Compare Mortgage Rates

Shopping your mortgage with multiple lenders is one of the highest-return hours you will ever spend. The Consumer Financial Protection Bureau estimates homebuyers can save $600 to $1,200 per year just by collecting loan estimates from more than one lender, and a 2024 LendingTree analysis pegged the lifetime savings at around $76,000 for borrowers who compared offers before committing. This page is built to help you do exactly that — check today’s rates, compare loan programs side by side, and understand how to evaluate the offers you receive before you lock.

Use the rate table below to see live mortgage rates from a range of national lenders. You can filter by loan amount, credit score band, and loan type. Once you have a feel for where rates are, keep scrolling — the sections that follow explain how to read a rate quote, when refinancing makes sense, and the specific questions to ask each lender before you choose one.

We recommend checking with at least 3 different lenders

Key Takeaways

• The 30-year fixed-rate mortgage averaged 6.30% in Freddie Mac’s most recent PMMS survey, and the 15-year fixed averaged 5.65%.
• Applying with at least three lenders can save you $600 to $1,200 per year, according to the CFPB — credit bureaus treat all mortgage inquiries within a 45-day window as a single pull.
• Your APR matters more than your interest rate when comparing offers, because APR bakes in points, lender fees, and mortgage insurance.
• Rate differences of even 0.25% on a $400,000 loan translate to roughly $60 per month and $22,000 over the life of a 30-year mortgage.
• Lenders specialize: some are better for self-employed borrowers, some for fast closings, some for low down payment programs. The “best” lender depends on your situation.
• Refinancing typically pays off if you can cut your rate by 0.75% or more and plan to stay in the home long enough to recover closing costs.

Table of Contents

• Today’s Mortgage Rates at a Glance
• How Mortgage Rates Are Set (And Why Yours May Be Different)
• Compare Loan Types: Which One Fits You?
• How to Shop Rates the Right Way
• How to Read a Rate Quote and Loan Estimate
• Interest Rate vs. APR: What Actually Costs You More
• Refinancing: When Comparing Rates Pays Off
• How Lenders Specialize (And Why It Matters)
• Questions to Ask Every Lender Before You Lock
• Our Experience Shopping Rates Across Four Homes
• Frequently Asked Questions

Today’s Mortgage Rates at a Glance

National average mortgage rates give you a useful baseline, but the rate you are actually offered depends heavily on your credit score, down payment, loan amount, property type, and location. Here is where national averages sat in the most recent Freddie Mac Primary Mortgage Market Survey:

• 30-year fixed: 6.30%
• 15-year fixed: 5.65%
• One year ago (30-year fixed): 6.83%

The Freddie Mac survey tracks conventional, conforming loans for borrowers with strong credit and 20% down. If your profile is different — lower down payment, FHA or VA financing, a jumbo loan, an investment property — expect your quoted rate to move up or down from the headline number. For current weekly averages, we maintain a dedicated page at Mortgage Rates This Week.

How Mortgage Rates Are Set (And Why Yours May Be Different)

Mortgage rates move in response to a handful of macroeconomic forces, but the rate you personally get is shaped by a much shorter list of personal factors. Understanding both helps you know when to shop and what you can control.

Market Forces

• 10-year Treasury yield: 30-year fixed mortgage rates tend to track the 10-year Treasury with a spread. When bond yields rise, mortgage rates usually follow.
• Federal Reserve policy: The Fed does not set mortgage rates directly, but its decisions on the federal funds rate shape the broader interest rate environment that mortgages inhabit.
• Inflation expectations: Lenders price in expected inflation over the life of your loan. Higher expected inflation means higher rates today.
• Mortgage-backed securities demand: Most mortgages are bundled and sold to investors. When investor demand is strong, rates drop.

Personal Factors

• Credit score: Borrowers with FICO scores above 760 generally see the lowest rates. Dropping into the 680–699 band can cost you a quarter to half a percentage point on a conventional loan.
• Loan-to-value ratio (LTV): Larger down payments typically earn better rates. Putting 20% down also eliminates private mortgage insurance (PMI).
• Debt-to-income ratio (DTI): Most lenders want your total monthly debts, including your new mortgage payment, below 43% of your gross monthly income.
• Property type: Rates on single-family primary residences are the lowest. Expect pricing adjustments for condos, multi-unit properties, second homes, and investment properties.
• Loan amount: Conforming loans (under the annual FHFA conforming loan limit) generally price better than jumbo loans.
• Points: Paying discount points upfront buys down your rate. One point equals 1% of your loan amount.

