Mortgage Interest Rates Today, March 23, 2024

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Though they spiked up earlier this week, mortgage rates have inched down over the past few days and are in line with last week’s levels. Average 30-year mortgage rates are currently hovering in the mid-6% range, according to Zillow data. 

Though rates have remained relatively high for most of March, they’re still likely to go down later this year. On Wednesday, the Federal Reserve signaled that it still expects to cut the federal funds rate three times this year. Once the Fed cuts rates, mortgage rates should start to trend down, too. 

Right now, investors believe that the first cut could come as soon as June, according to the CME FedWatch Tool. This means that summer homebuyers might be able to snag lower mortgage rates compared to those who buy earlier in the homebuying season.

Current Mortgage Rates

Current Refinance Rates

Mortgage Calculator

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 Rates Nearly Flat (+0.02%)

The current average 30-year fixed mortgage rate is 6.55%, up just two points from where it was this time last week, according to Zillow data. This rate is down slightly compared to a month ago, when it was 6.72%. 

At 6.55%, you’ll pay $635 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 Stay Put (No Change)

The average 20-year fixed mortgage rate is exactly where it was this time last week, and is sitting at 6.22%. This time last month, the rate was 6.57%.

With a 6.22% rate on a 20-year term, your monthly payment will be $729 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 Back Below 6%  (-0.10%)

The average 15-year mortgage rate is 5.93%, down from last week. It’s also down a bit compared to this time last month, when it was 6.01%.

With a 5.93% rate on a 15-year term, you’ll pay $840 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 Fall (-0.41%)

The 7/1 adjustable mortgage rate is down 41 basis points from a week ago, currently at 6.61%. It’s also down compared to this time last month, when it was at 6.97%. 

At 6.61%, your monthly payment would be $639 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 Down a Bit (-0.29%)

The average 5/1 ARM rate is 6.77%, a decrease from last week. It’s down from where it was a month ago, when it was 7.04%.

Here’s how a 6.77% rate would affect you for the first five years: You’d pay $650 per month toward principal and interest for every $100,000 you borrow.

30-year FHA Rates Decrease (-0.32%)

The average 30-year FHA interest rate is 5.77% today, which is down 32 basis points from last week. This rate was 6.37% a month ago.

At 5.77%, you would pay $585 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 Inch Down (-0.08%)

The current VA mortgage rate is 5.87%, eight basis points lower than this time last week. This rate was 6.01% a month ago.

With a 5.87% rate, your monthly payment would be $591 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Go Up a Bit (+0.19%)

The average 30-year refinance rate is 7.27%, 19 basis points higher than last week. It’s also up compared to a month ago, when it was 6.82%.

Here’s how a 7.27% rate would affect your monthly payments: You’d pay $684 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 Increase (+0.21%)

The current 20-year fixed refinance rate is 6.74%, which is 21 basis points up compared to a week ago. This rate was 6.71% this time last month.

A 6.74% rate on a 20-year term will result in a $760 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Hold Steady (+0.01%)

The average 15-year fixed refinance rate is 6.35%, which is just a single point higher compared to last week. It’s up compared to this time a month ago, when it was at 6.24%.

A 6.35% rate on a 15-year term means you’ll pay $863 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 Fall (-0.64%)

The average 7/1 ARM refinance rate is 7.30%, down 64 points from where it was last week. It’s down a bit from a month ago, when it was 7.53%.

Refinancing into a 7/1 ARM with a 7.30% rate means your monthly payment toward principal and interest will be $686 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 Tick Down (-0.23%)

The 5/1 ARM refinance rate is 7.36%, which is a bit lower than it was this time last week. It’s also down compared to this time last month, when it was 7.69%.

A 7.36% rate will result in a monthly payment of $690 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 Inch Up (+0.08%)

The 30-year FHA refinance rate is 5.57%, which is just eight points higher than last week. This rate was 5.50% this time last month.

A 5.57% refinance rate would lead to a $572 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Essentially Flat (+0.01%)

The average 30-year VA refinance rate is 5.83%, which is a single point higher compared to where it was was last week. This rate was 5.73% a month ago.

At 5.83%, your new monthly payment would be $589 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.