) online database.
30 Years of Fixed Rate Mortgage Historical Trends
If you think it's scary that current interest rates are between 6% and 8%, think back to September to November 1981, when average interest rates hovered between 18% and 19%, according to FRED. Think about it.
Check out FRED's 30-year mortgage rate chart.
15 Years of Fixed Rate Mortgage Historical Trends
As shown in the Optimal Blue data above, current 15-year mortgage rates are about the same or even slightly lower than rates for many periods in the past. For example, look at FRED data from late 1994 and early 1995, when interest rates were near 9%.
Check out FRED's 15-year mortgage rate chart.
FAQ
What is a good mortgage rate in 2024?
Under current market conditions, applicants with excellent credit can expect an interest rate of 6% to 8%. People with low credit scores, especially those in the low 600s, can find interest rates above 8%.
Keep in mind that your credit score is just one factor that affects your mortgage interest rate. Other factors include down payment, location, loan term, etc.
Learn more: An easy way to check your credit score.
How does a mortgage rate lock work?
Mortgage rates can change daily, so a mortgage rate lock (or lock-in) can help you secure a favorable rate. These locks typically last for 30, 45, or 60 days and can be extended if needed.
However, rate locks have potential drawbacks. If the rate drops, you no longer benefit from the rate reduction, and extending the lock can be costly if the initial period is not long enough.
Additionally, rate locks do not guarantee that rates will not change. Factors such as a change in your credit score or an unexpected appraisal can affect your mortgage interest rate.
Why are interest rates and annual interest rates different?
The interest rate is the cost of borrowing money, but the APR (Annual Percentage Rate) is higher because it includes additional fees. Although these terms are different for mortgages, they are often used interchangeably for credit card interest rates.
