What is today's 30-year fixed mortgage rate?

The national average 30-year fixed mortgage rate is approximately 6.82% as of December 2024. Your actual rate will depend on your credit score, down payment, loan amount, and the lender you choose. Borrowers with credit scores above 760 and 20% down payments typically qualify for rates below the national average.

Why are mortgage rates different for FHA and VA loans?

FHA and VA loans carry government guarantees that reduce lender risk, often resulting in slightly lower interest rates compared to conventional loans. VA loans frequently have the lowest rates because the VA guaranty is strong. However, FHA loans require mortgage insurance premiums (MIP) which increase the effective cost, while VA loans have a funding fee but no monthly mortgage insurance.

How often do mortgage rates change?

Mortgage rates can technically change every business day, and sometimes multiple times per day for rate sheets that lenders issue. The Federal Reserve's policy decisions, inflation data, employment reports, and bond market movements all influence daily rate fluctuations. The Freddie Mac Primary Mortgage Market Survey, published every Thursday, is the most widely-cited national average benchmark.

Today's Mortgage Rates — 30-Year, 15-Year, FHA, VA

30-Year Fixed Most Popular

6.82%

APR: 6.95%

▼ Down 0.03% from last week

15-Year Fixed Pay Off Faster

6.21%

APR: 6.38%

▲ Up 0.02% from last week

VA 30-Year Fixed Veterans Only

6.31%

APR: 6.48%

▼ Down 0.07% from last week

FHA 30-Year Fixed Low Credit OK

6.58%

APR: 7.35%

▼ Down 0.04% from last week

Complete Rate Comparison

All Mortgage Products — December 2024

Loan Product	Interest Rate	APR	Monthly Payment*	Weekly Change	Rating
30-Year Fixed	6.82%	6.95%	$1,954	▼ 0.03%	Excellent
20-Year Fixed	6.54%	6.68%	$2,230	▼ 0.05%	Excellent
15-Year Fixed	6.21%	6.38%	$2,567	▲ 0.02%	Excellent
10-Year Fixed	6.04%	6.21%	$3,305	▼ 0.01%	Good
5/1 ARM	6.38%	7.12%	$1,869	▼ 0.08%	Good
7/1 ARM	6.45%	7.08%	$1,886	▲ 0.01%	Good
10/1 ARM	6.61%	7.04%	$1,925	▼ 0.02%	Good
FHA 30-Year Fixed	6.58%	7.35%	$1,912	▼ 0.04%	Excellent
FHA 15-Year Fixed	6.12%	6.95%	$2,544	▼ 0.03%	Excellent
VA 30-Year Fixed	6.31%	6.48%	$1,858	▼ 0.07%	Excellent
VA 15-Year Fixed	5.94%	6.15%	$2,519	▼ 0.05%	Excellent
USDA 30-Year Fixed	6.45%	6.85%	$1,881	▼ 0.03%	Excellent
Jumbo 30-Year Fixed	7.14%	7.28%	$2,022	▲ 0.03%	Good
Jumbo 15-Year Fixed	6.87%	7.01%	$2,694	▲ 0.02%	Good
Cash-Out Refinance 30-Yr	7.05%	7.21%	$2,001	▼ 0.04%	Good

* Monthly payment assumes $300,000 loan amount and does not include taxes, insurance, or PMI.

Rate Education

What Determines Your Mortgage Rate?

Credit Score

Your credit score is the single biggest factor. A 760+ score typically gets you the best available rate. Scores below 660 can increase your rate by 1–2% or more. Improving your score before applying can save you tens of thousands over the loan life.

Down Payment / LTV

Higher down payments reduce lender risk. Putting 20%+ down eliminates PMI and usually earns a slightly better rate. The loan-to-value (LTV) ratio is a key underwriting metric — lower LTV = lower risk = better rate.

Loan Type & Term

Government-backed loans (VA, FHA, USDA) often have lower rates due to guarantees. Shorter loan terms (15-year vs. 30-year) always carry lower interest rates, though payments are higher. ARMs start lower but adjust over time.

Property Type

Primary residences get the best rates. Second homes are typically 0.25–0.5% higher. Investment properties command the highest rates, often 0.5–1.0% above primary residence rates. Condos may face additional requirements.

Economic Conditions

Mortgage rates move with the bond market, particularly 10-year Treasury yields. The Federal Reserve's federal funds rate, inflation data (CPI), and employment reports (NFP) all influence where rates go each week.

The Lender You Choose

Rates vary significantly by lender — sometimes by 0.5% or more for the same borrower profile. Always get quotes from at least 3 lenders. Multiple mortgage inquiries within a 45-day window count as a single credit pull under FICO's rules.

FAQ

Frequently Asked Questions

The national average 30-year fixed mortgage rate is approximately 6.82% as of December 2024 (APR: 6.95%). Your actual rate will depend on your credit score, down payment, loan amount, property type, and the lender you choose. Borrowers with excellent credit (760+) and 20% down typically qualify for rates below the national average.

FHA loans are backed by the Federal Housing Administration, which insures the lender against default. This government backing reduces lender risk and often results in slightly lower interest rates. However, FHA loans require monthly mortgage insurance premiums (MIP) ranging from 0.55%–1.05% annually, which increases the true cost. The APR on FHA loans is usually higher than the interest rate because it includes MIP.

Mortgage rates can change every business day and sometimes multiple times per day. Lenders issue new "rate sheets" throughout the day as bond markets fluctuate. Major economic data releases — like the monthly jobs report (NFP) or inflation data (CPI) — can cause rates to move sharply within hours. The Freddie Mac Primary Mortgage Market Survey (published every Thursday) provides the most widely-cited national average.

Rate locks protect you from increases during the closing process (typically 30–60 days). If you've found a rate you're comfortable with, locking is generally advisable — most financial experts recommend not trying to time the market. You can ask about "float-down" options that let you capture a lower rate if rates fall after you lock. Rates can move 0.25%–0.5% in either direction during a typical closing timeline.

The interest rate is the base cost of borrowing — it's used to calculate your monthly principal and interest payment. The APR (Annual Percentage Rate) includes the interest rate plus additional costs like lender origination fees, discount points, and mortgage insurance. APR is always equal to or higher than the interest rate. When comparing lenders, comparing APRs gives you a more accurate comparison of the true total cost of each loan.

How We Source Our Rate Data

The rates displayed on this page are national averages for informational purposes. Our primary data sources are the Freddie Mac Primary Mortgage Market Survey (PMMS), published every Thursday, and surveys of major lenders conducted by industry data providers.

The PMMS has been tracking average U.S. mortgage rates weekly since 1971 and is the most widely-cited benchmark for 30-year and 15-year fixed mortgage rates. We supplement Freddie Mac data with real lender rate surveys to provide same-day rate estimates.

Your actual interest rate will differ from these averages based on your credit profile, down payment, loan amount, property type, location, and the specific lender you work with. We strongly recommend obtaining personalized rate quotes from at least 3 lenders before making any decision.

Disclaimer: Mortgage rates shown are national averages for educational purposes only and are not guaranteed loan rates. Rates change daily and individual rates vary based on creditworthiness, down payment, loan amount, property type, and lender. Smart Mortgage Guide is not a mortgage lender, broker, or financial advisor. Always compare multiple lenders and consult with a licensed mortgage professional before making financial decisions. Data sourced from Freddie Mac PMMS and industry surveys.