Current national mortgage and refinance rates, April 10th, 2023 - Majority of rates rise (2023)

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for .

The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner.

(Video) The Brand New Disturbing Details (2023 Housing Market Crash)

Editorial integrity

Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

(Video) Fixed Rates Falling FAST | April Mortgage Interest Rate Update

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Mortgage rates were mostly higher compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 5/1 ARMs, and jumbo loans increased, while 15-year fixed rates declined.

Mortgage rates have been on a wild ride of late, with the 30-year fixed now flirting with the once-unthinkable threshold of 7 percent as the Federal Reserve continues to crack down on inflation.

“The speed with which mortgage rates have increased in recent months has been whiplash-inducing and the cumulative effect — from near 3 percent at the beginning of 2021 to near 7 percent now — would’ve seemed laughably unlikely a year ago,” says Greg McBride, CFA, Bankrate chief financial analyst. “Inflation running at 40-year highs will do that.”

For the ninth consecutive time, the central bank raised rates again at its March 22 meeting — but by a modest 0.25 percentage point, or 25 basis points. While Fed officials had been telegraphing an increase of 0.5 percentage point, or 50 basis points, that changed with a sudden banking crisis. Over the March 10 weekend, both Silicon Valley Bank and Signature Bank failed in rapid succession, marking the second- and third-largest bank collapses in U.S. history. Mortgage rates tumbled in the aftermath of the bank failures, and it’s possible that the continuing round of financial uncertainty — several other banks have been bought up or bailed out — will be favorable for borrowers.

Current average home loan rates
Loan typeInterest rateA week agoChange
30-year fixed rate6.86%6.81%+0.05
15-year fixed rate6.10%6.12%-0.02
5/1 ARM rate5.73%5.72%+0.01
30-year fixed jumbo rate6.93%6.86%+0.07

Rates last updated on April 10, 2023.

(Video) Think Interest Rates Are High? Think Again! | Dr. Richard Sylla

The rates listed above are averages based on the assumptions shown here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, April 10th, 2023 at 7:30 a.m.

>>View historical mortgage rate trends, from the 70s to today

You can save thousands of dollars over the life of your mortgage by getting multiple offers.

"All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, Bankrate senior economic analyst. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?"

Mortgage rates

30-year mortgage rate rises, +0.05%

The average rate for the benchmark 30-year fixed mortgage is 6.86 percent, up 5 basis points from a week ago. Last month on the 10th, the average rate on a 30-year fixed mortgage was higher, at 6.94 percent.

At the current average rate, you'll pay a combined $655.93 per month in principal and interest for every $100k you borrow. Compared to last week, that's $3.34 higher.

Use Bankrate’s mortgage rate calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll pay over the life of the loan.

15-year mortgage rate declines,-0.02%

The average rate for the benchmark 15-year fixed mortgage is 6.10 percent, down 2 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $849 per $100k borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 adjustable rate mortgage advances, +0.01%

The average rate on a 5/1 ARM is 5.73 percent, climbing 1 basis point since the same time last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

(Video) 3% Mortgage Rates Are BACK…Here’s How to Get One

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 5.73 percent would cost about $582 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.

Jumbo mortgage moves upward, +0.07%

The average jumbo mortgage rate is 6.93 percent, an increase of 7 basis points from a week ago. Last month on the 10th, the average rate was the same, at 6.93 percent.

At the current average rate, you'll pay a combined $660.61 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $4.68 higher.

In summary: How mortgage interest rates have changed

  • 30-year fixed mortgage rate: 6.86%, up from 6.81% last week, +0.05
  • 15-year fixed mortgage rate: 6.10%, down from 6.12% last week, -0.02
  • 5/1 ARM mortgage rate: 5.73%, up from 5.72% last week, +0.01
  • Jumbo mortgage rate: 6.93%, up from 6.86% last week, +0.07

Mortgage refinance rates

30-year mortgage refinance rate flat for the week

The average 30-year fixed-refinance rate is 6.97 percent, unchanged since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.93 percent.

At the current average rate, you'll pay $663.29 per month in principal and interest for every $100,000 you borrow.

Mortgage rate trends: Where rates are headed

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.

"Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far," says McBride. "The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades."

Comparing mortgage terms

The 30-year fixed mortgage is the most popular loan for homeowners. This type of loan has a number of advantages, including:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
  • Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
  • Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.

That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:

  • Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
  • Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
  • Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
  • Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.

Use our mortgage calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of your loan.

