Today's US Mortgage Rates

The 30-year fixed mortgage rate is the most watched benchmark in US housing. It represents the interest rate on a conforming loan where your payment stays the same for all 360 months — the most common mortgage in America.

Freddie Mac surveys lenders every week and publishes the national average every Thursday. The rate shown above is the most recent observation.

What drives the 30-year rate?

The 30-year mortgage rate tracks the 10-year Treasury yield closely. When investors demand higher yields on government bonds (because they expect inflation or the Fed to raise rates), mortgage rates follow. The spread between Treasuries and mortgages also widens in uncertain markets as lenders charge more risk premium.

How it affects your calculator inputs

Enter this rate directly into the Interest Rate field of the Mortgage Calculator. On a $400,000 loan, every 0.5% difference in rate changes your monthly payment by roughly $115–$130 and total interest by $40,000–$50,000 over 30 years. Run the Rate Impact Calculator to see the exact numbers for your loan.

The 15-year fixed rate is typically 0.5–0.8 percentage points lower than the 30-year rate. The shorter loan term means less interest risk for lenders, so they offer a better rate. The trade-off: a higher monthly payment, but far less total interest paid.

30-year vs. 15-year: the real math

On a $400,000 loan at typical spreads (e.g. 7.0% vs. 6.3%), a 15-year saves roughly $130,000–$160,000 in total interest but raises the monthly payment by $600–$700. The Mortgage Comparison Calculator lets you run both side by side with your exact numbers.

Who should choose a 15-year?

Borrowers with stable income who prioritize building equity faster and minimizing total interest. If the higher payment would stretch your budget, the 30-year with voluntary extra payments gives more flexibility.

The Prime Rate is a benchmark set by major US banks, historically 3 percentage points above the Fed Funds Rate. When the Federal Reserve raises or lowers its target rate, the Prime Rate moves in lockstep within days.

What the Prime Rate directly affects

• HELOCs — typically priced at Prime + a margin (e.g. Prime + 0.5%)
• Adjustable-rate mortgages (ARMs) — many ARM caps are linked to Prime or SOFR
• Credit card rates — nearly all variable credit cards track Prime

HELOC payments at current Prime

At a Prime of 6.75%, a typical HELOC at Prime + 0.5% would carry an initial rate of %. On a $50,000 HELOC balance, that's about $ per month in interest-only payments. Use the HELOC Calculator for a full draw/repayment schedule.

The Federal Funds Rate is the overnight interest rate at which US banks lend reserves to each other. It is set by the Federal Open Market Committee (FOMC), which meets 8 times per year to vote on changes.

Does the Fed Funds Rate set my mortgage rate?

Not directly. Fixed mortgage rates track 10-year Treasury yields, not the Fed Funds Rate. However, Fed rate decisions influence investor expectations about inflation and growth, which move Treasury yields, which then move mortgage rates. The relationship is strong but lagged and indirect.

By contrast, the Prime Rate and HELOC rates move immediately when the Fed changes its target — typically within one to two business days.

How rate cycles affect affordability

When the Fed raises rates aggressively (as it did in 2022–2023), mortgage rates can rise 3–4 percentage points in 18 months. On a $400,000 loan, that can reduce affordability by $80,000–$100,000 in purchasing power. Use the Affordability Calculator to see how rate changes affect what you can borrow at your income.