Compare Loan Types: Which One Fits You?

Before you compare rates, you need to know which loan program you are comparing. Each has trade-offs on down payment, credit requirements, insurance costs, and flexibility.

30-Year Fixed-Rate Mortgage

The default choice for most buyers. Your rate and principal-and-interest payment are locked for 30 years. Payments are lower than shorter terms, but you pay more total interest over time. Best for buyers who want predictability and a manageable monthly payment.

15-Year Fixed-Rate Mortgage

Typically priced 0.5% to 0.75% below the 30-year rate. Monthly payments run roughly 40% higher, but you build equity much faster and pay dramatically less total interest. Best for buyers with room in their budget who want to be mortgage-free sooner.

Adjustable-Rate Mortgage (ARM)

Usually structured as 5/6, 7/6, or 10/6 ARMs — meaning the rate is fixed for the first 5, 7, or 10 years, then adjusts every six months based on an index. Initial rates are often lower than fixed-rate loans. Best for buyers who know they will move or refinance before the initial fixed period ends.

FHA Loan

Backed by the Federal Housing Administration. Allows down payments as low as 3.5% with a FICO score of 580 or higher. Mortgage insurance is required for the life of most FHA loans. Best for buyers with lower credit scores or small down payments. Our full FHA loan guide covers requirements in detail.

VA Loan

Available to eligible active-duty service members, veterans, and surviving spouses. Allows 0% down, no monthly mortgage insurance, and typically offers below-market rates. One of the best loan programs available if you qualify.

USDA Loan

For buyers in eligible rural and suburban areas who meet income limits. Allows 0% down. See our USDA loan guide for eligibility maps and income caps.

Jumbo Loan

Any loan amount above the conforming loan limit set annually by the FHFA. Typically requires stronger credit (740+), larger down payments (often 10–20%), and larger cash reserves. Rates are often competitive with or slightly higher than conforming loans, depending on the market.

How to Shop Rates the Right Way

The CFPB’s research is blunt: nearly half of borrowers do not comparison-shop, and roughly three out of four only apply with one lender. Both groups leave real money on the table. Here is how to shop efficiently.

Step 1: Get Your Credit in Order First

Pull your credit reports from AnnualCreditReport.com and dispute any errors before you apply. Even a 20-point bump can move you into a better rate tier.

Step 2: Decide on Loan Type and Term

You cannot compare a 30-year fixed against a 5/6 ARM and call it an apples-to-apples comparison. Pick the loan type and term you want before you request quotes, so every offer you receive is directly comparable.

Step 3: Request Loan Estimates From at Least Three Lenders

The CFPB specifically recommends getting quotes from a minimum of three lenders. Cast a wide net: a big national bank, a credit union, an online lender, and a local mortgage broker can all produce dramatically different offers. All mortgage-related credit inquiries within a 45-day window count as a single inquiry for credit scoring purposes, so there is no scoring penalty for shopping aggressively.

Step 4: Compare Loan Estimates Side by Side

Federal law requires every lender to give you a standardized Loan Estimate form, which makes apples-to-apples comparison possible. Compare the interest rate, APR, points, lender fees, and total estimated monthly payment across all three forms.

Step 5: Negotiate

Once you have three Loan Estimates in hand, go back to your preferred lender and ask them to match or beat the best offer. Lenders expect this. Many will sharpen their pencils on rate, fees, or both to win your business.

How to Read a Rate Quote and Loan Estimate

Every lender is required to send you a three-page Loan Estimate within three business days of receiving a complete application. Focus on these line items:

• Loan Terms (Page 1): Loan amount, interest rate, monthly principal and interest, prepayment penalty (should be “No”), and balloon payment (should also be “No”).
• Projected Payments: Shows your full monthly payment including estimated taxes, insurance, and mortgage insurance if applicable.
• Closing Costs: Broken into Loan Costs (origination, services you can shop for, services you cannot shop for) and Other Costs (taxes, prepaids, escrow).
• Cash to Close: The total you will need at the closing table.
• Comparisons (Page 3): Shows how much you will have paid in principal, interest, and costs in five years, plus the APR and Total Interest Percentage (TIP).

If any line item looks dramatically different from another lender’s quote, ask why. Some items — origination fees, discount points, title services — are negotiable or shoppable. Others, like recording fees and transfer taxes, are not.

Interest Rate vs. APR: What Actually Costs You More

Your interest rate is the cost you pay each year to borrow the principal, expressed as a percentage. Your APR (annual percentage rate) is the interest rate plus most of your loan costs — origination fees, discount points, mortgage insurance — also expressed as a percentage.