Keep reading:

  • How to buy a house in 2021
  • First-time homebuyer mistakes to avoid
  • What's the point of a cash out refinance?
  • The difference between APR and interest rate
  • Types of mortgages
  • Mortgage calculator
  • Best mortgage lenders

Featured lenders for April 10, 2023

  • Ally Bank Mortgage Review
  • AmeriSave Mortgage Corporation Mortgage Review
  • CityWorth Mortgage Review
  • Valley National Bank Mortgage Review


How high will mortgage rates rise in 2023? ›

While it expects the Fed to continue increasing rates to tame inflation, it believes that long-term rates have already peaked. “We expect that 30-year mortgage rates will end 2023 at 5.2%,” the organization noted in its forecast commentary. It reiterated the fourth-quarter 5.2% rate prediction in a Jan. 19 forecast.

What are mortgage interest rates expected to be in 2023? ›

Current Refinance Rates for April 2023

30-year fixed: 7.14% 15-year fixed: 6.44% 30-year jumbo: 7.25%

What will refinance rates be in 2023? ›

Keith Gumbinger, vice president of mortgage website “[We] should see less volatility for 30-year fixed mortgage rates in 2023, which are likely to hold a range between 5.875% and 6.875%.

Will mortgage rates go down in April 2023? ›

The mortgage interest rate forecast for April 2023 is for lower rates, as long as investors continue to move money into Treasury bonds over concerns caused by a series of recent bank closures.

Will mortgage rates go down by May 2023? ›

However, the good news for homeowners is that mortgage rates are projected to fall next year, according to Fratantoni. According to MBA, mortgage rates will conclude in 2023 at roughly 5.4%.

Will mortgage rates go down in 2023 2024? ›

The average interest rate for the benchmark 30-year fixed mortgage reached 7.08%, as of Monday. However, with the economy expected to cool and possibly dip into a recession, many recent forecasts expect rates to drop to 6% or below in 2024, including a Fannie Mae projection of 5.2%.

What are mortgage rates for 2023 and 2024? ›

ING predicts rates to range from 5% in the second quarter of 2023, rising to 5.5% in the third quarter, and then falling back to 5% in the final quarter of the year. They also predict interest rates ranging between 3% and 4.25% in 2024, staying at 3% by the end of 2025.

How high will mortgage rates go in 2024? ›

The Fed penciled in a 5-5.25 percent peak interest rate for 2023, after which officials see rates falling to 4.25-4.5 percent by the end of 2024.

When should you lock your mortgage rate? ›

When Can You Lock In A Mortgage Rate? When locking your mortgage loan's interest rate, you can choose to secure it from the moment you receive initial loan approval to 5 days before the closing. Some lenders may even lock your rate at the same time they send you the loan estimate.

How many times can I refinance my house? ›

How Many Times Can I Refinance My Mortgage? There's no legal limit on the number of times you can refinance your home loan. However, mortgage lenders do have a few mortgage refinance requirements that need to be met each time you apply, and there are some special considerations to note if you want a cash-out refinance.

How fast can you refinance a house? ›

Though there is no exact time limit on how long a refinance can take, most refinances close within 30 to 45 days of your application. However, there's a limited window where you can apply for a loan and not see a dent in your credit score.

Will CD rates go up in 2023? ›

CD Rates Will Likely Increase Into the Second Half of 2023

And as we get near the midway point of 2023, CD rates are increasing as well. Some banks, as of this writing, are offering yields of 5% or higher on short-term CD rates. Whether CD rates stay that high for the remainder of the year remains to be seen.

What is the interest rate today? ›

Current mortgage and refinance rates
ProductInterest rateAPR
30-year fixed-rate6.467%6.561%
20-year fixed-rate6.759%6.906%
15-year fixed-rate5.488%5.642%
10-year fixed-rate5.664%5.925%
5 more rows

Will auto interest rates go down in 2023? ›

In December of 2022, the Fed indicated that it expects the funds rate to fall to 4.1% by the end of 2024 after reaching the 5.1% mark by the end of 2023. If that holds true and the federal interest rate begins to fall, auto loan rates should start to drop shortly after.

What is prime rate today? ›

The prime rate is 8.00% today.

Will the Fed raise rates again? ›

The Fed is expected to raise interest rates, despite recent banking turmoil: 'This will be a game-time decision' Jerome Powell, chairman of the US Federal Reserve, speaks during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, March 8, 2023.

What is the cost to buy down an interest rate? ›

You'll generally pay 1% of the total loan amount for each point and receive a 0.25% rate reduction, but the cost and discount vary depending on the market and lender.

Will mortgage rates ever go back to 3 percent? ›

Rates won't drop to 3%

After roughly two years of record-low mortgage rates, the 30-year rate last year increased at their fastest clip in over 50 years. Most of the rate hikes were due to the Federal Reserve's zealous fight against rampant consumer price growth.

