Mortgage Interest Rates Today: March 24, 2023—Rates Move Down

The current average rate on a 30-year fixed mortgage is 6.81%, compared to 7.06% a week earlier.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.09%, down 0.18% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
Related: Compare Current Mortgage Rates
Mortgage Rates for March 24, 2023

Loan term
Rate
Change
Rate last week

30-Year Mortgage Rate
6.81%
-0.25%
7.06%

15-Year Fixed Rate
6.09%
-0.18%
6.27%

30-Year Jumbo Mortgage Rate
6.87%
-0.23%
7.10%

5/1 ARM Rate
5.67%
-0.05%
5.72%

Source: Bankrate.com

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30-Year Fixed Mortgage Rates
The average rate for the benchmark 30-year fixed-rate mortgage slipped to 6.81% from 6.89% yesterday. This time last week, the 30-year fixed was 7.06%. Today’s rate is lower than the 52-week high of 7.41%.
The 30-year fixed mortgage APR is 6.82%. At this time last week, it was 7.08%. Here’s why APR is important.
At an interest rate of 6.81%, a 30-year fixed mortgage would cost $653 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 $134,933 over the life of the loan.
15-Year Mortgage Interest Rates
Today’s 15-year, fixed-rate mortgage is 6.09%, down 0.18% from the previous week. The 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 4.08%.
The APR on a 15-year fixed is 6.12%. It was 6.30% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.09% will cost $849 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $52,771 in total interest.
Jumbo Mortgage Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage sits at 6.87%. Last week, the average rate was 7.10%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 4.86%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.87% will pay $657 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around $4,929, and you’d pay roughly $1,022,806 in total interest over the life of the loan.
5/1 Adjustable-Rate Mortgage Rates
Currently, the average interest rate on a 5/1 ARM is 5.67%, up from the 52-week low of 3.23%. Last week, the average rate was 5.72%.
Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 5.67% will spend $579 per month in principal and interest.
How to Calculate Mortgage Payments
Before you look for a house, you should get to know your budget. This will give you an idea of the type of house you can afford. Start by using a mortgage calculator to get a rough estimate.
Simply input the following information:

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