APR is the better apples-to-apples comparison. A lender advertising a 6.125% rate with 2 points and $3,000 in fees might have a higher APR than a lender offering 6.25% with no points and minimal fees. The 6.25% loan is actually cheaper.

One caveat: APR assumes you hold the loan for its full term. If you plan to sell or refinance in five or seven years, a lower-rate loan with upfront points may not pay off, because you never recoup the points you paid. Run the math against your likely holding period before you commit to buying down the rate.

Refinancing: When Comparing Rates Pays Off

Refinancing replaces your existing mortgage with a new one, typically to lower your rate, shorten your term, switch from an ARM to a fixed-rate loan, or pull cash out of your equity. The same rate-shopping discipline applies — maybe more so, because you already have a baseline to beat.

When a Rate-and-Term Refinance Makes Sense

• You can cut your interest rate by at least 0.75 percentage points.
• You plan to stay in the home long enough to recover closing costs through monthly savings (typically 2–4 years).
• You want to shorten your term from a 30-year to a 15-year to pay off the loan faster.
• You want to eliminate PMI because your home has appreciated and you now have 20% equity.

Cash-Out Refinance

Replaces your current mortgage with a larger loan and gives you the difference in cash. Useful for consolidating higher-rate debt, funding home improvements, or covering major expenses. Keep in mind that you are converting unsecured debt (or no debt) into debt secured by your home. Read our comparison of HELOC vs. home equity loan vs. cash-out refinance before deciding.

Streamline Refinances

FHA, VA, and USDA loans all offer streamline refinance programs with reduced documentation and no appraisal required in many cases. If you have a government-backed loan, these are often the fastest and cheapest way to drop your rate.

For a deeper walk-through of the math, see When It Makes Sense to Refinance.

How Lenders Specialize (And Why It Matters)

The lowest advertised rate is not always the best deal for your situation. Different lenders are structured around different kinds of borrowers.

• Big national banks often have competitive rates for W-2 borrowers with straightforward finances. They may offer relationship discounts if you already bank with them.
• Credit unions frequently beat bank rates for members, especially on refinances. Many hold loans in their own portfolio rather than selling them, which can mean more flexibility.
• Online lenders have built streamlined digital workflows that can mean faster closings and lower fees. Rates are typically competitive.
• Mortgage brokers shop multiple wholesale lenders on your behalf. Good ones add real value for self-employed borrowers, non-traditional income, and tricky property types.
• Non-QM and portfolio lenders specialize in borrowers who do not fit conventional guidelines — business owners, investors with many properties, foreign nationals, or anyone with recent credit events.

A lender that charges a quarter-percent more but closes two weeks faster may be the right choice if you are in a competitive offer situation. A lender that takes self-employed borrowers seriously may approve you when three others would not. Price matters, but so does fit.

Questions to Ask Every Lender Before You Lock

Use this list when you are on a call or emailing back and forth with a loan officer. Consistent questions make side-by-side comparison possible.

• What is your current interest rate and APR for my loan scenario?
• How many discount points are built into that rate, and what does the rate look like with zero points?
• What is your origination fee, and is it negotiable?
• What third-party fees (appraisal, title, recording) should I expect?
• How long is your current rate lock, and what does it cost to extend?
• What is your average closing time from application to funding?
• Will my loan be sold after closing, and to whom do payments go?
• Do you offer float-down protection if rates drop after I lock?
• What happens to my rate if the appraisal comes in low or my DTI changes?
• Do you offer any lender credits for closing cost assistance?

Our Experience Shopping Rates Across Four Homes

My wife and I have bought four houses. On the first two, we made the same mistake most buyers make — we walked into our bank, took the rate they offered, and signed. On the last two, we forced ourselves to collect three Loan Estimates before committing to anyone.

The difference was not subtle. On our most recent purchase, the gap between the highest and lowest rates we were quoted was 0.375 percentage points. On a $450,000 loan, that works out to roughly $105 per month, or $37,800 over the life of the loan. The shopping process took about four hours of phone calls and back-and-forth emails spread across a week.

Two things surprised us both times we shopped aggressively. First, the lender we assumed would be cheapest — a regional credit union with a strong reputation — was actually the most expensive on our last purchase. Second, the lender we ended up choosing sharpened their offer only after we told them we had a lower written quote from a competitor. They matched it within two hours.

If you are uncomfortable pushing back on loan officers, remember: they expect it, they are paid when they close loans, and the worst thing that happens if you ask is that they say no. You are never worse off for having asked.

Frequently Asked Questions