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What are today's mortgage rates?

On Thursday, May 2, 2024, the national average APR for a 30-year fixed-rate mortgage is 7.676%, an increase of 7 basis points from a week ago. Meanwhile, the average APR for a 15 year fixed-rate mortgage increased by 10 basis points to 6.901%, and the average APR for a 5-year Adjustable Rate Mortgage (ARM) increased by 6 basis points to 7.285%, according to rates provided to Redfin by icanbuy.

According to our mortgage rates partner, icanbuy, rates listed are based on a $320,000 loan for a purchase transaction of an owner-occupied, single-family residence with an 80% loan-to-value ratio, total points ranging from zero to one point options and rate lock ranging from 30 to 60 days. The data icanbuy uses is from a database that includes all major banks and national lenders, as well as local lenders.

A basis point is a finance term referring to 1/100th of 1% (0.01% or 0.0001). Basis points are used to compare percentages that are very low since comparing percentages using a percentage lift can be quite confusing. For example, an interest rate increase from 5.00% to 5.05% would be a 5 basis point increase.

When learning how mortgage interest works, it's important to understand the difference between your interest rate and your annual percentage rate (APR). Your mortgage interest rate is the cost you pay each year for your home loan, which will be shown as a percentage rate. Your mortgage interest rate does not take into account the fees you may have paid to your lender to complete your loan. On the other hand, your APR, which is also expressed as a percentage, is the annual cost of your home loan, including fees. The most common fee is a loan origination fee, but there are a number of other lender fees that may also apply and influence your APR, like processing or document prep fees.