The average rate on a 30-year fixed mortgage fell by 0.03% in the last week to 7.05%.
Meanwhile, the average rate on a 15-year fixed mortgage dropped 0.05% during the same period to 6.22%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for March 20, 2023

Loan term
Rate
Change
Rate last week

30-Year Mortgage Rate
7.05%
-0.03%
7.08%

15-Year Fixed Rate
6.22%
-0.05%
6.27%

30-Year Jumbo Mortgage Rate
7.05%
-0.08%
7.13%

5/1 ARM Rate
5.71%
-0.10%
5.81%

Source: Bankrate.com

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30-Year Fixed-Rate Mortgage Rates
Today, the average rate for the benchmark 30-year fixed mortgage fell to 7.05% from 7.06% yesterday. At this time last week, the 30-year fixed was 7.08%. Today’s rate is lower than the 52-week high of 7.41%.
The APR on a 30-year fixed is 7.07%. This time last week, it was 7.10%. APR is the all-in cost of your loan.
At an interest rate of 7.05%, a 30-year fixed mortgage would cost $669 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $140,719 over the life of the loan.
15-Year Fixed Mortgage Rates
The average interest rate on the 15-year fixed mortgage sits at 6.22%. This same time last week, the 15-year fixed-rate mortgage was at 6.27%. Today’s rate is higher than the 52-week low of 3.80%.
On a 15-year fixed, the APR is 6.25%. Last week it was 6.31%.
At today’s interest rate of 6.22%, a 15-year fixed-rate mortgage would cost approximately $856 per month in principal and interest per $100,000. You would pay around $54,042 in total interest over the life of the loan.
Jumbo Mortgage Rates
The current average interest rate on a 30-year, fixed-rate jumbo mortgage is 7.05%— 0.08% down from last week. The 30-year jumbo mortgage rate had a 52-week low of 4.59% and a 52-week high of 7.44%.
A 30-year jumbo mortgage at today’s fixed interest rate of 7.05% will cost you $669 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $5,020.
5/1 Adjustable-Rate Mortgage Rates
Today’s average interest rate on a 5/1 ARM is 5.71%, . In the past 52 weeks, the lowest 5/1 ARM rate was 3.16% and the high was 5.82%.
Borrowers with the current rate of 5.71% will spend $581 on principal and interest per month on a $100,000 loan.
How to Calculate Mortgage Payments
To get an estimate of your mortgage costs, using a mortgage calculator can help.
Simply input the following information:

Home price
Down payment amount
Interest rate
Loan term
Taxes, insurance and any HOA fees

How Much House Can I Afford?
The amount of house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that go into what you can afford:

Income
Debt
Debt-to-income ratio (DTI)
Down payment
Credit score