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Mortgage rates have staggered since this time last week, with some increasing and others decreasing. Rates are still relatively high overall. They might go down over the next week or so, since the Federal Reserve is set to announce its decision about whether to raise the federal funds rate on Wednesday.
Mortgage rates aren’t directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
Current Mortgage Rates
Current Refinance Rates
Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Mortgage Calculator
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$1,161
Your estimated monthly payment
- Paying a 25% higher down payment would save you $8,916.08 on interest charges
- Lowering the interest rate by 1% would save you $51,562.03
- Paying an additional $500 each month would reduce the loan length by 146 months
Click “More details” for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-year Fixed Mortgage Rates Decrease (-0.09%)
The current average 30-year fixed mortgage rate 6.55%, down nine basis points since this time last week. A month ago, the rate was lower at 6.33%.
At 6.55%, you’ll pay $635 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
20-year Fixed Mortgage Rates Increase (+0.04%)
The average 20-year fixed mortgage rate is 6.20%, a slight increase from last week. This time in May, the rate was lower at 5.90%.
With a 6.20% rate on a 20-year term, your monthly payment will be $728 toward principal and interest for every $100,000 borrowed.
A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-year Fixed Mortgage Rates Go Down (-0.02%)
The average 15-year fixed mortgage rate is 5.79%, a tiny decrease from last week. A month ago, the rate was lower at 5.37%.
With a 5.79% rate on a 15-year term, you’ll pay $833 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Drop (-0.24%)
7/1 adjustable mortgage rates are down more signifcantly since last week, currently at 6.35%. But they were still a little lower at 6.28% this time last month.
At 6.35%, your monthly payment would be $622 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Go Up (+0.05%)
The average 5/1 ARM rate is 6.42%, an increase from last week. In May, this rate was 5.93%.
Here’s how a 6.42% rate would affect you for the first five years: You’d pay $627 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Plummet (-0.80%)
The average 30-year FHA interest rate is 5.80% today, which is down from last week. It was a little lower in May at 5.67%.
At 5.80%, you would pay $587 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Go Down (-0.07%)
The current VA mortgage rate is 5.73%, a slight drop from this time last week. It was lower in May at 5.34%.
With a 5.73% rate, your monthly payment would be $582 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-year Fixed Refinance Rates Go Down (-0.02%)
The average 30-year refinance rate is 6.75%, down just a bit since last week. This time in May, the rate was lower at 6.31%.
Here’s how a 6.75% rate would affect your monthly payments: You’d pay $649 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.
20-year Fixed Refinance Rates Drop (-0.13%)
The current 20-year fixed refinance rate is 6.43%, which is lower than it was last week. It’s also lower than this time last month, when it was 6.56%.
A 6.43% rate on a 20-year term will result in a $741 monthly payment toward principal and interest for every $100,000 you borrow.
15-year Fixed Refinance Rates Go Up (+0.06%)
The average 15-year fixed refinance rate is 6.08%, slightly higher than it was last week. It’s also higher than it was in May at 5.91%.
A 6.08% rate on a 15-year term means you’ll pay $848 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Inch Down (-0.02%)
The average 7/1 ARM refinance rate is 6.47%, down just 0.02% from this time last week. It’s also dropped since May, when it sat at 6.82%.
Refinancing into a 7/1 ARM with a 6.47% rate means your monthly payment toward principal and interest will be $630 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Increase (+0.19%)
The 5/1 ARM refinance rate is 6.55%, up from last week. It’s risen even more since May, when it was 6.22%.
A 6.55% rate will result in a monthly payment of $635 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.
30-year FHA Refinance Rates Rise (+0.05%)
The 30-year FHA refinance rate is 5.66%, which is a slight increase from last week. This rate was lower in May at 5.18%.
A 5.66% refinance rate would lead to a $578 monthly payment toward the principal and interest per $100,000 borrowed.
30-year VA Refinance Rates Decrease (-0.20%)
The average 30-year VA refinance rate is 5.89%, which is a decent drop from last week. It’s still higher than it was this time last month, though, when it was 5.59%.
At 5.89%, your new monthly payment would be $592 toward principal and interest for every $100,000 you borrow.
When Will Mortgage Rates Go Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Though rates had initially been trending down this year, they’ve since ticked back up.
As inflation starts to come down, mortgage rates will recede somewhat as well. If we experience a recession, rates may drop a little faster. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).
She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected].
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Molly Grace
Mortgage Reporter
Molly Grace is a reporter at Insider. She covers mortgage rates, refinance rates, lender reviews, and homebuying articles for Personal Finance Insider.
Before joining the Insider team, Molly was a blog writer for Rocket Companies, where she wrote educational articles about mortgages, homebuying, and homeownership.
You can reach Molly at [email protected], or on Twitter @mollythegrace.