1. Mortgage 30 Years Fixed Rates: An Overview
A 30-year fixed rate mortgage is a home loan with an interest rate that remains fixed for 30 years. Your monthly principal and interest payment will remain the same every month, making it easy to budget for your mortgage each month. A 30-year fixed rate mortgage also offers the benefit of building equity in your home at a predictable rate, since your payment will remain the same for the life of the loan.
If you’re looking for a stable monthly mortgage payment, a 30-year fixed rate mortgage may be the right choice for you. Keep in mind that since your interest rate will remain fixed for the life of the loan, you may end up paying more interest over the life of the loan than you would with a shorter-term mortgage. However, you’ll have the peace of mind of knowing that your monthly payment will never change.
If you’re considering a 30-year fixed rate mortgage, contact a mortgage loan officer today to learn more and to compare rates.
2. Today’s Mortgage 30 Year Fixed Rates
The average rate on a 30-year fixed-rate mortgage was unchanged at 3.75%, its lowest level since November 2016, according to Freddie Mac. The average rate on a 15-year fixed-rate mortgage was unchanged at 3.21%, its lowest level since February 2018.
The yield on the 10-year Treasury note, which influences mortgage rates, was unchanged at 1.75%.
Mortgage rates have been declining since the beginning of 2019. The average rate on a 30-year fixed-rate mortgage is now more than a full percentage point below the 4.94% rate from a year ago, and about two-thirds of a point below the 5.21% rate from two years ago.
The average rate on a 15-year fixed-rate mortgage is now more than half a percentage point below the 4.36% rate from a year ago, and almost a full percentage point below the 4.57% rate from two years ago.
The continued decline in mortgage rates has spurred an increase in homebuying activity.
The Mortgage Bankers Association (MBA) reported that mortgage applications rose 2.4% last week, led by a 5% increase in applications for purchase loans.
The MBA also reported that the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.12% from 4.13%, with points decreasing to 0.47 from 0.48 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The rate for 15-year fixed-rate mortgages decreased to 3.62% from 3.63%, with points decreasing to 0.38 from 0.39 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The rate for 5/1 adjustable-rate mortgages (ARMs) decreased to 4.14% from 4.15%, with points decreasing to 0.38 from 0.4 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The rate for one-year ARMs decreased to 7.64%
3. 30 Year Fixed Mortgage Rates for Refinancing
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted by NerdWallet
mortgage rate tool on Thursday. 30-year fixed mortgage rates dropped to 3.875% from 3.99% last week, averaging 4.02%
so far this year.
The NerdWallet rate tool shows you the average rate for a 30-year fixed mortgage from dozens of lenders in your area.
With NerdWallet’s low rate tool, you can easily compare current mortgage rates, choose the right lender and lock in
your rate.
As of Thursday, rates for 30-year fixed mortgages were lower in every state across the country except Hawaii.
Nationally, 30-year fixed mortgage rates averaged 4.02% this week, down from last week’s average rate of 3.99%.
The average rate for a 30-year fixed mortgage has dropped to 3.875% from 3.99% last week, according to NerdWallet’s
mortgage rate tool.
With NerdWallet’s low rate tool, you can easily compare current mortgage rates, choose the right lender and lock in
your rate.
As of Thursday, rates for 30-year fixed mortgages were lower in every state across the country except Hawaii.
Nationally, 30-year fixed mortgage rates averaged 4.02% this week, down from last week’s average rate of 3.99%.
4. 30 Year Fixed Mortgage Rates Graph
Today, the average 30-year fixed mortgage rate is 3.81%, unchanged from yesterday. The 15-year fixed mortgage rate is 3.21%, and the 5/1 ARM mortgage rate is 4.09%. A 30-year fixed mortgage is a loan with a term of 30 years and an interest rate that does not change over the life of the loan. A 5/1 ARM has a term of 30 years with an initial interest rate that is fixed for the first five years and then adjusts annually for the remaining 25 years.
The 30-year fixed mortgage rate has remained relatively unchanged for the past week, holding steady at 3.81%. This is welcome news for homebuyers and refinancers, as rates have been on the rise in recent weeks. The 15-year fixed mortgage rate also held steady this week, remaining at 3.21%.
The 5/1 ARM mortgage rate is the only rate that saw a change this week, rising slightly to 4.09%. This is still a very competitive rate, and may be a good option for borrowers who are looking for a shorter-term loan.
Overall, mortgage rates remain relatively low, making now a great time to buy or refinance a home. If you’re thinking about taking out a mortgage, be sure to compare rates from multiple lenders to get the best deal.