The average interest rate on a home loan varies depending on several factors, including the type of loan, the location, the lender, and the borrowers credit score. As of October 15, 2023, the national average interest rate for a 30-year fixed mortgage is 7.89% . However, this rate can change frequently and can be higher or lower depending on the factors mentioned above. Its important to shop around and compare rates from different lenders to find the best rate for your specific situation.