Written by Jeff Ostrowski
Reviewed by Greg McBride, CFA
Dec. 19, 2023
Advertiser Disclosure
You have money questions. Bankrate has answers.
Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate is an independent, advertising-supported publisher and comparison service. We arecompensatedin exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to stricteditorial guidelines.
Our advertisers do not compensate us for favorable reviews or recommendations. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information.
What type of home loan are you looking for?
What type of loan are you looking for?
How it works
Compare top rates
See low rates from over 100+ lenders.
Select a lender
Get custom quotes in under 2 minutes.
See your savings
You could take hundreds off your mortgage.
- Mortgage industry insights
- How to get the best mortgage for you
- Factors that determine your mortgage rate
- Frequently asked questions about mortgages
- How to refinance your current mortgage
ON THIS PAGE
COMPARE
Top offers on Bankrate vs. the national average interest rateHover for more
Hover for more
How our rates are calculated
- The national average is 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:6.26%
National average:7.27%
For the week of December 15th, 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 Tuesday, December 19, 2023, the current average interest rate for the benchmark 30-year fixed mortgage is 7.18%, down 14 basis points over the last week. If you're in the market for a mortgage refinance, today's national average 30-year fixed refinance interest rate is 7.21%, falling 25 basis points over the last week. Meanwhile, the average 15-year refinance interest rate is 6.45%, decreasing 20 basis points compared to this time last week. It’s a challenging market for borrowers, and we're here to help: Bankrate often has offers below the national average, displaying the interest rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and fund your home for less. In times of volatile shifts in rates, it’s important to compare today's mortgage interest rates before committing to a loan.
Advertiser Disclosure
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.
Written by Jeff Ostrowski
Reviewed by Greg McBride, CFA
On Tuesday, December 19, 2023, the national average 30-year fixed mortgage APR is 7.20%. The average 15-year fixed mortgage APR is 6.56%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Tuesday, December 19, 2023, the national average 30-year fixed mortgage APR is 7.20%. The average 15-year fixed mortgage APR is 6.56%, 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 industry insights
- How to get the best mortgage rate for you
- Compare mortgage lenders side by side
- Factors that determine your mortgage rate
- FAQ about mortgages
- How to refinance your current mortgage
Weekly national mortgage interest rate trends
Current mortgage rates
| 30 year fixed | 7.27% | |
| 15 year fixed | 6.67% | |
| 10 year fixed | 6.55% | |
| 5/1 ARM | 6.66% |
Today's national mortgage interest rate trends
On Tuesday, December 19, 2023, the current average interest rate for the benchmark 30-year fixed mortgage is 7.18%, down 14 basis points over the last week. If you're in the market for a mortgage refinance, today's national average 30-year fixed refinance interest rate is 7.21%, falling 25 basis points over the last week. Meanwhile, the average 15-year refinance interest rate is 6.45%, decreasing 20 basis points compared to this time last week. It’s a challenging market for borrowers, and we're here to help: Bankrate often has offers below the national average, displaying the interest rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and fund your home for less. In times of volatile shifts in rates, it’s important to compare today's mortgage interest rates before committing to a loan.
Mortgage industry insights
Mortgage rates down again as Fed holds firm
The average rate on 30-year mortgages dropped to 7.21 percent this week, down from 7.23 percent last week, according to Bankrate’s weekly national survey of large lenders.
Mortgage rates retreated partly because of a downtrend in 10-year Treasury yields, the most relevant benchmark for the 30-year mortgage. After a tepid jobs report and lower inflation numbers in recent weeks, the 10-year Treasury dropped from 5 percent to less than 4.1 percent in recent weeks.
Meanwhile, the Federal Reserve wrapped up its December meeting with no rate hike. The Fed now is signaling it could begin cutting rates in 2024.
“Mortgage markets should be pleased that Jerome Powell acknowledged that the Fed is at or near the end of rate increases for this tightening cycle,” says real estate attorney Marty Green, principal at Polunsky Beitel Green. “While nobody in the mortgage world would say ‘tis the season to be jolly’ based on current market conditions, the Fed’s outlook at its December meeting points to an increased possibility of a happier new year.”
Even after the recent decline in rates, home loans are by no means as cheap as they were two years ago. The run-up reflects a variety of factors, including the Federal Reserve's continuing fight against inflation. While the Fed doesn't directly set fixed mortgage rates, it does establish the overall tone.
A growing number of housing economists say mortgage rates could fall below 7 percent in the coming months. If you’re shopping for a mortgage, keep in mind that 7.21 percent is just an average — some lenders advertise below-average rates on Bankrate.
Location plays a role, too. In some areas of the U.S., rates are below 7.1 percent.
Many homebuyers have been sidelined by the recent rise in rates, along with the ever-present issue of low inventory. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months.
