What is a 30-year fixed-rate mortgage and how does it work?

With a 30-year fixed-rate mortgage, your mortgage rate stays the same for all your monthly payments over the entire 30 years. This makes budgeting easier, while the benefits also become more apparent over time: As your income grows, your mortgage payment remains the same. One twist to be aware of, due to the calculus behind the amortization schedule: In the early years of a 30-year loan, you pay much more interest than principal. Learn more: Guide to fixed-rate mortgages

When should I lock in my 30-year mortgage rate?

Mortgage rates are volatile, so the decision to lock your rate is a bit of a gamble — lock in too early, and you might miss the opportunity for a better rate down the line. Some lenders offer a free rate lock for a specified period. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days. Keep in mind, though, that a longer rate lock tends to be more expensive. For example, a borrower who chooses a 30-day lock on a fixed-rate 30-year loan might pay a 4% rate and no points, while a 60-day lock might cost 1 point (equal to 1 percent of the loan) or a slightly higher rate with a half-point.Learn more: Guide to mortgage rate locks

What are other types of home loans to consider?

Thirty-year fixed-rate mortgages are the most common type of loan. But you might want to explore the alternatives, such as: 15-year fixed-rate loan: A 15-year mortgage is similar to a 30-year loan, but you’ll repay it over 15 years instead of 30. That means you’ll have higher monthly payments, but at a lower rate, and you'll pay your loan off sooner. 10-year or 20-year loan: Some borrowers opt for a 10-year or 20-year mortgage, repaid over 10 years or 20 years, respectively. These might be an option if you’re refinancing mid-way or more through the term of your first mortgage. Flexible-term loan: Many lenders offer conventional loans in terms between eight years and 29 years. You might want to go this route if you want more flexibility with your loan structure. 5/1 adjustable-rate mortgage (ARM): Most 5/1 ARMs come with 30-year terms, but you’ll pay a lower, fixed introductory rate for the first five years. After that, your rate will increase or decrease once a year based on prevailing market rates. While you’ll save money initially, a 5/1 ARM makes sense only if you know you’ll move within five years, or have a plan to refinance to another loan before the first rate reset. Otherwise, you’ll need to prepare for unpredictable monthly payments. Learn more: Types of mortgage loans

Can I refinance my 30-year mortgage?

Yes. When interest rates fall, you might choose to refinance 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. To start refinancing your loan: Know where your finances stand: Look up your credit report and score, and estimate your income and how much equity you have in your home. Apply with multiple lenders: Don't just stick with your current lender. You'll want to apply with a variety of lenders to be sure you get the best possible deal. Compare your offers: Look over the details of each offer you receive. What are the rates and fees? Would you rather pay more upfront to pay less down the road, or are you planning to refinance again or move in the next five years? Weigh these considerations when comparing offers. Get the appraisal and close: Just like with a purchase mortgage, it's likely that you'll need your house appraised to refinance. This is a fee you'll have to pay for, which typically ranges between $300 and $450. Once the home is appraised and the underwriting is completed, you can close on the refinance. Compare refinance rates and do the math with our refinance calculator.

Compare 30-Year Mortgage Rates Today

Weekly national mortgage interest rate trends

Current mortgage rates

	30 year fixed	6.47%
	15 year fixed	5.82%
	10 year fixed	5.92%
	5/1 ARM	5.67%

On Tuesday, May 19, 2026, the current average interest rate for a 30-year fixed mortgage is 6.58%. If you're in the market for a mortgage refinance, today's average 30-year refinance interest rate is 6.71%. Mortgage rates change constantly, however, and many factors could play out between now and year-end to change those projections. Check out our mortgage rates forecast for the latest.

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Current mortgage and refinance interest rates

Mortgage and refinance interest rates vary based on loan term, type and other factors.

Product	Interest Rate	APR
30-Year Fixed Rate	6.58%	6.65%
20-Year Fixed Rate	6.44%	6.53%
15-Year Fixed Rate	6.71%	6.81%
10-Year Fixed Rate	5.87%	5.95%
30-Year Fixed Rate FHA	6.28%	6.33%
30-Year Fixed Rate VA	6.56%	6.61%
30-Year Fixed Rate Jumbo	6.73%	6.77%

Rates as of Tuesday, May 19, 2026 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.71%	6.78%
20-Year Fixed Rate	6.56%	6.65%
15-Year Fixed Rate	6.05%	6.15%
10-Year Fixed Rate	6.03%	6.10%
30-Year Fixed Rate FHA	6.64%	6.69%
30-Year Fixed Rate VA	6.54%	6.59%
30-Year Fixed Rate Jumbo	6.75%	6.78%

Rates as of Tuesday, May 19, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

Factors that influence 30-year mortgage rates

Many factors influence mortgage rates — some you can control, and some you can’t. Here are the key factors you should understand to make the best decision for your own situation.

