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Bankrate

Compare current mortgage rates for today

Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
May. 13, 2024
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Top offers on Bankrate vs. the national average interest rate
InfoHover for more

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Top offers on Bankrate:6.51%
National average:7.21%
Invest Rate

For the week ofMay 10th, top offers on Bankrate areX% lower than the national average.On a $340,00030-year loan, this translates to$XXX in annual savings.

Today's national mortgage interest rate trends

On Monday, May 13, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.18%,down 16 basis points compared to this time last week. If you're planning to refinance, today's current average interest rate for a 30-year fixed refinance is 7.18%,down 16 basis points over the last seven days. Meanwhile, today's national 15-year refinance interest rate is 6.68%,decreasing 12 basis points over the last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.
Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Greg McBride, CFA

On Monday, May 13, 2024, the national average 30-year fixed mortgage APR is 7.23%. The average 15-year fixed mortgage APR is 6.70%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Monday, May 13, 2024, the national average 30-year fixed mortgage APR is 7.23%. The average 15-year fixed mortgage APR is 6.70%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to stricteditorial integrity, this post may contain references to products from our partners. Here's an explanation forhow we make money.

Weekly national mortgage interest rate trends

Current mortgage rates 

30 year fixed7.21%
15 year fixed6.63%
10 year fixed6.63%
5/1 ARM6.66%

Today's national mortgage interest rate trends

On Monday, May 13, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.18%,down 16 basis points compared to this time last week. If you're planning to refinance, today's current average interest rate for a 30-year fixed refinance is 7.18%,down 16 basis points over the last seven days. Meanwhile, today's national 15-year refinance interest rate is 6.68%,decreasing 12 basis points over the last week. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.

Mortgage news this week - May 9, 2024

Mortgage rates retreat, dip below 7.25%

Mortgage rates ticked down this week, according to Bankrate’s national survey of large lenders. The spring homebuying season has been tough for buyers, with stubbornly high inflation translating to mortgage rates well above 7 percent. With the dip this week, however, more borrowers applied for loans, according to the Mortgage Bankers Association. On May 1, the Federal Reserve again announced it’s putting off rate cuts. (While the central bank doesn't directly set mortgage rates, Fed policy doesinfluence their direction.) May also marks one of the best months for home sellers to garner the highest offers — another factor stacked against buyers.

Mortgage analyst Jeff Ostrowski covers the latest rate movement and more inour weekly update.

Learn more:Mortgage rates 1970s to present

Slim majority of experts predict rates to fall

Heather Devoto

Vice President, Branch Manager, First Home Mortgage, McLean, VA

"We’re expecting rates to drift lower in the week ahead as traders continue to react to Chair Powell’s comments and the updated view of the labor market." - May 8

Allison Kaminaga

Lecturer of Mathematics and Economics, Bryant University, Smithfield, RI

"I expect mortgage rates to decrease this week. The April jobs report came in weaker than expected, indicating that the economy is cooling. This is good news for inflation and the possibility of rate cuts." - May 8

Greg McBride

CFA, chief financial analyst, Bankrate.com

"After evidence of slower job and wage growth, mortgage rates have been pulling back a bit — at least until we get the next Consumer Price Index reading on May 15." - May 8

Learn more:Weekly mortgage rate trend predictions

Current mortgage and refinance interest rates

ProductInterest RateAPR
30-Year Fixed Rate7.18%7.23%
20-Year Fixed Rate6.99%7.05%
15-Year Fixed Rate6.62%6.70%
10-Year Fixed Rate6.60%6.67%
5-1 ARM6.71%7.92%
10-1 ARM7.41%8.03%
30-Year Fixed Rate FHA7.15%7.19%
30-Year Fixed Rate VA7.15%7.20%
30-Year Fixed Rate Jumbo7.24%7.29%

Rates as of Monday, May 13, 2024 at 6:30 AM

 

Learn more:Interest rate vs. APR

How to get the best mortgage rate

Getting thebest possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. Here’s how to do it:

  1. Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
  2. Compare mortgage rates. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
  3. Choose the best mortgage offer for you. Bankrate’smortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.

Learn more:How to get a mortgage

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Why compare mortgage rates?

It’s been proven:Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’smortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

Garden State Home Loans

NMLS:473163

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State License:MB-473163

3.6

Rating:3.6 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Info

  • Bankrate's take

    Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.

    Loans offered

    Conventional, jumbo, FHA, VA, USDA, refinancing and more

    Min. credit score required

    Nationwide availability

    Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia

    Min. down payment

    3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

Recent Customer Reviews

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Info
Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

Homefinity

NMLS:2289

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State License:4965

4.5

Rating:4.5 stars out of 5
  • Star
  • Star
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  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Info

  • Bankrate's take

    Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. It employs a smaller team of loan officers, but one that promises a fast, convenient process. If you’re a medical professional, this lender can help you get financing for your unique financial situation, too.

    Loans offered

    Conventional, jumbo, FHA, VA, USDA, refinancing and more

    Min. credit score required

    Nationwide availability

    All U.S. states except Nevada and New York

    Min. down payment

    3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

Recent Customer Reviews

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Info
Rating: 4.94 stars out of 5

4.9

1064reviews

Factors that determine your mortgage rate

Yourmortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount:The size of your loan can impact your rate.
  • Loan structure:Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property:Rates vary depending on where you’re buying.
  • Whether you’re a first-time homebuyer:Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors:Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with:Lenders set rates based on many factors, including their own supply and demand.
Learn more:How to compare mortgage offers

How to refinance your current mortgage

When interest rates fall, you might choose torefinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.

While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons.Compare refinance rates and do the math with Bankrate'srefinance calculator.
Learn more:Should you refinance in 2024?

Mortgage FAQ

  • A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself. That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan.

    Learn more:What is a mortgage?

  • Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payment. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed.

    Learn more:Guide to mortgage points

  • A mortgage rate lock guarantees (with a few exceptions) that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home, submit an offer and close. Most lenders offer a 30- to 45-day rate lock free of charge. Often, you’ll need to pay a fee to extend the lock period.

    Learn more:What is a mortgage rate lock?

  • The closing costs on a mortgage encompass all of the fees associated with the loan, including the lender’s charges, typically an origination fee often equal to 1 percent of the loan principal and optional points. Closing costs also include third-party fees like the cost of an appraisal and title insurance. All together, these usually run anywhere from 2 percent to 5 percent of the amount you’re borrowing, above and beyond your down payment.

    Learn more:Mortgage closing costs

  • Depending on your needs, the bestmortgage lenders are often the ones that offer the most competitive rates and fees, stellar customer service and convenience.

    Learn more:Best mortgage lenders in 2024

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride

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