Current Best 30-Year Mortgage Rates

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Contributor, Benzinga
November 22, 2023

Thinking about making the jump from renting your space to owning it? Our 30-year mortgage guide will help you learn more about mortgage rates and find the best mortgage loan for you. Remember, you’ll be looking at closing costs, monthly mortgage payments, property taxes, current mortgage interest rates and much more.

Mortgage LenderCurrent Conventional 30-Year Mortgage Rate
PennyMac7.790% APR
Quicken Loans7.668% APR
better.com6.835% APR
Veterans United6.668% APR (VA loan)
Chase7.231% APR
Wells Fargo6.952% APR
Truist7.3011% APR
Bank of America7.780% APR
USAA6.725% APR (VA loan)

*APR as of 11/22/23. For the most up to date rate, click here.

Loan TypeRateAPR
30-year fixed 6.775% 6.859%
15-year fixed 6.276% 6.423%
7/1 ARM (adjustable rate) 6.562% 7.459%
5/1 ARM (adjustable rate) 6.761% 7.779%
Rates based on an average home price of $300,000 and a down payment of 20%.
See more mortgage rates on Zillow

The Best Mortgage Lenders for a 30-Year Loan

Let’s take a look at some of the best mortgage companies that offer 30-year loan options.   

Best for A Variety of Options: New American Funding

New American Funding also offers jumbo loans, with loan amounts of up to $3 million. New American allows jumbo mortgagees to use a co-signer — someone who won’t be living in the home but who can sign on the loan to help a buyer qualify. When dealing with larger and more expensive homes, this can be a key feature if your debt-to-income ratio is not sufficient with other lenders.

The biggest advantage to New American today is its 5 Year Rate Protection Pledge. New American offers buyers the ability to refinance without lender and appraisal fees at any time in the next five years if their rates become more favorable, assuring its buyers get the best rate possible. If you’re concerned about locking into a high rate and would like the assurance that you will get the best deal in the future, check out New American’s loan offerings.

Pros

  • Because the lender offers such large loan amounts, you have far more flexibility when shopping, if you’re approved
  • The lender is unique in that it protects your rates for you

Cons

  • While you may get a good rate on a 30-year mortgage, you may be better off with a different type of mortgage

Best for Self-Employed Borrowers: CrossCountry Mortgage

You might have a more difficult time finding a mortgage loan if you’re self-employed. Most lenders require you to submit proof of income, and that amount can fluctuate as business comes and goes. 

CrossCountry Mortgage offers customized lending solutions for business owners, freelancers and other self-employed individuals. The company’s Asset Qualifier Program allows you to use the value of business assets you own to qualify for a mortgage. This can be especially beneficial for business owners who have devoted a large percentage of their income into assets to improve the value of their company. CrossCountry Mortgage can also help you find a loan with a credit score as low as 580 points and without employment or income documentation.  

CrossCountry Mortgage is licensed to lend in California, Colorado, Connecticut, DC, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington.

Pros

  • This platform allows for asset qualification, which is helpful for many Americans who actively invest instead of saving all their cash
  • You can work with the platform to come up with documentation that works for your qualification

Cons

  • Even if you’re an asset qualifier, remember that you will need quite a lot of specific information for the lender to review
  • The lender is not available in all states

Best for Flexible Mortgage Options: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions offers standard financing options but mostly markets its services for non-qualified mortgage (QM) loans such as portfolio lending, investment loans and jumbo mortgages. With offerings for very well-qualified buyers with favorable terms, as well as a program for buyers with less than stellar credit, Angel Oak can provide you with a customized solution when buying a large or expensive home. 

All of Angel Oak’s jumbo loan programs can be used for primary residences, second homes or investment properties. Angel Oak’s Gold Prime Jumbo Loan offers the most-qualified buyers up to a 50% debt-to-income ratio, a down payment as low as 10% and loan amounts of up to $3.5 million.