Factors you can control

Your income, debt and credit score: Lenders give their best rates to borrowers who pose the least amount of risk. That means individuals with stable incomes, low debt-to-income (DTI) ratios and high credit scores. Improving your credit score before you apply for a mortgage can lead to lower overall costs.
Your down payment: A larger down payment means you'll need to borrow less, leading to a smaller overall loan. For a lender, this means you have more skin in the game and pose less risk, which will likely lead to a lower rate offer.
Your loan type: Generally, well-qualified buyers with a low DTI can find competitive rates regardless of the kind of loan they have — but each loan type has its own pricing structure and level of risk. Rates for 15-year mortgages are typically lower than those on 30-year loans.

Factors outside of your control

The 10-year Treasury bond yield: Thirty-year mortgage rates directly correspond to movement in the 10-year Treasury bond yield. As investors buy the 10-year Treasury bond — often to hedge against economic uncertainty — it drives down the yield, taking the 30-year rate with it.
The spread: Mortgage rates don't exactly match the 10-year yield. There's what's called a “spread” between the two. This spread is typically around 2% to 3% on top of the 10-year yield. It’s not stagnant, though; it grows and contracts as lenders price in perceived risk.
Federal Reserve decisions: The Fed doesn’t directly control mortgage rates, but their decisions can have a trickle-down effect. Mortgage lenders pay close attention to what the Fed says and does, and may respond by raising or lowering rates after Fed decisions.
The global economy: Global trade issues, from conflicts to tariffs, can impact the decisions investors make. If this leads to buying or selling Treasury bonds, it will move mortgage rates.

How are 30-year mortgage rates determined?

Many variables go into the cost of a 30-year mortgage, including:

The individual mortgage lender
Your credit score
Your debt-to-income (DTI) and loan-to-value (LTV) ratios
The loan amount
The type of property being financed
10-Year Treasury yield
Economic or geopolitical influences
Inflation

Learn more: How interest rates are set

How to get the best 30-year mortgage rate

If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:

Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have the most accurate basis for comparison.
Compare both the interest rate and APR: The interest rate is the cost of borrowing, while the APR includes the interest rate as well as any applicable fees. This makes the APR a more complete picture of the cost of the loan.
Consider the lender’s ratings and your experience: Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have said about the lender, too.

Learn more: How to get the best mortgage rate

Ask the Experts

Why choose a 30-year mortgage over a 15-year mortgage?

Denise McManus

Apex Residential, Certified Luxury Home Agent

"The most obvious choice for a 30-year mortgage over a 15-year mortgage is simply monthly payment flexibility. A 15-year locks you into a higher mandatory payment. High-income buyers often choose 30-year not because they have to, but because they want control of capital. Sometimes life happens — market shifts, income fluctuations, etc. A 30-year mortgage allows options: Pay it like a 15-year mortgage by paying more into principal monthly, or invest the difference between the 15-year payment and the 30-year payment. Options are powerful."

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Linda Bell

Lead Writer & Home Lending Expert, Certified HELOC Specialist

"One big reason to choose a 30-year mortgage over a 15-year mortgage is the lower monthly payment and flexibility. Because a 30-year loan is spread out over a long period, it can make the amount you shell out each month more manageable. The extra cash in your pocket can give you breathing room in your budget for other expenses, like savings or investing. If you don’t want to take 30 years to pay off the loan, you can allocate some of your monthly savings to paying toward the principal, and [thus] shorten the loan term."

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Stephen Kates, CFP

Bankrate Financial Analyst, Wealth

"The primary reason borrowers choose a 30-year mortgage over a 15-year mortgage is the size of the monthly payment. A shorter loan term results in significantly higher monthly payments. While a 15-year mortgage typically offers a lower annual percentage rate and substantial savings on total interest, most borrowers are not able to afford the larger required payment.”

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Should you get a 30-year mortgage?

Thanks to a more affordable monthly payment, the 30-year loan term appeals to a wide range of borrowers. It also works well for borrowers who would prefer to use a loan to invest their home's equity elsewhere.

