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Published: Oct 05, 2021 11 min read
Money; Getty Images

The average interest rate on a 30-year fixed-rate mortgage decreased to 3.336% today. It's the second day in a row the 30-year rate has declined after last week's surge. Rates for most other loan types were also lower, although the interest rate on a 5/1 adjustable-rate loan stayed unchanged while the rate for a 30-year VA loan was up.

Lower rates are good news for well-qualified borrowers planning on buying a new home or refinancing an existing mortgage.

  • The latest rate on a 30-year fixed-rate mortgage is 3.336%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.459%.
  • The latest rate on a 5/1 jumbo ARM is 2.36%.
  • The latest rate on a 7/1 conforming ARM is 2.808%.
  • The latest rate on a 10/1 conforming ARM is 3.939%.

Money's daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day's rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac's weekly rates will generally be lower, since they measure rates offered to borrowers with higher credit scores.

Current mortgage rates: 30-year fixed-rate mortgage rates

  • The 30-year rate is 3.336%.
  • That's a one-day decrease of 0.036 percentage points. ⇓
  • That's a one-month increase of 0.071 percentage points. ⇑

With predictable interest rates and steady monthly payments, fixed-rate mortgages offer stability. This makes them attractive to most borrowers. Of the different fixed-rate terms, the 30-year mortgage is the most popular because its long payback time means the monthly payment will be relatively low. When compared to a shorter-term loan, however, the interest rate will be higher, meaning a 30-year mortgage will cost more in the long run.

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