The Non-QM Platinum Jumbo loan allows buyers who have faced bankruptcy or foreclosure more than four years ago to obtain a jumbo loan and offers a one-year tax return program. With flexible options to meet your needs, Angel Oak can be a great option for jumbo mortgages.

Pros

  • Because this platform allows for specific types of jumbo loans, investors and wealthy individuals can easily access funding
  • You can buy your rental homes or investments through this platform just as you would any other home

Cons

  • Yes, you can choose from some very unique mortgages, but you must still qualify, and the bank reserves the right to ask for additional down payments or documentation prior to qualification

Best for Online Mortgages: Quicken Loans®

Quicken Loans should be your first stop if you’re looking for an easy way to get a mortgage online. As America’s largest mortgage lender,1 Quicken Loans services nearly every type of loan, from higher-value jumbo loans to affordable, accessible FHA loans. Quicken Loans has helped millions of homeowners buy homes, and it offers an exceptionally easy online mortgage application process. The company’s Rocket Mortgage® platform makes the online application easy.

The company has streamlined the process so you can apply for your loan from a phone or tablet. The Rocket Mortgage® platform also includes tons of information that first time homebuyers will find useful. Rocket Mortgage® is one of the best choices, with a wide range of loan options and an easy approval process.

Pros

  • This platform is helpful for those who need to qualify quickly but don’t have the time for a traditional application
  • There are government and conventional lending options

Cons

  • Some borrowers might prefer to work with a lender that has physical locations

Best for Veterans: Veterans United

Veterans United is a mortgage lender that specializes in providing VA loans. VA loans are a special type of mortgage loan that requires a $0 down payment exclusively for veterans and service members. Veterans United also employs a full staff of former service members from each branch of the military who understand the VA loan process on a personal level. This means that you’ll get direct advice from men and women who have gone through the process themselves.

In addition to VA loans, Veterans United also offers streamlined VA refinance loans and conventional mortgage solutions. Take a look at Veterans United if you’re a service member or veteran looking for the easiest way to understand the VA loan process. 

Pros

  • A range of VA loans helps veterans get the funding they need
  • There are also refinancing options on loans offered through the VA

Cons

  • Veterans are not guaranteed to find their best lending options here

Best for an Online Mortgage Process: better.com

better.com is a new online mortgage company with a streamlined application. By cutting steps and expenses from the traditional mortgage process, Better.com can speed up your preapproval and offer you lower interest rates.

To get started, just answer a few questions about your income, co-borrowers on your loan, when you plan to purchase a property and your assets. You can complete this on your phone and receive a decision in as little as a few minutes. better.com even offers a Better Price Guarantee that ensures that you’re getting the most affordable APR possible.    

Pros

  • The online experience is simplified for confused or busy home shoppers
  • You can use a co-signer with this platform, making it easier to afford your home or investment

Cons

  • You can use better.com to get a loan and a better price, but you may not get the exact rate you were looking for

Best for FHA Loans: PennyMac

PennyMac is a unique lender that provides both online and in-person FHA loan servicing. The company is one of the largest FHA lenders in the United States and its network can help you connect with over 32,000 realtors to find your perfect property.

The company also commits to on-time closing promises to help you close your loan or refinance on schedule. PennyMac might be the right choice for you if you’re looking for an affordable, convenient way to finance with an FHA loan. 

Pros

  • Obtaining an FHA loan can make your life much easier and help to trim your budget
  • You can receive personalized service, especially when you’re new to the process or confused by how mortgages work

Cons

  • Yes, FHA loans are affordable, but there are those that might prefer conventional loans

30-Year Mortgage Advantages

The 30-year mortgage loan is one of the most common mortgage choices. Let’s take a look at some of the benefits to get a 30-year loan. Remember, you can use a mortgage calculator to handle these figures, if you so choose.

  • Lower monthly payment: You’ll pay less for a 30-year mortgage each month compared to a 20- or 15-year loan — it’s one of the biggest benefits of choosing this type of mortgage. Let’s take a look at an example to illustrate just how big the difference is. Remember, a mortgage rate lock can help you keep that monthly payment down.