Pros of a 30-year mortgage

Lower monthly payment: Repaying a mortgage over 30 years means you’ll have lower, more affordable payments spread out over time compared to shorter-term loans, like 15-year mortgages.
Ability to afford more house: With lower payments, you may qualify for a larger loan amount and be able to afford a more expensive home.
More financial flexibility: Lower payments can also provide more cushion in your budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Stability: Having a consistent principal and interest payment helps you plan your housing expenses over the long term. (Your overall monthly housing expenses can change, however, if your homeowners insurance and property taxes go up or down.) Of course, this is only true if your mortgage has a fixed rate. An adjustable-rate mortgage won’t give you this same benefit for the whole life of the loan.

Cons of a 30-year mortgage

More total interest paid: Stretching out repayment over 30 years means you’ll pay much more in interest over the life of the loan than you would with a shorter-term option.
Higher mortgage rates: Lenders usually charge higher interest rates for 30-year loans, because they’re taking on risk for a longer amount of time.
Becoming house poor: Just because you might be able to afford more house with a 30-year loan doesn’t mean you should overstretch your budget. Give yourself some breathing room for other financial goals and unexpected expenses.
Slower equity growth: It will take longer to build equity in your home with a longer-term loan, because most of your initial mortgage payments will go toward interest rather than paying down your principal amount.

Learn more: 15-year vs. 30-year mortgages

FAQs

With a 30-year fixed-rate mortgage, your mortgage rate stays the same for all your monthly payments over the entire 30 years. This makes budgeting easier, while the benefits also become more apparent over time: As your income grows, your mortgage payment remains the same. One twist to be aware of, due to the calculus behind the amortization schedule: In the early years of a 30-year loan, you pay much more interest than principal.

Learn more: Guide to fixed-rate mortgages
Mortgage rates are volatile, so the decision to lock your rate is a bit of a gamble — lock in too early, and you might miss the opportunity for a better rate down the line. Some lenders offer a free rate lock for a specified period. Rate locks often last from 30 days to 60 days, though they sometimes last 120 days. Keep in mind, though, that a longer rate lock tends to be more expensive. For example, a borrower who chooses a 30-day lock on a fixed-rate 30-year loan might pay a 4% rate and no points, while a 60-day lock might cost 1 point (equal to 1 percent of the loan) or a slightly higher rate with a half-point.

Learn more: Guide to mortgage rate locks
Thirty-year fixed-rate mortgages are the most common type of loan. But you might want to explore the alternatives, such as:
- 15-year fixed-rate loan: A 15-year mortgage is similar to a 30-year loan, but you’ll repay it over 15 years instead of 30. That means you’ll have higher monthly payments, but at a lower rate, and you'll pay your loan off sooner.
- 10-year or 20-year loan: Some borrowers opt for a 10-year or 20-year mortgage, repaid over 10 years or 20 years, respectively. These might be an option if you’re refinancing mid-way or more through the term of your first mortgage.
- Flexible-term loan: Many lenders offer conventional loans in terms between eight years and 29 years. You might want to go this route if you want more flexibility with your loan structure.
- 5/1 adjustable-rate mortgage (ARM): Most 5/1 ARMs come with 30-year terms, but you’ll pay a lower, fixed introductory rate for the first five years. After that, your rate will increase or decrease once a year based on prevailing market rates. While you’ll save money initially, a 5/1 ARM makes sense only if you know you’ll move within five years, or have a plan to refinance to another loan before the first rate reset. Otherwise, you’ll need to prepare for unpredictable monthly payments.
Learn more: Types of mortgage loans
Yes. When interest rates fall, you might choose to refinance 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.

To start refinancing your loan:
- Know where your finances stand: Look up your credit report and score, and estimate your income and how much equity you have in your home.
- Apply with multiple lenders: Don't just stick with your current lender. You'll want to apply with a variety of lenders to be sure you get the best possible deal.
- Compare your offers: Look over the details of each offer you receive. What are the rates and fees? Would you rather pay more upfront to pay less down the road, or are you planning to refinance again or move in the next five years? Weigh these considerations when comparing offers.
- Get the appraisal and close: Just like with a purchase mortgage, it's likely that you'll need your house appraised to refinance. This is a fee you'll have to pay for, which typically ranges between $300 and $450. Once the home is appraised and the underwriting is completed, you can close on the refinance.
Compare refinance rates and do the math with our refinance calculator.

Additional resources

Before you start applying for a 30-year mortgage, check out Bankrate's mortgage resources to prepare you for the process:

How to get a mortgage

Follow these 10 steps to make buying that home a reality.

Bankrate’s mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payments.

See our best mortgage lenders

Here are Bankrate’s picks for the best mortgage lenders based on affordability, availability and borrower experience.

Compare mortgage lender reviews

We’ve reviewed more than 75 mortgage lenders. Read reviews for lenders in your state.