Mortgage Interest Rates Today, April 16, 2024 | Rates Remain Elevated After Last Week's Spike (2024)

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Average 30-year mortgage rates are hovering in the high 6% range this week after spiking close to 7% in the wake of the latest inflation report last Wednesday, according to Zillow data.

March's Consumer Price Index data came in hotter than expected, causing mortgage rates to rise. Until inflation slows further and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are likely to remain elevated.

Depending on what incoming data shows, we could even see rates tick above 7% for the first time since November 2023.

Next week, the US Bureau of Economic Analysis will release the latest personal consumption expenditures price index. The PCE price index is the Fed's preferred measure of inflation.

If the latest PCE numbers support the narrative that inflation is remaining stubbornly high, mortgage rates could inch up further. But the PCE price index tracks a broader range of good and services than the CPI, so it's possible this index could show some softening that didn't appear in the CPI report.

Ultimately, it may take a few more months of data before we see inflation cool enough for the Fed to start cutting rates. Though they were initially pricing in a rate cut at the Fed's meeting in June, investors are now betting that we won't get the first cut until September, according to the CME FedWatch Tool. This will likely keep mortgage rates elevated throughout the spring and summer. But we could still see them go down later in 2024.

Current Mortgage Rates

Current Refinance Rates

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Use ourfree mortgage calculatorto 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 (+0.28%)

The current average 30-year fixed mortgage rate is 6.89%, up 28 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 6.53%.

At 6.89%, you'll pay $658 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 (+0.34%)

The average 20-year fixed mortgage rate is 34 points up from where it was last week, and is sitting at 6.64%. This time last month, the rate was 6.22%.

With a 6.64% rate on a 20-year term, your monthly payment will be $754 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 6.12%, just a single basis point higher than last week. It's up slightly compared to this time last month, when it was 6.03%.

With a 6.12% rate on a 15-year term, you'll pay $850 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 Increase Slightly (+0.11%)

The 7/1 adjustable mortgage rate is up 11 basis points from a week ago, currently at 6.80%. It's down from a month ago, when it was at 7.02%.

At 6.80%, your monthly payment would be $652 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 Nearly Flat (+0.03%)

The average 5/1 ARM rate is 6.87%, a three-point increase from last week. It's lower compared to where it was a month ago, when it was 7.06%.

Here's how a 6.87% rate would affect you for the first five years: You'd pay $657 per month toward principal and interest for every $100,000 you borrow.

30-year FHA Rates Go Up (+0.19%)

The average 30-year FHA interest rate is 5.93% today, which is 19 basis points up from last week. This rate was 6.09% a month ago.

At 5.93%, you would pay $595 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 Jump Above 6% (+0.42%)

The current VA mortgage rate is 6.25%, 42 basis points higher than this time last week. This rate was 5.95% a month ago.

With a 6.25% rate, your monthly payment would be $616 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Inch Down (-0.08%)

The average 30-year refinance rate is 6.98%, eight basis points lower than last week. It's also down slightly compared to a month ago, when it was 7.08%.

Here's how a 6.98% rate would affect your monthly payments: You'd pay $664 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 Spike (+1.31%)

The current 20-year fixed refinance rate is 7.69%, which is up 131 basis points compared to a week ago. This rate was 6.53% this time last month.

A 7.69% rate on a 20-year term will result in a $817 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Tick Up (+0.15%)

The average 15-year fixed refinance rate is 6.59%, which is 15 points higher compared to last week. It's also up compared to this time a month ago, when it was at 6.34%.

A 6.59% rate on a 15-year term means you'll pay $876 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 Drop a Full Percentage Point (-1.12%)

The average 7/1 ARM refinance rate is 6.49%, down 112 points from where it was last week. It's also down a bit from a month ago, when it was 7.94%.

Refinancing into a 7/1 ARM with a 6.49% rate means your monthly payment toward principal and interest will be $631 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 (-0.76%)

The 5/1 ARM refinance rate is 6.41%, 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 7.59%.

A 6.41% rate will result in a monthly payment of $626 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 Increase Somewhat (+0.19%)

The 30-year FHA refinance rate is 5.95%, which is 19 points higher than last week. This rate was 5.49% this time last month.

A 5.95% refinance rate would lead to a $596 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Inch Up (+0.12)

The average 30-year VA refinance rate is 5.91%, which is up 12 points compared to where it was was last week. This rate was 5.82% a month ago.

At 5.91%, your new monthly payment would be $594 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 ratesare relatively low compared to other loan options, including credit cards and personal loans.