Let’s say you want to buy a home worth $250,000 and need to borrow $200,000. You can choose between a 15- or a 30-year mortgage term. Each loan option has an interest rate of 3.5%. You’ll pay about $1,430 each month if you choose the 15-year loan. On the other hand, you’ll pay about $900 a month for your mortgage if you take the 30-year loan — a difference of over $500. Choosing a 30-year loan can help you lower your monthly payment.

  • Opportunity to invest elsewhere: You may have leftover money to invest elsewhere if you get a 30-year mortgage. Let’s say you need to build an emergency fund or flesh out your retirement savings — a 30-year mortgage can help you divert your extra money to other options.
  • More flexibility: Most mortgage companies no longer include a prepayment penalty in mortgage contracts. A prepayment penalty is a clause that requires you to pay a fixed fee if you pay off your loan early. This means that if you end up having extra cash, you can put it toward your mortgage’s principal balance.

Choosing a 30-year mortgage loan gives you more freedom to pay down your loan. For example, let’s say you can choose between a 15-year loan with a $1,500 monthly payment and a 30-year loan with a $1,000 monthly payment. You’d have $1,500 extra to spend each month. If you take the 15-year loan and your income decreases, you run the risk of foreclosure. However, if you choose the 30-year mortgage, you can either pay $1,000 each month or divert your extra $500 toward reducing your principal. 

30-Year Mortgage Disadvantages

Despite the benefits, 30-year mortgage loans aren’t right for everyone. Let’s take a look at a few of the disadvantages of a 30-year loan.

  • You’ll pay more in interest. Choosing a 30-year mortgage loan means you’ll rack up significantly more interest by the time you own your loan. Because this option gives you more time to pay off the loan, your lender also has more time to charge interest on the amount of money you borrow. Let’s take a look at an example.

Let’s say you have to choose between two $200,000 mortgage loans that each have an interest rate of 3.5%. If you take a 15-year loan, you’ll pay a total of about $57,350 in interest by the time you own your home. If you take the 30-year loan, you’ll end up paying over $123,000 in interest by the time you make your final mortgage payment. Options with shorter terms are always less expensive over time — 30-year loans are much more expensive in comparison. Plus, private mortgage insurance increases the payment, and these fixed rate mortgages could rise in value because your property taxes will likely rise each year.

  • You’ll pay a higher APR. Mortgage lenders see you as a riskier borrower when you have a longer mortgage term. A 30-year term means you have twice the amount of time to default on your loan than someone who has a 15-year term. 

To compensate for this risk, lenders charge a higher interest rate on 30-year loans. For example, Quicken Loans currently offers 30-year loans with an average APR of 3.652% and 15-year loans with an average APR of 3.466% APR. Though that might not seem like a huge difference, even a fraction of a percentage point can end up costing you thousands more by the time you own your home free and clear. 

Find the Right Loan for You

Choosing a home and committing to a mortgage is a major decision, so leave yourself plenty of time to learn about each of your options in detail. If you’re considering the leap from renter to homeowner, analyze the different loan terms can offer to decide if a 30-year mortgage is the right loan for you.

1Based on Quicken Loans data in comparison to public data records.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.

About Sarah Horvath

Sarah Horvath is a distinguished financial writer renowned for her expertise in mortgage content. With years of experience in the mortgage industry, Sarah offers invaluable insights into home financing, refinancing, and real estate trends. Her comprehensive understanding of mortgage products, coupled with her ability to simplify complex financial concepts, makes her a trusted resource for homebuyers and homeowners alike. Sarah’s dedication to providing accurate and actionable information empowers readers to navigate the mortgage process with confidence. Whether discussing mortgage rates, loan types, or tips for homeownership, Sarah’s writing is characterized by clarity, reliability, and a commitment to helping individuals achieve their homeownership goals.