Compare 30-Year Mortgage Rates for June 2024 - CNET - Broadlink Data Services, LLC.

June 19, 2024

A 30-year fixed-rate mortgage is the most popular home loan for the majority of homebuyers today.

By stretching the loan out over three decades, your monthly payments will be lower compared to shorter-term loans (like 15-year fixed mortgages). You also get the security and predictability of a fixed interest rate and stable monthly payments. 

But while 30-year mortgages may be the cheaper option month over month, they tend to have higher interest rates, so you’ll end up paying more over time. 

If you’re considering a 30-year mortgage, here’s what to know about how they work, what factors affect interest rates and how to get the best deal for your financial situation.

For the past few months, the average 30-year mortgage rate has fluctuated between 7% and 7.5%. 

In an effort to ease inflation and slow the economy, the Federal Reserve increased short-term interest rates 11 times since March 2022, which indirectly pushed mortgage rates up. 

Though the Fed doesn’t set mortgage rates, its adjustments to interest rates impact mortgage rate movement. Last December, the central bank signaled it was prepared to cut interest rates in 2024, but strong economic data has delayed that timeline

While experts still expect mortgage rates to decline in the coming months, it will depend on how quickly inflation decelerates and when the Fed is able to take action to slash rates. We could see average 30-year mortgage rates dip to around 6.5% by the end of the year.

While mortgage rates are high compared with just a few years ago, they’re much lower than in the early 1980s. Today, high home prices and low inventory also contribute to the housing affordability crisis.

Pros of a 30-year mortgage

  • You can take out a larger loan: Lower monthly payments might allow the lender to approve you for a larger loan so you can buy a bigger or more expensive house.
  • Less expensive path to homeownership: A conventional 30-year mortgage term with a lower monthly payment gives you more opportunities to find and buy a home. If you want to shorten the length of your loan term and build equity faster, you can pay more toward your principal every month.

Cons of a 30-year mortgage 

  • Higher interest rate: Generally, the longer the term, the higher the interest rate.
  • It costs more in the long run: You’ll pay more over the life of a 30-year loan compared with a 15-year loan due to interest.

How to compare 30-year mortgage rates

Always look at multiple lenders. By comparison shopping, you’re more likely to get a 30-year mortgage with a competitive interest rate, though the specifics will depend on your credit score and financial situation.

When comparing quotes, make apples-to-apples comparisons. Make sure all the criteria match, including loan term, lender fees, points and interest rate. You shouldn’t compare one quote that provides only an interest rate with another that includes an APR, which includes additional fees and costs.

Regarding your credit, it’s fine to submit multiple mortgage applications in a short time. The credit rating bureaus will recognize you’re rate shopping, and though your credit score may absorb the impact of one hard credit check, it should be relatively minor. 

Different types of 30-year mortgages

There are many different types of 30-year mortgages. Here are the most common:

  • Conventional: These loans are offered by private insurers.
  • Government: These loans, which may be granted by the USDAVA and FHA, are backed by the US government. 
  • Fixed-rate: Loans with an interest rate that won’t change over the life of the loan. Your payment will be the same every month. 
  • Adjustable-rate: Though your interest rate might start low at an initial fixed rate, it can change periodically based on market conditions.
  • Jumbo loan: These loans accommodate amounts above the maximum allowed for a conventional loan.

How to get the best 30-year mortgage rate

Developing a strong financial profile will help you get the best mortgage rate and term. It helps to have an excellent credit score, a substantial credit history and a regular source of income. 

Current mortgage rates

Product Interest rate APR
20-year fixed-rate 6.76% 6.81%
7/1 ARM jumbo 6.62% 7.70%
5/1 ARM 6.69% 7.86%
30-year fixed-rate 7.02% 7.06%
15-year fixed-rate jumbo 6.66% 6.73%
5/1 ARM jumbo 6.56% 7.72%
30-year fixed-rate VA 7.02% 7.06%
7/1 ARM 6.77% 7.90%
30-year fixed-rate FHA 6.86% 6.90%
10/1 ARM 7.10% 7.91%
15-year fixed-rate 6.43% 6.50%
30-year fixed-rate jumbo 7.17% 7.22%
30-year fixed-rate refinance 6.96% 7.00%
30-year fixed-rate FHA refinance 6.99% 7.03%
7/1 ARM jumbo refinance 6.62% 7.70%
5/1 ARM jumbo refinance 6.49% 7.71%
15-year fixed-rate refinance 6.49% 6.56%
10/1 ARM refinance 7.12% 7.91%
30-year fixed-rate jumbo refinance 7.08% 7.13%
5/1 ARM refinance 6.56% 7.78%
15-year fixed-rate jumbo refinance 6.66% 6.73%
7/1 ARM refinance 6.64% 7.78%
30-year fixed-rate VA refinance 7.62% 7.65%
20-year fixed-rate refinance 6.77% 6.82%

Updated on June 19, 2024.

We use data collected by Bankrate, owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country.

What you need to qualify for a mortgage

Different mortgages have various eligibility criteria. In general, you’ll have a better chance of being approved if you meet the following requirements:

  • A decent credit score. You’ll need at least a good credit score to be approved for a conventional loan. You’ll need an excellent credit score to get the lowest interest rate.
  • An income. Lenders require you to show stable employment or a regular income source.
  • A down payment. An upfront payment of 20% of the home’s total cost is widely recommended, but most lenders will require you to have a minimum down payment of 3%. Some lenders allow you to put down even less or nothing. 


It’s a loan you take out to buy a house that you pay back over 30 years. Most 30-year mortgages have a fixed rate that never changes, so you’ll have the same monthly payment over the life of the loan. That’s why it’s important to lock in the best rate possible when you apply for a mortgage.

Though sometimes used interchangeably, these two terms are different. The interest rate is the percentage of a loan you’ll pay to the lender in exchange for borrowing money. With a mortgage, your monthly payment includes interest due.

The annual percentage rate, however, is typically higher than an interest rate because it includes all the costs of borrowing money including fees, discount points and private mortgage insurance (if applicable). Learn more about the difference between interest rate and APR.

Mortgage rates fluctuate, so the lowest rate you see today might change by tomorrow. By comparing the rates of different lenders, you should be able to find a competitive rate based on your credit score and financial situation.

Your credit score, debts, loan-to-value ratio and economic factors all play a role in determining your mortgage rate.

Your credit score is one of the first things mortgage lenders will look at. You usually need a credit score of at least 740 to secure the lowest mortgage rates. Lenders will also scrutinize your debts and monthly expenses to make sure you can afford to pay your mortgage every month. Try to pay down any high-interest debt, such as credit cards, before applying for a home loan. Another factor is your loan-to-value ratio, which is calculated by dividing how much of the loan you still need to pay off by your home’s value.

In addition, 30-year mortgage rates are determined by a number of economic factors outside a homebuyer’s control, such as Federal Reserve policy, inflation and the job market.

The best way to find a low rate is to shop around with different mortgage lenders and see who offers you the best rate. You should talk to at least two or three lenders before making a decision. With online lending, you have more options to compare rates and find a lender you feel comfortable with.

Refinancing is an option for people who have built up equity in their home by making consistent mortgage payments over the years. When you refinance your home loan, you’re taking out a new loan at a better interest rate to replace your old mortgage.

If you’ve had your mortgage for only a few years and have less than 20% equity in your home, the numbers may not work out in your favor. That’s because if your loan-to-value ratio is too high, you’ll only end up paying more interest over a longer period of time, defeating the purpose of refinancing.

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