2 min read
30 May


Mortgage rates significantly impact your home-buying journey, influencing your monthly payments and the total cost of your loan. This guide delves into what mortgage rates are, how they fluctuate, and tips for securing the best possible rate. Additionally, we will review current mortgage rates and trends.

What Are Mortgage Rates?

Mortgage rates are the interest rates charged on a mortgage loan. These rates are determined by various factors, including economic conditions, the lender’s policies, and your financial profile. Mortgage rates can be fixed or variable:

  • Fixed-Rate Mortgages: The interest rate remains the same for the entire loan term, providing predictability and stability.
  • Adjustable-Rate Mortgages (ARMs): The interest rate changes periodically, typically in relation to an index, which can lead to varying monthly payments.

Factors Influencing Mortgage Rates

Several factors influence mortgage rates, including:

  • Economic Indicators: Inflation, employment rates, and the Federal Reserve's monetary policy play crucial roles.
  • Credit Score: Higher credit scores typically qualify for lower interest rates.
  • Loan Term: Shorter-term loans generally have lower rates compared to longer-term loans.
  • Loan Amount and Down Payment: Larger down payments can lower the rate, as they reduce the lender’s risk.
  • Type of Mortgage: Different loan types (e.g., conventional, FHA, VA) come with varying rates.

Current Mortgage Rate Trends

As of May 30, 2024, mortgage rates have seen a rise after several weeks of decline. According to Bankrate's national survey, the average 30-year fixed mortgage rate is currently 7.17%, up 14 basis points from a week ago. The national average 15-year fixed mortgage rate is 6.63%, also reflecting an upward trend.

How to Get the Best Mortgage Rate

Securing the best mortgage rate involves several steps:

  1. Improve Your Credit Score: Ensure your credit score is as high as possible by paying off debts and correcting any errors on your credit report.
  2. Compare Multiple Lenders: Shopping around can save you thousands over the life of your loan. Use tools like Bankrate’s mortgage rates comparison tool.
  3. Choose the Right Loan Type: Consider your financial situation and choose between fixed and adjustable-rate mortgages.
  4. Increase Your Down Payment: A larger down payment reduces the lender’s risk and can result in a lower interest rate.
  5. Lock in Your Rate: Once you find a favorable rate, consider locking it in to protect against future increases.

Reviews of Notable Mortgage Lenders

Here are reviews of a few notable mortgage lenders to help you make an informed decision.

Garden State Home Loans

  • Rating: 3.6/5
  • About: Garden State Home Loans offers various mortgage products including conventional, jumbo, FHA, VA, and USDA loans. Known for dedicated service and swift closings, they operate in states such as New Jersey, Florida, New York, and Pennsylvania.
  • Customer Reviews: Customers appreciate their competitive rates and excellent customer service. Joe Colella, a notable loan officer, is frequently mentioned for his responsiveness and effectiveness.


  • Rating: 4.5/5
  • About: Homefinity offers a range of loan options with a focus on providing a seamless online experience. They operate nationwide and are noted for their quick closing times and customer-centric approach.
  • Customer Reviews: Clients highlight their transparent process and the significant savings achieved by switching to Homefinity mid-transaction.

Current Mortgage Rates from Bankrate

As of May 30, 2024, here are the current average mortgage rates:

  • 30-Year Fixed: 7.17%
  • 15-Year Fixed: 6.63%
  • 5/1 ARM: 6.59%

Rates vary by lender and loan type, so it’s essential to compare offers and choose the best one for your financial situation.


Understanding mortgage rates and how they fluctuate is crucial for anyone considering buying or refinancing a home. By keeping an eye on economic indicators, improving your credit score, and shopping around for the best rates, you can secure a mortgage that fits your budget and long-term financial goals.

For the latest rates and personalized mortgage advice, visit Bankrate's mortgage rate comparison tool

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