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The average mortgage interest rate by state, credit score, year, and loan type

  • The average mortgage interest rate on a 30-year fixed rate loan in the US is 2.98%, according to S&P Global data.
  • But interest rates vary by person, so that won't necessarily be the mortgage rate you'll see at closing. 
  • Your interest rate depends largely on your credit score, the type of home loan you're choosing, and even what's happening in the larger economy. 

The average interest rate for the most popular 30-year fixed mortgage is 2.98%, according to data from S&P Global.

Mortgage interest rates are always changing, and there are a lot of factors that can sway your interest rate. While some of them are personal factors you have control over, and some aren't, it's important to know what your interest rate could look like as you start the process of getting a home loan. 

Average mortgage interest rate by type

There are several different types of mortgages available, and they generally differ by the loan's length in years, and whether the interest rate is fixed or adjustable. There are three main types:

  • 30-year fixed rate mortgage: The most popular type of mortgage, this home loan makes for low monthly payments by spreading the amount over 30 years. 
  • 15-year fixed rate mortgage: Interest rates and payments won't change on this type of loan, but it has higher monthly payments since payments are spread over 15 years. 
  • 5/1-year adjustable rate mortgage: Also called a 5/1 ARM, this mortgage has fixed rates for five years, then has an adjustable rate after that.

Here's how these three types of mortgage interest rates stack up:

Mortgage type 30-year fixed rate mortgage:Average APR
30-year fixed mortgage2.98%
15-year fixed mortgage2.51%
5/1-year adjustable rate mortgage3.1%

Average mortgage interest rate by credit score

National rates aren't the only thing that can sway your mortgage rates — personal information like your credit history also can affect the price you'll pay to borrow. 

Your credit score is a number calculated based on your borrowing, credit use, and repayment history, and the score you receive between 300 and 850 acts like a grade point average for how you use credit. You can check your credit score online for free. The higher your score is, the less you'll pay to borrow money. Generally, 620 is the minimum credit score needed to buy a house, with some exceptions for government-backed loans.

Data from credit scoring company FICO shows that the lower your credit score, the more you'll pay for credit. Here's the average interest rate by credit level:

FICO ScoreNational average mortgage APR
620 to 6393.92%
640 to 6593.4%
660 to 679 2.97%
680 to 699 2.94%
700 to 7592.58%
760 to 850 2.36%

According to FICO, only people with credit scores above 660 will truly see interest rates at the national average.  

Average mortgage interest rate by year

Mortgage rates are constantly in flux, largely affected by what's happening in the greater economy. Generally, mortgage interest rates move independently and in advance of the federal funds rate, or the amount banks pay to borrow. Things like inflation, the bond market, and the overall housing market conditions can affect the rate you'll see. 

Here's how the average mortgage interest rate has changed over time, according to data from the Federal Reserve Board of St. Louis:

YearAverage 30-year fixed mortgage rate (January)
20008.15%
20017.07%
20027.14%
20035.85%
20045.87%
20055.77%
20066.15%
20076.18%
20086.07%
20096.01%
20105.09%
20114.77%
20123.87%
20133.34%
20144.53%
20153.73%
20163.97%
20174.20%
20183.99%
20194.75%
20203.72%
20212.79%

Throughout 2020, the average mortgage rate fell drastically due to the economic impact of the coronavirus crisis. Rates throughout 2020 and into 2021 were lower than rates at the depths of the Great Recession . Thirty-year fixed mortgage interest rates hit a low of 3.31% in November 2012, according to data from the Federal Reserve of St. Louis. 

Average mortgage interest rate by state

The state where you're buying your home could influence your interest rate. Here's the average interest rate by loan type in each state according to data from S&P Global

State15-Year Fixed30-Year Fixed5/1 ARM
Alabama2.76%3.1%3.26%
Alaska2.5%3%2.79%
Arizona2.35%2.77%2.98%
Arkansas2.62%3.09%3.66%
California2.36%2.87%2.78%
Colorado2.48%2.93%3.19%
Connecticut2.42%2.92%2.91%
Delaware2.47%2.95%2.57%
District of Columbia2.37%2.81%2.77%
Florida2.42%2.96%2.86%
Georgia2.5%3%2.87%
Hawaii2.36%2.86%2.49%
Idaho2.38%2.87%3.53%
Illinois2.52%3%3.37%
Indiana2.49%2.93%3.27%
Iowa2.42%2.9%3.46%
Kansas2.6%3.07%3.15%
Kentucky2.74%3.13%3.2%
Louisiana2.67%3.07%3.44%
Maine2.72%3.14%3.34%
Maryland2.35%2.81%2.86%
Massachusetts2.52%3.01%3.37%
Michigan2.5%3.02%2.99%
Minnesota2.55%3%3.14%
Mississippi2.92%3.22%3.54%
Missouri2.57%3.01%3.43%
Montana2.66%3.09%3.57%
Nebraska2.62%3.09%3.58%
Nevada2.29%2.75%3.07%
New Hampshire2.52%2.97%3.19%
New Jersey2.51%3.03%3.15%
New Mexico2.49%2.97%2.95%
New York2.56%3%2.99%
North Carolina2.78%3.19%3.03%
North Dakota2.64%3.09%3.31%
Ohio2.43%2.95%2.95%
Oklahoma2.66%3.05%3.84%
Oregon2.38%2.91%3.12%
Pennsylvania2.62%3.03%2.92%
Rhode Island2.61%3.1%3.22%
South Carolina2.63%3.15%3.22%
South Dakota2.52%3.07%2.78%
Tennessee2.61%3.06%3.51%
Texas2.51%2.99%3.38%
Utah2.22%2.64%3.13%
Vermont2.59%2.99%3.07%
Virginia2.46%2.92%2.89%
Washington2.44%2.96%2.94%
West Virginia2.92%3.33%3.44%
Wisconsin2.47%2.96%3.33%
Wyoming2.58%3.02%3.58%

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