The average interest rate on a mortgage varies depending on several factors, including the type of mortgage, the term of the loan, and the borrowers credit score. Here are some recent average interest rates on mortgages:
- On Monday, September 25, 2023, the average interest rate for a 30-year fixed mortgage was 7.64% .
- On Saturday, September 23, 2023, the current average interest rate for a 30-year fixed mortgage was 7.75% .
- On Monday, October 2, 2023, the average APR for the benchmark 30-year fixed-rate mortgage was 7.99% .
- Interest rates for the most popular 30-year fixed mortgage averaged around 6.94% in the month of August 2023.
- According to Freddie Mac records going back to 1971, the long-term average for mortgage rates is just under 8 percent.
Its important to note that interest rates can vary widely depending on the lender and the borrowers individual circumstances. Shopping around for the best rate is crucial when looking for a mortgage lender.
