Mortgage Interest Rates Today, April 28, 2024 | Rates Tick Up Following Inflation Report

These are today's mortgage and refinance rates. High inflation has pushed mortgage rates up, and they'll probably stay that way for at least a few more months.

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Average 30-year mortgage rates ticked up further above 7% this week in response to another hotter-than-expected inflation report. Mortgage rates are currently the highest they've been since November 2023, according to Zillow data.

In March, the Federal Reserve's preferred inflation gauge rose slightly faster than expected, the US Bureau of Economic Analysis reported on Friday. The core personal consumption expenditures price index rose at an annual rate of 2.8% last month, coming in flat compared to February and above the forecast of 2.6%.

Sticky inflation has pushed mortgage rates up in recent months, and we likely won't see them trend down until inflation starts decelerating again.

The core PCE price index peaked at 5.3% in February 2022, so it's cooled substantially over the last couple of years. But in recent months, it's remained relatively flat. Once it comes down further, the Fed will be able to start lowering the federal funds rate, removing the upward pressure off of mortgage rates. But borrowers should expect rates to stay high in the near term. 

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 Increase Somewhat (+0.15%)

The current average 30-year fixed mortgage rate is 7.12%, up 15 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 6.47%. 

At 7.12%, you'll pay $673 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 (+0.17%)

The average 20-year fixed mortgage rate is 17 points up from where it was last week, and is sitting at 6.87%. This time last month, the rate was 6.26%.

With a 6.87% rate on a 20-year term, your monthly payment will be $768 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 Go Up (+0.23%)

The average 15-year mortgage rate is 6.48%, 23 basis points higher than last week. It's also up compared to this time last month, when it was 5.96%.

With a 6.48% rate on a 15-year term, you'll pay $870 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 Spike (+0.72%)

The 7/1 adjustable mortgage rate is up 72 basis points from a week ago, currently at 7.30%. It's also up compared to a month ago, when it was at 6.54%. 

At 7.30%, your monthly payment would be $686 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 Climb (+0.70%)

The average 5/1 ARM rate is 7.40%, a 70-point increase from last week. It's up compared to where it was a month ago, when it was 6.55%.

Here's how a 7.40% rate would affect you for the first five years: You'd pay $692 per month toward principal and interest for every $100,000 you borrow.

30-year FHA Rates Inch Down (-0.06%)

The average 30-year FHA interest rate is 6.15% today, which is six basis points down from last week. This rate was 5.57% a month ago.

At 6.15%, you would pay $609 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 Up (+0.06%)

The current VA mortgage rate is 6.35%, six basis points higher than this time last week. This rate was 5.85% a month ago.

With a 6.35% rate, your monthly payment would be $622 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Fall Slightly (-0.11%)

The average 30-year refinance rate is 7.42%, 11 basis points lower than last week. It's down slightly compared to a month ago, when it was 7.83%.

Here's how a 7.42% rate would affect your monthly payments: You'd pay $694 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 (+0.29%)

The current 20-year fixed refinance rate is 6.78%, which is up 29 basis points compared to a week ago. This rate was 7.59% this time last month.

A 6.78% rate on a 20-year term will result in a $762 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Nearly Increase a Percentage Point (+0.98%)

The average 15-year fixed refinance rate is 6.57%, which is 98 points higher compared to last week. It's down slightly compared to this time a month ago, when it was at 6.88%.

A 6.57% rate on a 15-year term means you'll pay $875 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 Jump (+1.13%)

The average 7/1 ARM refinance rate is 8.04%, up 113 points from where it was last week. It's up from a month ago, when it was 6.65%.

Refinancing into a 7/1 ARM with a 8.04% rate means your monthly payment toward principal and interest will be $737 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 Spike Dramatically (+1.77%)

The 5/1 ARM refinance rate is 7.80%, which is 177 points higher than it was this time last week. It's also up a lot compared to this time last month, when it was 6.58%.

A 7.80% rate will result in a monthly payment of $720 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 (+0.06%)

The 30-year FHA refinance rate is 6.16%, which is six points higher than last week. This rate was 5.57% this time last month.

A 6.16% refinance rate would lead to a $610 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Inch Down (-0.06)

The average 30-year VA refinance rate is 6.09%, which is down six points compared to where it was was last week. This rate was 5.72% a month ago.

At 6.09%, your new monthly payment would be $605 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.