Current 30-Year Mortgage Rates for March 2021

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30-year fixed mortgage rates today

Homeowners choose 30-year mortgage rates because they offer the lowest monthly payment. A 30-year mortgage term also helps you afford a more expensive house, which comes in handy when house prices are spiking. 

The table below gives you a glimpse of 30-year mortgage rates offered daily by LendingTree partners nationwide.


Checking mortgage rates regularly is a good way to save money on closing costs and interest charges over the life of a mortgage. Depending on the news or events of the day, 30-year mortgage rates change daily and can even spike or drop hourly. How 30-year mortgage rates are determined on LendingTree’s platform

Mortgage quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third-party data providers including, but not limited to, Mortech®, a registered trademark of Zillow; LoanXEngine, a product of Mortgage Builder Software, Inc. and LoanTek, Inc.

What is a 30-year, fixed-rate mortgage?

A 30-year fixed-rate mortgage is a home loan that gives you 30 years to repay the loan. Lenders call the 30-year repayment period your “loan term,” and a 30-year term typically gives you the lowest monthly payment compared to other terms. 

However, 30-year mortgages interest rates are usually higher, which means you’ll pay more interest over the long haul than a shorter-term mortgage such as a 15-year, fixed-rate loan. Your payment is also made of more interest than principal in the early years of a 30-year, fixed-rate loan. Check out an amortization schedule to see just how much extra you’ll pay compared to a 15-year term.

Are 30-year mortgage rates going down?

After dropping to record lows in 2020, interest rates may rise slightly in 2021, according to Tendayi Kapfidze, chief economist for LendingTree. However, 30-year mortgage rates will still average near 3%, giving homeowners continued refinance opportunities and providing buyers some payment relief as home prices are expected to jump another 4% to 7% this year.

How to get a low 30-year mortgage rate

There are four simple steps you can take to get the lowest 30-year mortgage rates.
  1. Work on your credit scores. Borrowers with credit scores of 740 or higher typically receive the lowest interest rates. Paying off credit card balances and making payments on time will help keep your credit scores in tiptop shape.
  2. Make a bigger down payment. Lenders often charge higher rates for low down payment loans because there’s more risk the borrower might default. Adding some extra dollars to your down payment will help reduce that risk and usually snag you a lower rate.
  3. Shop multiple lenders. Studies have shown shopping three to five mortgage lenders can get you a lower rate, which could mean thousands of dollars of savings over 30 years. Rates change daily, so collect your loan estimates on the same day for apples-to-apples comparisons.
  4. Pay mortgage points. A point is equal to 1% of your loan amount. Paying mortgage points could lower your rate by as much as 0.25 percentage point. Just make sure you calculate your break-even point and plan to stay in your home long enough to recoup the discount point cost.

Pros and Cons of 30-year mortgage rates

You’ll make a lower monthly payment than shorter term loans

You’ll be able to qualify for a higher loan amount and a more expensive home

You’ll leave room in your budget to accomplish other financial goals

You may get a bigger tax write-off

You’ll usually pay higher interest rates

You won’t build equity as quickly

You’ll pay more in interest over the long haul

You may buy more house than you can afford

Refinancing a 30-year mortgage rate

Replacing your current mortgage with a home loan at a lower 30-year mortgage rate may be easier than you think. In fact, some refinance programs don’t require an appraisal or income documents. 

      • Conventional rate-and-term refinance. The most common reason to refinance a 30-year mortgage is to reduce your interest rate and lower your payment. And if your home’s value is high enough, you might be able to get rid of the private mortgage insurance (PMI) you paid to protect your lender if you made less than a 20% down payment. 
      • FHA streamline refinance. If you have a loan insured by the Federal Housing Administration (FHA) that you’ve paid on time the past seven months, you may drop your current 30-year FHA interest rate with an FHA streamline. In most cases, you won’t need income documents or an appraisal. 
      • VA IRRRL. The VA interest rate reduction refinance loan is for military borrowers with an existing loan backed by the U.S. Department of Veterans Affairs (VA). An IRRRL can replace their current VA loan with a lower-rate VA mortgage. Even better: You don’t have to prove your income, don’t need an appraisal and can roll closing costs into your loan amount.
      • Cash-out refinance loan. If you need extra cash to make home improvements or pay off ballooning credit card debts, conventional, FHA and VA lenders offer 30-year, fixed-rate cash-out refinance options. Even though you take out a larger loan to pocket the extra money, a lower 30-year mortgage rate may keep the monthly payment from bumping too high. You can only borrow 80% of your home’s value for an FHA or conventional cash-out refinance. VA homeowners, however, have extra cash-out borrowing power up to 90% of their home’s appraised value.

FAQs about 30-year mortgages rates

The following are seven factors that affect the 30-year mortgage rate you’re offered, including:

  1. Your credit score. The higher your score, the lower your rate.
  2. Your down payment. Higher down payments often come with lower rates. 
  3. Your loan amount. Lenders typically charge higher rates for lower loan amounts. 
  4. Your home’s location. Mortgage companies offer different rates in different states. 
  5. Your occupancy plans. The lowest rates typically go to homes used as your primary residence. Expect to pay more for a second home or investment property.
  6. Your ability to pay mortgage points. If you have extra resources to pay mortgage points, you can buy your rate down.
  7. The economy. The Federal Reserve’s policies, inflation expectations, bond yields and the strength or weakness of the economy can affect rates.

A fixed interest rate stays the same for the life of your loan. An adjustable-rate mortgage (ARM) features a lower rate at first, called a “teaser” rate. After the low-rate period ends, the rate can change based on the terms of the ARM program you choose.

Absolutely. If you shop several lenders and gather up their loan estimates, you can haggle over your closing costs and rates until you get the best deal.

You can’t. However, lenders offer options such as zero closing cost mortgage loans that allow them to pay your costs, in exchange for a higher interest rate. You may save money at the closing table, but you’ll spread the costs out over the loan’s life with higher interest charges and a larger monthly payment.