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What does the rate do to my payment?

Your monthly principal and interest at today's average 30-year rate, and at every weekly average since 1971 from Freddie Mac's survey.

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Starts at this week's average 30-year rate: 7.40% (Freddie Mac, week of Oct 15, 2026).

Show the math

A fixed-rate mortgage payment is the same every month. In the U.S. the monthly rate is the yearly rate ÷ 12:

payment = L × i ÷ (1 − (1 + i)^−N)   ·   i = rate ÷ 12, N = years × 12
  • L is the amount you borrow. Total interest is payment × N − L.
  • This is principal and interest only. Property tax, home insurance, mortgage insurance and HOA dues come on top.
  • The history line is the monthly average of Freddie Mac's weekly Primary Mortgage Market Survey® for 30-year fixed loans. Hover or tap it to price your loan at any month since 1971.

Every week since 1971

Freddie Mac has surveyed lenders every week since April 1971. The average 30-year fixed rate peaked at 18.63% in the week of Oct 9, 1981 and bottomed at 2.65% in the week of Jan 7, 2021. The latest reading is 7.40% (week of Oct 15, 2026). Hover or tap the chart to price your own loan at any month.

Why one point matters

Over 30 years you pay interest on the whole balance for a long time, so the payment is very sensitive to the rate. On a $350,000 loan at today's 7.40%, one point lower saves $234 a month and one point higher costs $243 more.

What it leaves out

Property tax, homeowners insurance, private mortgage insurance and HOA dues, which often add hundreds of dollars a month. The survey rate is an average for borrowers with strong credit and a 20% down payment; your quote can differ.