The average 30-year fixed mortgage interest rate is 7.59%, which is a growth of 6 basis points compared to one week ago. Looking at the annual percentage rate, or APR, will show you the total cost of borrowing and help you make an apples-to-apples comparison among lenders. Also, be sure to compare the rates and fees from multiple lenders to get the best deal. To increase your odds at qualifying for the lowest rate available, take the steps necessary to improve your credit score and to save for a down payment. Rather than worrying about mortgage rates, though, homebuyers should focus on what they can control: getting the best rate they can for their financial situation. A lower inflation rate is good news for mortgage rates, but the potential for additional hikes from the central bank this year will keep upward pressure on already high rates. Mortgage rates move around on a daily basis in response to a range of economic factors, including inflation, employment and the broader outlook for the economy. The Fed doesn't set mortgage rates directly, but it does play an influential role. "Mortgage rates will continue to ebb and flow week to week, but ultimately, I think rates will stick to that 6% to 7% range we're seeing now," said Jacob Channel, senior economist at loan marketplace LendingTree.
This tool features partner rates from lenders that you can use when comparing multiple mortgage rates. About these rates: Like CNET, Bankrate is owned by Red Ventures.
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