Mortgage Interest Rates Today, April 22, 2024 | The Still-hot Economy Is Keeping Rates High

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High mortgage rates are likely to constrain affordability through the peak homebuying season, which typically lasts from spring to early fall. But we could see rates finally go down later this year, depending on how inflation trends in the next few months.

Average 30-year mortgage rates are currently hovering around 7%, according to Zillow data. Rates have gone up recently in response to hotter-than-expected economic data, including the latest Consumer Price Index report. In March, the CPI rose 3.5% on an annual basis. This is an uptick from the previous month and higher than what many economists were expecting.

As long as inflation remains elevated, mortgage rates are unlikely to fall. On Friday, the US Bureau of Economic Analysis will release personal consumption expenditures data for March. The PCE price index is the Federal Reserve's preferred inflation gauge, and it's a broader measure of prices than the CPI.

Incoming PCE data may not have too much of an impact on mortgage rates unless it comes in above expectations, in which case rates would likely tick up further. Markets will be looking very closely at the report for clues as to how inflation will trend in the coming months. If there are signs of softening, mortgage rates could inch down. But we likely won't see any major improvement in rates. 

Current Mortgage Rates

Current Refinance Rates

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Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.

Click "More details" for tips on how to save money on your mortgage in the long run.

Mortgage Rates for Buying a Home

30-Year Fixed Mortgage Increase Somewhat (+0.13%)

The current average 30-year fixed mortgage rate is 6.97%, up 13 points from where it was this time last week, according to Zillow data. This rate is also up compared to a month ago, when it was 6.64%. 

At 6.97%, you'll pay $663 monthly toward principal and interest for every $100,000 you borrow.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.

20-Year Fixed Mortgage Rates Rise (+0.20%)

The average 20-year fixed mortgage rate is 20 points up from where it was last week, and is sitting at 6.70%. This time last month, the rate was 6.33%.

With a 6.70% rate on a 20-year term, your monthly payment will be $757 toward principal and interest for every $100,000 borrowed.

A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.

15-Year Fixed Mortgage Rates Essentially Flat  (+0.01%)

The average 15-year mortgage rate is 6.25%, just a single basis point higher than last week. It's up slightly compared to this time last month, when it was 6.07%.

With a 6.25% rate on a 15-year term, you'll pay $857 each month toward principal and interest for every $100,000 borrowed.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.

7/1 ARM Rates Go Down (-0.32%)

The 7/1 adjustable mortgage rate is down 32 basis points from a week ago, currently at 6.58%. It's nearly flat compared to a month ago, when it was at 6.55%. 

At 6.58%, your monthly payment would be $637 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.

5/1 ARM Rates Go Up (+0.24%)

The average 5/1 ARM rate is 6.70%, a 24-point increase from last week. It's slightly lower compared to where it was a month ago, when it was 6.75%.

Here's how a 6.70% rate would affect you for the first five years: You'd pay $645 per month toward principal and interest for every $100,000 you borrow.

30-year FHA Rates Increase (+0.17%)

The average 30-year FHA interest rate is 6.21% today, which is 17 basis points up from last week. This rate was 5.77% a month ago.

At 6.21%, you would pay $613 monthly toward principal and interest for every $100,000 borrowed.

FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.

30-year VA Rates Tick Up (+0.20%)

The current VA mortgage rate is 6.29%, 42 basis points higher than this time last week. This rate was 6.04% a month ago.

With a 6.29% rate, your monthly payment would be $618 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Inch Up (+0.09%)

The average 30-year refinance rate is 7.53%, nine basis points higher than last week. It's down slightly compared to a month ago, when it was 7.78%.

Here's how a 7.53% rate would affect your monthly payments: You'd pay $701 toward principal and interest for every $100,000 borrowed.

Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.

20-Year Fixed Refinance Rates Rise (-0.30%)

The current 20-year fixed refinance rate is 7.07%, which is up 131 basis points compared to a week ago. This rate was 7.18% this time last month.

A 7.07% rate on a 20-year term will result in a $780 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Drop a Percentage Point (-0.99%)

The average 15-year fixed refinance rate is 5.59%, which is 99 points lower compared to last week. It's also down compared to this time a month ago, when it was at 6.59%.

A 5.59% rate on a 15-year term means you'll pay $822 each month toward principal and interest for every $100,000 borrowed.

Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.

7/1 ARM Refinance Rates Increase (+0.37%)

The average 7/1 ARM refinance rate is 6.91%, up 37 points from where it was last week. It's down from a month ago, when it was 7.22%.

Refinancing into a 7/1 ARM with a 6.91% rate means your monthly payment toward principal and interest will be $659 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.

5/1 ARM Refinance Rates Fall (-0.72%)

The 5/1 ARM refinance rate is 6.03%, which is lower than it was this time last week. It's also down a lot compared to this time last month, when it was 7.50%.

A 6.03% rate will result in a monthly payment of $601 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.

30-Year FHA Refinance Rates Up Slightly (+0.12%)

The 30-year FHA refinance rate is 6.10%, which is 12 points higher than last week. This rate was 5.66% this time last month.

A 6.10% refinance rate would lead to a $606 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Inch Up (+0.11)

The average 30-year VA refinance rate is 6.15%, which is up 11 points compared to where it was was last week. This rate was 5.88% a month ago.

At 6.15%, your new monthly payment would be $609 toward principal and interest for every $100,000 you borrow.

Are Mortgage Rates Going Down?

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024. 

For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.

Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.