Current Mortgage Rates Today
Mortgage rates change daily and even a small rate shift can impact your monthly payment and long-term interest costs. If you’re buying a home, refinancing, or comparing loan options, this page helps you compare current mortgage rates today and understand what’s driving rate movement.
Use the live rate table below to compare lender offers, then scroll for a clear breakdown of what influences mortgage rates, what affects the rate you qualify for, and how rate changes translate into real monthly payment differences.
Compare Live Mortgage Rates From Lenders
Rates are updated regularly and may vary based on loan type, location, credit score, down payment, and fees. Click a lender in the table to view details and explore available options.
Tip: When comparing offers, look at both the interest rate and APR. APR includes certain fees and can make loans easier to compare.
Today’s Current Mortgage Rates Snapshot
“Average” rates are useful for context, but your actual rate depends on your credit profile and loan details. The live table above reflects lender offers and can help you compare different loan types in one place.
- 30-year fixed: The most common choice for payment flexibility.
- 15-year fixed: Often lower rates, faster equity, higher payment.
- FHA: Lower down payments, mortgage insurance required.
- VA: For eligible service members/veterans, often competitive pricing.
- Jumbo: Above conforming limits, stricter underwriting in many cases.
- Refinance: Pricing can vary depending on equity and lender adjustments.
Interest Rate vs APR: What You’re Actually Comparing
When you’re shopping current mortgage rates, it’s easy to compare only the headline rate. But the APR can be just as important because it accounts for certain lender fees and prepaid finance charges.
- Interest rate: Drives your monthly principal-and-interest (P&I) payment.
- APR: Helps you compare total borrowing cost when fees differ.
If two offers have similar rates but very different APRs, the one with the lower APR may have fewer fees (or fewer discount points).
Why Mortgage Rates Change
Mortgage rates are influenced by broader economic conditions and investor demand, not just individual lender decisions. Rates may change even when the headline news feels quiet.
1) 10-year Treasury yield
Mortgage rates often move in the same direction as long-term bond yields. When yields rise, mortgage rates tend to rise; when yields fall, mortgage rates often drift down.
2) Inflation reports
Inflation expectations matter because lenders and investors demand higher returns when inflation is elevated. That can push mortgage rates higher.
3) Federal Reserve policy signals
The Fed doesn’t set mortgage rates directly, but it influences broader borrowing costs and market expectations, which can affect mortgage pricing.
4) Mortgage-backed securities (MBS) demand
Mortgages are packaged and sold to investors as mortgage-backed securities. Strong investor demand can help keep rates lower; weaker demand can push rates higher.
What Determines the Mortgage Rate You’re Offered?
The rate you qualify for depends on both market conditions and your personal borrower profile. Two people shopping on the same day can receive very different offers.
- Credit score: Higher scores often receive better pricing tiers.
- Down payment / LTV: More equity generally lowers lender risk.
- Debt-to-income (DTI): Lower DTI can improve eligibility and pricing.
- Loan type: Conventional, FHA, VA, Jumbo, and USDA price differently.
- Property type: Primary residence vs second home vs investment property.
- Points and fees: Paying discount points can reduce the rate, but raises upfront cost.
Want to see how different rates affect your monthly payment? Try our mortgage payment calculator to compare scenarios quickly.
30-Year vs 15-Year Mortgage Rates Today
A 30-year loan often has a lower monthly payment, while a 15-year loan typically offers a lower rate and can significantly reduce total interest. The tradeoff is payment size versus total cost.
30-Year Fixed
- Lower payment for the same loan amount
- More flexibility in monthly budget
- Higher total interest over time
15-Year Fixed
- Often lower rate than 30-year fixed
- Much less total interest paid
- Higher monthly payment
If you want a direct comparison for your numbers, use our 15-year vs 30-year comparison.
Current Refinance Rates
Refinancing can help you lower your rate, reduce your payment, shorten your term, or access equity (cash-out refinance). Whether it’s worth it depends on your current rate, your closing costs, and how long you plan to keep the loan.
- Rate-and-term refinance: Adjust rate and/or term without taking cash out.
- Cash-out refinance: Borrow more than you owe and take the difference as cash.
- Break-even math: Compare monthly savings to closing costs.
You can estimate savings using our refinance calculator.
FHA, VA, and Jumbo Mortgage Rates
Different loan programs have different pricing rules. Comparing by loan type helps you understand what’s realistic for your situation.
FHA mortgage rates
FHA loans can be a fit for borrowers with smaller down payments, but they require mortgage insurance premiums that affect total monthly cost.
VA mortgage rates
VA loans are available to eligible borrowers and often offer competitive rates. They also typically avoid monthly PMI, which can improve affordability.
Jumbo mortgage rates
Jumbo loans exceed conforming limits and may require stronger credit, more assets, or a lower debt-to-income ratio depending on the lender.
We’re building dedicated rate pages for each loan type (FHA, VA, jumbo, and refinance) so you can compare offers more precisely based on your intent.
Should You Lock Your Mortgage Rate?
A rate lock can protect you from market increases between application and closing. If you’re under contract and the payment works for your budget, locking can reduce uncertainty.
- Ask how long the lock lasts and whether extensions cost extra.
- Ask if the lender offers a float-down option if rates drop.
- Confirm what happens if your closing date changes.
Current Mortgage Rates FAQs
What is a good mortgage rate right now?
A “good” rate is one that’s competitive for your credit score, down payment, loan type, and points/fees. The simplest way to judge is to compare multiple offers on the same day for the same term and look at both the interest rate and APR.
Why did mortgage rates increase recently?
Rates often rise when bond yields increase, inflation expectations rise, or investors demand higher returns. Economic data like inflation and jobs reports can move markets quickly.
How much does a 1% rate change affect my payment?
It depends on your loan amount and term, but it’s usually significant, especially on a 30-year mortgage. Compare scenarios using your real numbers in our calculator to see the difference.
Should I lock my mortgage rate?
Many borrowers lock once they’re under contract and comfortable with the payment. Ask lenders about lock length, extension rules, and whether float-down options exist.
What’s the difference between APR and interest rate?
The interest rate drives your monthly P&I payment. APR includes the rate plus certain fees and prepaid finance charges, helping you compare offers with different fee structures.
See How Today’s Mortgage Rates Affect Your Payment
Use our mortgage payment calculator to compare scenarios, estimate monthly costs, and understand how rate changes affect total interest over time.
Calculate Your Mortgage Payment