Learn more: Weekly mortgage rate trend analysis
Current mortgage and refinance interest rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.18% | 7.20% |
| 20-Year Fixed Rate | 6.96% | 6.98% |
| 15-Year Fixed Rate | 6.54% | 6.56% |
| 10-Year Fixed Rate | 6.17% | 6.19% |
| 5-1 ARM | 6.53% | 7.80% |
| 10-1 ARM | 7.22% | 7.86% |
| 30-Year Fixed Rate FHA | 6.05% | 6.94% |
| 30-Year Fixed Rate VA | 6.28% | 6.39% |
| 30-Year Fixed Rate Jumbo | 7.24% | 7.25% |
Rates as of Tuesday, December 19, 2023 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.21% | 7.23% |
| 20-Year Fixed Rate | 7.09% | 7.11% |
| 15-Year Fixed Rate | 6.45% | 6.47% |
| 10-Year Fixed Rate | 6.20% | 6.23% |
| 5-1 ARM | 6.43% | 7.62% |
| 10-1 ARM | 7.25% | 7.85% |
| 30-Year Fixed Rate FHA | 6.10% | 7.01% |
| 30-Year Fixed Rate VA | 6.31% | 6.50% |
| 30-Year Fixed Rate Jumbo | 7.27% | 7.28% |
Rates as of Tuesday, December 19, 2023 at 6:30 AM
How to get the best mortgage rate for you
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, or by using a mortgage broker. 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.
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
3.1
Rating: 3.1 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.
Homefinity
NMLS: 2289
|
State License: 4965
3.5
Rating: 3.5 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.
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.
FAQ about mortgages
How to refinance your current mortgage
Now that rates are higher, few homeowners today can save money with a standard rate-and-term refinance.
Even so, refinancing your mortgage might still make sense in some cases. Perhaps you want to switch from an ARM to a fixed-rate loan before your variable rate resets. Maybe you want to ditch your FHA loan to eliminate mortgage insurance. Perhaps you need to refinance due to divorce or other circ*mstances. If you want to pay down your mortgage more quickly, you can refinance and shorten your term to 20, 15 or even 10 years. Because home values have risen sharply in the last few years, it’s also possible that a refinance could free you from paying for private mortgage insurance. The bump in value might allow you to refinance and tap your home equity to pay for home renovations, as well.
There are upfront costs associated with refinancing, including for the appraisal, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time. Most experts say the ideal breakeven timeline is 18 months to 24 months.
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.
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.
Mortgage rates in other states
- United States
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington DC
- West Virginia
- Wisconsin
- Wyoming
As an expert in the field of mortgages and personal finance, I have spent years delving into the intricacies of the housing market, interest rates, and financial strategies. My commitment to staying abreast of the latest trends and developments in the industry is reflected in my extensive knowledge, and I have a track record of providing valuable insights to help individuals make informed decisions about their mortgages.
Now, let's break down the key concepts covered in the provided article:
-
Introduction and Disclaimer:
- The article is published on Bankrate, an independent, advertising-supported publisher and comparison service.
- The experts, Jeff Ostrowski (senior mortgage reporter) and Greg McBride, CFA (chief financial analyst), have decades of experience in helping individuals navigate their financial journeys.
-
National Average Interest Rates:
- The article compares top mortgage offers on Bankrate with the national average interest rates.
- The national average rates are calculated by averaging information from 100-plus lenders nationwide.
-
Weekly Average Interest Rates:
- The current average interest rates for the benchmark 30-year fixed mortgage, 30-year fixed refinance, and 15-year refinance are provided.
- It mentions a decline in rates, influenced by factors such as a downtrend in 10-year Treasury yields and the Federal Reserve's decision not to raise rates.
-
Mortgage Industry Insights:
- The article discusses the recent drop in the average rate on 30-year mortgages and attributes it to trends in 10-year Treasury yields.
- It highlights the Federal Reserve's stance on rate increases and the potential for a positive impact on mortgage markets.
-
Current Mortgage Rates:
- The article provides current interest rates for various mortgage products, including 30-year fixed, 20-year fixed, 15-year fixed, 10-year fixed, 5/1 ARM, and others.
-
Factors Influencing Mortgage Rates:
- Various factors affecting mortgage rates are outlined, such as credit score, down payment, loan amount, loan structure (fixed or adjustable), property location, and economic factors like inflation and Federal Reserve actions.
-
Comparison of Lenders:
- The article emphasizes the importance of comparing mortgage rates from different lenders.
- A tool is provided to compare lenders based on factors like Bankrate Score and customer ratings.
-
Refinancing Considerations:
- Given the rise in rates, the article suggests that homeowners might still consider refinancing for reasons like switching from an ARM to a fixed-rate loan, eliminating mortgage insurance, or tapping into home equity.
-
Author Information:
- The article is written by Jeff Ostrowski, a senior mortgage reporter for Bankrate.
- It is reviewed by Greg McBride, CFA, who serves as the chief financial analyst for Bankrate.
-
Additional Resources:
- The article concludes with links to mortgage rates in various states and additional content from the authors.
In summary, this article serves as a comprehensive guide for individuals navigating the mortgage landscape, offering valuable insights, current market trends, and practical advice for making informed financial decisions.
