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Rates shown in this article are daily averages and not an offer to lend. Each applicant's rates and APRs will vary based on that applicant's credit profile, down payment, discount points, and other unique factors.
The average 30-year fixed mortgage rate is 6.83% according to the most recent available data. The 15-year fixed average is 6.32%.
Rates moved back up Friday, closing the week near their highest levels in over a year.
Note that these numbers are averages, and not specific to any borrower. Real rates and APRs vary by borrower and could be higher or lower.
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Today's average mortgage rates by loan type
| Loan Type | Rate | Change |
|---|---|---|
| 30-Year Fixed | 6.83% | +0.06% |
| 15-Year Fixed | 6.32% | +0.01% |
| 30-Year Jumbo | 6.91% | +0.01% |
| 30-Year FHA | 6.34% | +0.01% |
| 30-Year VA | 6.36% | +0.02% |
| 7/6 SOFR ARM | 6.37% | +0.04% |
If you're refinancing rather than buying, check today's refinance rates separately, since refi pricing can move independently of purchase rates.
If you're comparing loan types, keep in mind rate and APR aren't the same thing. APR bakes in lender fees and points, so it's usually the better number for comparing offers apples-to-apples.
What's moving rates today?
Mortgage rates track the bond market, and Friday brought renewed pressure on bonds that pushed rates back up to close out the week. Rates are now hovering close to the 13-month high reached in late July, when oil price volatility tied to the conflict in Iran first pushed borrowing costs sharply higher.
There's no Fed meeting on the immediate calendar following last week's decision to hold rates steady, so incoming inflation data, employment reports, and any further developments overseas that move oil prices remain the main catalysts to watch heading into this week.
It's also worth knowing that different rate sources can show slightly different numbers on any given day, since some report daily figures while others publish weekly averages on a lag. What matters most for your own situation is a personalized quote rather than any single published average.
Should you lock your rate now?
A rate lock guarantees your interest rate for a set window of time, often 30 to 60 days, while your loan moves through processing and underwriting.
In a market like today's, where rates are back near their highest level in over a year, locking sooner rather than later could protect you from further increases between now and closing.
The tradeoff: if rates fall after you lock, you're generally stuck with your locked rate unless your lender offers a float-down option. If you're still early in your home search with weeks or months before closing, you have more flexibility to wait. If you're close to an offer or already under contract, locking removes uncertainty from your monthly payment calculation.
Keep in mind your credit score, down payment size, and monthly debt commitments play a direct role in the rate you're offered. Most people do not get rates that match daily average rates.
Comparing multiple lenders and knowing how to shop around for mortgage rates are among the most reliable ways to land below the national average.
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How today's rate affects a monthly payment
A small interest rate change can translate into a noticeable difference in monthly payments. On a $350,000 loan at today's 30-year fixed average of 6.83%, principal and interest alone run about $2,289 a month.
The same loan, at 6%, would require $2,098 a month in principal and interest, a savings of about $190 a month.
Keep in mind these numbers show hypothetical loan scenarios designed to show how rates and payments interact. Your payment will be different. Also, these payment amounts do not include taxes, insurance premiums, and HOA fees, which vary by buyer.
What about 15-year vs 30-year payments at today's rates?
Some buyers, when average rates seem high, are drawn to the lower average rates listed for 15-year loans. Today's average 15-year rate is 6.32%, about half a percentage point lower than the 30-year fixed average.
15-year loans can offer significant savings in total interest paid, but there's a tradeoff: higher monthly payments. The same $350,000 loan borrowed over a 15-year term at 6.32% would require about $3,014 in principal and interest each month, about $726 more a month than the 30-year loan.
A 20-year loan can offer a middle-ground option. Or, 30-year borrowers can pay extra toward principal to save on interest while keeping the lower minimum payment.
Frequently asked questions
What's a good mortgage rate today if my credit score is around 680?
A 680 credit score is generally considered good, though not top-tier. You may see a rate above the very best advertised rates but below what a subprime borrower would be offered. Getting pre-approved is the only way to see your actual number — and it's worth knowing the difference between pre-qualification and pre-approval before you start.
Should I lock my rate now or wait to see if rates drop?
If you're within a few weeks of closing and rates have been elevated, as they have recently, locking now protects you from further increases. If you're early in your search with no offer yet, you have more room to wait and watch the market, since rates could move in either direction from here.
Why did rates jump on Friday when there wasn't a major economic report?
Bond markets don't only move on scheduled economic data. Currency and bond market volatility, along with shifting expectations around geopolitical developments, can push yields — and mortgage rates — higher or lower even on days without a headline economic release.
Is a 15-year or 30-year fixed rate better if I'm buying my first home on a tight budget?
For most first-time buyers on a tight budget, a 30-year fixed loan is the more manageable choice since it lowers your required monthly payment, even though the 15-year carries a lower rate and saves more on total interest over time.
What's the risk of not locking my rate before closing?
Without a lock, your rate can move with the market right up until closing. If rates rise between your offer and your closing date, as they have over the past week, your monthly payment could end up higher than what you originally budgeted for.
Bottom line on today's rates
Rates climbed back toward their highest level in over a year to close out last week, and there's no Fed meeting on the immediate horizon to serve as the next catalyst. Incoming inflation and jobs data, along with any developments that move oil prices, are the factors most likely to move rates from here.
National averages are a useful benchmark, but your actual rate depends on your credit profile, loan type, and down payment.
A pre-approval can show rates based on your personal finances.
...in as little as 3 minutes – no credit impact
Rates and example payments shown above are based on daily averages and not an offer to lend. Each applicant's rates, APRs, and payment amounts will vary based on that applicant's credit profile, down payment, discount points, and other unique factors.
Today's figures reflect Friday's (July 31) settled close, the most recent available data at the time of publication, since markets do not trade over the weekend.