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Published: Oct 17, 2020 9 min read

The average rate for a 30-year fixed-rate purchase mortgage was 3.482% on Thursday. The average rate for a 30-year refinance was 4.4%.

Money's most recent mortgage rates include data from over 8,000 lenders across the United States and are updated daily. The rates include points and represent what a borrower with a 20% down payment and 700 credit scores — roughly the national average FICO score — would have been quoted.

30-year fixed-rate purchase mortgage
Rate of October 15, 2020

Mortgage rates vary from state to state. On Thursday, borrowers in Kentucky were quoted the lowest mortgage rates — at 3.299%. People looking for mortgages in Nevada saw the highest average rate at 3.833%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 3.002%, while those with credit of 640 or below were shown rates of 4.75% — a 1.748 percentage-point spread.

You may be able to negotiate a lower rate if you shop around or if you have other accounts with the lender. (Money's picks for the best mortgage lenders are here.) Currently, some banks are hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly.

Freddie Mac's widely quoted Primary Mortgage Market Survey put rates at 2.81% with 0.6 points paid for the week ending October 15, a new record low. The mortgage purchaser's weekly survey reflects borrowers who put 20% down on conforming loans and have excellent credit.

Rates are subject to change. All information provided here is accurate as of the publish date.