![]() The average rate for a 15-year, fixed mortgage is 7.08%, which is an increase of 18 basis points compared to a week ago. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment. A 30-year fixed mortgage will often have a greater interest rate than a 15-year fixed rate mortgage - but also a lower monthly payment. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. ![]() The average interest rate for a standard 30-year fixed mortgage is 7.93%, which is a growth of 19 basis points compared to one week ago. By looking at the total cost of borrowing from multiple lenders, you can make a more accurate apples-to-apples comparison. ![]() Also, be sure to look at the annual percentage rate, or APR, which reflects the mortgage interest rate plus other borrowing charges. To increase your odds of qualifying for the lowest rate available, take steps to improve your credit score and save for a down payment. That's why experts say it's a good idea for homebuyers to focus on what they can control: getting the best rate for their financial situation. But if future inflation data comes in hotter than expected and the Fed chooses to hike rates further, mortgage rates could keep going up in 2023.įluctuations in the mortgage and housing markets are always going to happen. Progress on inflation and other key economic indicators may ease some of the upward pressure on mortgage rates. That means the Fed could continue to raise rates as it sees fit to increase the cost of borrowing and slow down the economy. While inflation has dropped from its record highs, it's still above target. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates. About these rates: Like CNET, Bankrate is owned by Red Ventures.
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