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Published: Aug 31, 2020 6 min read

Borrowers with 700 credit scores were quoted an average rate of 3.455% to secure a 30-year fixed-rate purchase mortgage on Friday, according to Money's survey of over 8,000 lenders across the country. At this credit score, roughly the national average, the average rate for a 30-year refinance was 4.339%. Our rates include discount points and are for borrowers putting 20% down.

30-year fixed-rate purchase mortgage
3.455%
Rates of August 28, 2020

Borrowers in Illinois were quoted the lowest mortgage rates on Friday—at a rate of 3.282%. Those in New Mexico saw the highest average at 3.7%. Nationwide, borrowers with the best credit scores, 740 and above, were quoted rates averaging 3.14%, while those with credit of 640 or below were given rates of 4.866%—a 1.726 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. 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 2.91% with 0.8 discount points paid for the week ending August 27. The mortgage purchaser’s weekly survey reflects borrowers who put 20% down on conforming loans and have excellent credit.