Summerlin and Southwest Las Vegas | real estate + investors + financial | Linda Zeng
15 year fixed
6.70%
10 year fixed
6.54%
5/1 ARM
6.68%
Today's national mortgage interest rate trends
For today, Tuesday, April 23, 2024, the current average interest rate for a 30-year fixed mortgage is 7.30%, increasing 17 basis points over the last week. If you're looking to refinance, today's average 30-year refinance interest rate is 7.31%, rising 20 basis points compared to this time last week. Meanwhile, today's average 15-year fixed refinance interest rate is 6.79%, rising 12 basis points compared to this time 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
Mortgage rates rise to 7.3%
Rates on the most popular types of mortgages surged this week, according to Bankrate’s weekly national survey of large lenders.
The average rate on a 30-year fixed mortgage rose to 7.33 percent the week of April 17, while the average rate on a 15-year fixed mortgage climbed to 6.66 percent.
After a disappointing March inflation report, mortgage rates seem unlikely to fall anytime soon.
“The inflation numbers were bad, and both bond yields and mortgage rates are bouncing higher in response to what is now an uncertain timetable on when — or if — the Fed begins cutting rates in 2024,” says Greg McBride, Bankrate’s chief financial analyst.
The Federal Reserve has been working to bring inflation to a more sustainable level of 2 percent. At its March meeting, the central bank again left rates unchanged.
The Fed doesn't directly set mortgage rates, but its monetary policies do influence their direction. Fixed mortgage rates move with the 10-year Treasury yield, while adjustable-rate loans more closely follow the Fed.
“Recent economic data shows that the economy and job market remain strong, which is likely to keep mortgage rates at these elevated levels for the near future,” says Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
Lecturer of Mathematics and Economics, Bryant University, Smithfield, RI
"I expect mortgage rates to increase this week. The 10-year Treasury yield is still trending upwards, and the Fed is signaling it needs to see more progress on inflation before cutting rates." - April 17
Greg McBride
CFA, chief financial analyst, Bankrate.com
"Bond yields and mortgage rates are bounding higher due to stubbornly elevated inflation and signs of continued economic strength." - April 17
Sean Salter
Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University, Murfreesboro, TN
"The overall trend in mortgage rates has been higher in 2024. Importantly, the trajectory of the 10-year U.S. Treasury yield has tilted in the month of April with rates rising more dramatically than in previous months. Based on recent economic data coupled with global political instability, I see the overall level of interest rates rising in the near future, [and] rates will rise with the market." - April 17
Getting the best 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:
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.
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.
Choose the best mortgage offer for you. Bankrate’s mortgage 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.
It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate’s mortgage 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.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
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.
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
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.
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.
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.
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.
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.
Depending on your needs, the best mortgage lenders are often the ones that offer the most competitive rates and fees, stellar customer service and convenience.
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.
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.
Written by: Jeff Ostrowski, principal writer for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.
Reviewed by: Greg McBride, chief financial analyst for Bankrate
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.