Today’s Mortgage Rates
Rates aren’t one size fits all. The best way to get your current mortgage rate is to let us estimate it based on your unique details.
Mortgage Rates
30-Year Fixed
Rate
APR
6.125% / 6.345%
Points
1.875 ($5,156.25)
What are APR and points?
20-Year Fixed
Rate
APR
5.99% / 6.23%
Points
2 ($5,500.00)
What are APR and points?
30-Year FHA
Rate
APR
6.375% / 7.289%
Points
2.125 ($5,843.75)
What are APR and points?
30-Year Jumbo Fixed
Rate
APR
6.245% / 6.439%
Points
2 ($19,000.00)
What are APR and points?
20-Year Jumbo Fixed
Rate
APR
5.875% / 6.439%
Points
2.125 ($5,843.75)
What are APR and points?
We help make home more affordable.
Learn about loans we offer with down payments as low as 1%.
Rates are current as of 8:12 PM UTC on October 25, 2024
Explore the connection between rate and monthly payment.
- Home Affordability Calculator
Estimate your budget for a home, and the loan amount, monthly payment and interest rate you could prequalify for.
- Mortgage Calculator
Try different loan amounts, down payments, and interest rates to see how it changes monthly mortgage payments.
What’s your personalized mortgage rate?
Home loan interest rates are calculated using details unique to everyone. They include your loan amount, how much debt you have compared to your income and your credit profile.
Our experts use this info to find the best rate for you – and the best way to reach your home buying goals.
Don’t wait on rates.
You could be missing out if you’re basing your next step on rates alone.
Know the difference.
A .25% rate change roughly equals a $30 difference in your monthly payment.
Your rate is unique.
Your loan amount, your credit profile, your financial picture = your rate.
Your rate is temporary.
You’re never stuck with a rate forever. Take your goals off hold, discover what’s possible.
Join our clients who give us 5 stars for rates and service.
Mortgage Interest Rate Frequently Asked Questions
Don’t see your question here? We love helping people understand how rates work and what yours could be. Just talk to us.
What’s a mortgage rate?
A mortgage interest rate is the percentage you pay to borrow money for a home loan.
Interest rate is part of the annual percentage rate, or APR. If you subtract interest rate from APR, the difference represents fees and expenses charged for getting a mortgage, spread over the life of the loan.
How do mortgage rates work?
The best way to understand how mortgage rates work is to see them in action. A good way to do that is to use a calculator. We have two that show you what mortgage interest rates mean for you as a home buyer.
If you want to know how mortgage rates work when it comes to your monthly payment, try our mortgage calculator. Change the interest rate and see how it changes your monthly payment amount.
If you want to explore how your mortgage rate works after you own a home, use our amortization calculator. It shows how much of your mortgage payment goes to your loan balance – the amount you borrowed – and how much goes to interest over time.
What factors determine mortgage rates?
Mortgage rates are determined by multiple factors that fall into two categories:
Economic: Factors like the stock market, the Federal Reserve, inflation and the housing market all affect mortgage rates.
Personal: Your credit profile, how much debt you have compared to your income, and how much you’re borrowing are all examples of details about you that determine your mortgage rate.
To learn more, read How Are Mortgage Rates Determined?
How do I get the best mortgage rate?
The more likely it is you can make your mortgage payments, typically the better interest rate you’ll get.
What helps determine that? Here are some of the things we look at.
- Your credit profile, because it shows how you manage debt and pay your bills.
- The size of your down payment, because it affects how much you need to borrow – and pay back.
- How much debt you have compared to your income, because you need enough in your budget to afford your home.
While all these things are important, it’s also important to remember we’ll work to get you the best rate we can while helping you reach your home buying goals.
What's a mortgage rate lock, and should I do it?
A mortgage rate lock keeps your interest rate from changing for a period of time. Rate locks usually last between 15 and 60 days.
You might want to lock your rate if you expect rates to go up before you close on your loan. On the other hand, if you think rates will go down, a rate lock might not benefit.
Our Home Loan Experts can explain when locking your rate is a smart move. You can also learn more by reading Mortgage Rate Lock: A Guide To Protect You From Rate Fluctuations.
What’s the difference between interest rate and APR?
Interest rate is the percentage you pay to borrow money for a home loan.
There are also fees and expenses charged for getting a mortgage. Most people add these to their loan and pay for them over time with their mortgage payment.
Those two things together equal APR, or annual percentage rate. The math looks like this:
6.75% APR – 6.5% interest rate = .25% for fees and expenses spread over the length of the loan.
What are mortgage points?
A mortgage point – sometimes called a discount point – is a one-time fee you pay to lower the interest rate on your home purchase or refinance. Here are the key things to know:
- One discount point costs 1% of your total home loan amount.
- You can generally expect each point to lower your interest rate by 0.25%.
- Each quarter of a percentage point can lower your monthly payment by about $30.
- And of course a lower rate means you’ll pay less interest.
Our Home Loan Experts can help you understand if paying points is right for you.
How often do mortgage rates change?
Mortgage rates can change daily, sometimes more than once a day. If you’re watching rates, it’s helpful to know 0.25% (a quarter of a percentage point), roughly equals a $30 change in your monthly payment.
