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Originally Published: Oct 08, 2020
Originally Published: Oct 08, 2020 Last Updated: Oct 08, 2020 6 min read

The average rate for a 30-year fixed-rate purchase mortgage was 3.468% Wednesday. The average rate for a 30-year refinance was 4.291%.

Money's current mortgage rates include data from 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 7, 2020

Mortgage rates vary from state to state. On Wednesday, borrowers in Alaska were quoted the lowest mortgage rates — at 3.236%. People looking for mortgages in Georgia saw the highest average rate at 3.681%. Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.996%, while those with credit of 640 or below were shown rates of 4.734% — a 1.738 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.