Currently, the average rate on a 30-year fixed mortgage is 6.89%, compared to 7.02% a week ago.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.12%, down 0.16% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
Related: Compare Current Mortgage Rates
Mortgage Rates for March 23, 2023

Loan term
Rate
Change
Rate last week

30-Year Mortgage Rate
6.89%
-0.13%
7.02%

15-Year Fixed Rate
6.12%
-0.16%
6.28%

30-Year Jumbo Mortgage Rate
6.97%
-0.06%
7.03%

5/1 ARM Rate
5.69%
-0.04%
5.73%

Source: Bankrate.com

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30-Year Fixed Mortgage Rates
Today’s average rate on a 30-year, fixed-rate mortgage is 6.89%, which is 0.13% lower than last week. In a 52-week span, the lowest rate was 4.84% while the highest was 7.41%.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.91%. The APR was 7.04% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.89% on a $100,000 loan will cost $658 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $136,855.
15-Year Fixed-Rate Mortgage Rates
Today, the 15-year fixed mortgage rate is 6.12%, lower than it was yesterday. Last week, it was 6.28%. Today’s rate is higher than the 52-week low of 4.08%.
The APR on a 15-year fixed is 6.15%. It was 6.32% this time last week.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.12% will cost $850 per month in principal and interest. Over the life of the loan, you would pay $53,064 in total interest.
Jumbo Mortgage Rates
Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.97%, the same as last week. That’s 2.11% higher than the 52-week low of 4.86%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.97% will pay approximately $663 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,980.
5/1 ARM Rates
The average interest rate on a 5/1 ARM is 5.69%, higher than the 52-week low of 3.23%. Last week, the average rate was 5.73%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.69% will pay $580 per month in principal and interest.
How Much House Can I Afford?
The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.
Here are a few important factors that go into home affordability:

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