What will a 30-year mortgage be in 2023? ›

As of April 21, 2023, the 30-year fixed mortgage rate is 6.93%, the FHA 30-year fixed rate is 6.76%, the VA 30-year fixed rate is 6.68% and the jumbo 30-year fixed rate is 6.02%.

Will 2024 be a good time to buy a home? ›

With mortgage rates declining faster than expected, home prices are likely to remain mostly flat throughout 2024. This will be good news for buyers who have been waiting on the sidelines for a good time to enter the market.

How can I lower my mortgage interest rate? ›

7 ways to reduce mortgage rates
  1. Shop around. When looking for mortgages, be sure to contact several different lenders. ...
  2. Improve your credit score. ...
  3. Choose your loan term carefully. ...
  4. Make a larger down payment. ...
  5. Buy mortgage points. ...
  6. Rate locks. ...
  7. Refinance your mortgage.

What are the rate hikes for 2024? ›

Policymakers expect their interest-rate hikes to push the unemployment rate, now at 3.6%, to 4.5% in the last quarter of 2023, and to 4.6% in 2024. Three months ago, the jobless rate was seen rising to 4.6% this year.

What is the Fed forecast for 2024? ›

Officials' median forecast for the peak fed-funds rate in 2024 is 4.3%, up from 4.1% last time the committee members gave forecasts in December.

What if I lock in a rate and it goes down? ›

When you lock your interest rate, you're protected from rate increases due to market conditions. If rates go down prior to your loan closing and you want to take advantage of a lower rate, you may be able to pay a fee and relock at the lower interest rate. This is called "repricing" your loan.

Which lender has the lowest mortgage rates? ›

Lenders with the best mortgage rates:
  • Freedom Mortgage: 2.66%
  • Bank of America: 2.80%
  • Veterans United*: 2.86%
  • Better Mortgage: 2.86%
  • PennyMac: 2.87%
  • AmeriSave: 2.90%
  • Navy Federal Credit Union*: 2.93%
  • Home Point Financial: 2.94%
Aug 12, 2022

What day are mortgage rates lowest? ›

According to data compiled from MBSQuoteline, a provider of real-time mortgage market pricing, mortgage rates are most stable on Mondays, making that day the easiest on which to lock a low rate.

Does refinancing hurt your credit? ›

Refinancing will hurt your credit score a bit initially, but might actually help in the long run. Refinancing can significantly lower your debt amount and/or your monthly payment, and lenders like to see both of those. Your score will typically dip a few points, but it can bounce back within a few months.

Is there a downside to refinancing multiple times? ›

Finally, keep in mind that every time you refinance, you'll pay closing costs and fees which can take years to recoup and your credit will be pulled by lenders, which can negatively impact your credit score if done too frequently. Mortgage lending discrimination is illegal.

What is the downside to a home equity loan? ›

Home Equity Loan Disadvantages

Higher Interest Rate Than a HELOC: Home equity loans tend to have a higher interest rate than home equity lines of credit, so you may pay more interest over the life of the loan. Your Home Will Be Used As Collateral: Failure to make on-time monthly payments will hurt your credit score.

What is the monthly payment on a $100 000 home equity loan? ›

Loan payment example: on a $100,000 loan for 180 months at 7.30% interest rate, monthly principal and interest payments would be $915.68 over the full term of the loan. Payment example does not include amounts for taxes and insurance premiums.

How much equity do I need to refinance? ›

Minimum Equity Required For Refinancing

Generally, you need at least 20% total equity in your home to refinance the loan. Lenders typically let you borrow a maximum of 80% of your property's value on a standard mortgage so most homeowners begin with enough total equity to refinance.

How much cash can I get out of a refinance? ›

Generally, the amount you can borrow with a cash-out refinance is capped at 80% of your home value. However, this can vary depending on the lender and loan type you choose.

How high will interest rates go in 2023 in the United States? ›

Rates will keep rising in 2023

In December, the FOMC projected that the median Federal Funds Rate (FFR) in 2023 would be 4.6 percent.

What is the highest paying 12 month CD? ›

Best 1-Year CD Rates
  • Premier Members Credit Union - 5.25% APY.
  • INOVA Federal Credit Union - 5.25% APY.
  • BrioDirect - 5.25% APY.
  • North American Savings Bank - 5.18% APY.
  • Colorado Federal Savings Bank - 5.15% APY.
  • Synchrony Bank - 5.15% APY.
  • Spectra Credit Union - 5.15% APY.
  • CFG Bank - 5.10% APY.

What will CDs be in 2023? ›

Several economists have made interest rates forecasts for 2023, which give some insights for the direction of CD rates. Bankrate forecasts high but steady interest rates for 2023, with a federal funds rate between 5.25% and 5.50% and a national average for 1-year CD rates of 1.8%.

What is the current 30-year fixed mortgage rate today? ›

6.94% 6.96%

What is the downside to Rocket mortgage? ›

Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity lines of credit. Origination fees are on the high side compared with other lenders, according to the latest federal data.

Is 3.125 a good mortgage rate? ›

3.125 is a great mortgage rate, but it isn't easy to find any lender with this rate. According to the US Bank, the Federal Housing Authority's 30-year fixed rate is 6.625% today. It would help if you kept these things in mind while trying to find the best mortgage rate.

Will there be more interest rate hikes in 2023? ›

The Federal Reserve still expects to bring the interest rates 5.1% by the end of 2023, which means that they expect one more quarter-point rate hike before they pause.

What APR will I get with a 730 credit score? ›

According to MyFICO, as of November 2022, the average APR on a 60-month new auto loan for someone with a FICO Score of 720 or higher is 5.64%. With a score in the 690-719 range, it's 6.83%. And for a borrower with a score in the 660-689 tier, the average APR is 9.19%.

What is the highest prime rate in history? ›

What is the highest prime rate in history? The highest prime rate in history was on December 19, 1980, standing at a record-breaking 21.5%. The Federal Reserve set the federal funds rate guidance to sustain the 21.5% prime rate until January 1, 1981.

Where will interest rates be in 2023? ›

Mortgage Bankers Association (MBA): “Long-term rates have already peaked. We expect that 30-year mortgage rates will end 2023 at 5.2%.”

What is the lowest interest rate in history? ›

While the lowest interest rate for a mortgage in history came in 2020-2021, the lowest annual mortgage rate on record was in 2016, when the typical mortgage was priced at 3.65%.

Will interest rates continue to rise in 2023? ›

Will mortgage interest rates go up in 2023? Mortgage rates may continue to rise in 2023. High inflation, a strong housing market, and policy changes by the Federal Reserve have all pushed rates higher in 2022.

Will auto loan interest rates go down in 2023? ›

In December of 2022, the Fed indicated that it expects the funds rate to fall to 4.1% by the end of 2024 after reaching the 5.1% mark by the end of 2023. If that holds true and the federal interest rate begins to fall, auto loan rates should start to drop shortly after.

What is the interest rate forecast for 2023 and 2024? ›

The predictions made by the various analysts and banks provide insight into what the financial markets anticipate for interest rates over the next few years. Based on recent data, Trading Economics predicts a rise to 5% in 2023 before falling back down to 4.25% in 2024 and 3.25% in 2025.

What is the date of the next Federal Reserve meeting 2023? ›

March 21-22, 2023 FOMC Meeting.

What is the Fed interest rate for April 2023? ›

Selected Interest Rates
Instruments2023 Apr 142023 Apr 17
Federal funds (effective) 1 2 34.834.83
Commercial Paper 3 4 5 6
34 more rows

Will 2024 be a better time to buy a house? ›

With mortgage rates declining faster than expected, home prices are likely to remain mostly flat throughout 2024. This will be good news for buyers who have been waiting on the sidelines for a good time to enter the market.

What is the average interest rate on a car loan with a 750 credit score? ›

The average interest rate on a new car loan with a credit score of 750 is 4.90%, while the average interest rate on a used car loan is 5.47%.


1. Will Interest Rates For Your Mortgage Keep Rising, And What Can You Do About It? | Money Mind
(CNA Insider)
2. NEW 2023 Conventional Loan Requirements | Complete Guide For First Time Buyers
(Win The House You Love)
3. '30 Year Mortgage Rates Are Going To 10%'-What The FED Doesn’t Want You To Know About Interest Rates
4. Biden's Foreign Policy Failures, Rise of Woke Police, and the Value of Religion, with Niall Ferguson
(Megyn Kelly)
5. Redfin: Largest Annual Drop in Home Prices on Record
(Jason Walter)
6. Protect yourself NOW - The 2023 UK Mortgage Crisis
(Principles Personal Finance)
Top Articles
Latest Posts
Article information

Author: Horacio Brakus JD

Last Updated: 05/03/2023

Views: 5712

Rating: 4 / 5 (51 voted)

Reviews: 90% of readers found this page helpful

Author information

Name: Horacio Brakus JD

Birthday: 1999-08-21

Address: Apt. 524 43384 Minnie Prairie, South Edda, MA 62804

Phone: +5931039998219

Job: Sales Strategist

Hobby: Sculling, Kitesurfing, Orienteering, Painting, Computer programming, Creative writing, Scuba diving

Introduction: My name is Horacio Brakus JD, I am a lively, splendid, jolly, vivacious, vast, cheerful, agreeable person who loves writing and wants to share my knowledge and understanding with you.