Compare Today’s Mortgage Rates

Here are the average annual percentage rates (APR) today on 30-year and 15-year conventional mortgages and 30-year jumbo mortgages, according to the Mortgage Research Center:

What Are Today’s Average Mortgage Rates

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.8%.
• Last week. 6.74%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.77%.
• Last week. 5.71%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 7.2%.
• Last week. 7.08%.

Weekly Average Mortgage Rate Trends

The Freddie Mac Primary Mortgage Market Survey (PMMS) reflects rates for first-lien, conventional, conforming purchase mortgages with a loan-to-value (LTV) ratio greater than 75 and less than or equal to 80 and a credit score of at least 740 based on applications from lenders across the country submitted to Freddie Mac when a borrower applies for a mortgage.

ASK AN EXPERT

What should consumers do when mortgage rates go down?

Christy Bunce

Advisory Board Member

Phil Crescenzo

Advisory Board Member

Caroline Basile

Mortgages and Student Loans Deputy Editor

 

When homeowners see that mortgage rates are decreasing, they should call a trusted loan officer to see if a refinance makes sense for them financially. There are so many variables that are in play when a consumer is contemplating a refinance. For instance, there are a lot of consumers out there today who have amassed a decent amount of revolving debt, so even a very small mortgage rate decrease could help them save a lot of money doing a cash-out refinance and consolidating their debt.

If a consumer is just looking to do a rate-and-term refinance and does not have the need to consolidate debt, a good rule of thumb to consider is if the rate is going down at least 0.25% to 0.50%, they should strongly consider a refinance, assuming the points and fees for that type of rate drop are not exorbitant.

Christy Bunce

Advisory Board Member

 

When mortgage interest rates decrease, the first step a consumer should take is to determine how this change may affect their current home-buying experience. Since information is readily available on mobile devices, notifications, online ads, TV, etc. this can cause added anxiety around the process or even a fear of missing an opportunity. An alert over a rate reduction or rate drop for a minimal rate decrease may not be worth changing course or switching an institution (in some cases).

Get the facts and details before making any quick decisions.

Phil Crescenzo

Advisory Board Member

 

If rates drop and you decide to buy a home, there’s another way to get an even lower interest rate: buying discount points. Mortgage discount points are prepaid interest and can help home buyers reduce their rate by paying up front. Each point typically lowers an interest rate by 0.25 percentage points. For example, purchasing one point would lower a mortgage rate of 6% to 5.75%. The cost of a point is usually 1% of the total mortgage amount.

Caroline Basile

Mortgages and Student Loans Deputy Editor

Insights From Economists: Detailed Predictions for Interest Rates

• Bright MLS chief economist Lisa Sturtevant. “With inflation reversing course and the labor market still strong, I’m expecting mortgage rates will come down much more slowly than anticipated. We’re likely to see mortgage rates in the high 6% range well into the spring.”
• William Raveis Mortgage regional vice president Melissa Cohn. “Mortgage rates look to be rangebound in the next couple of months as inflation remains sticky and the impact of President Trump’s policies is still unclear.”
• First American deputy chief economist Odeta Kushi. “With the Federal Reserve on hold and inflation proving sticky, longer-term rates, including mortgage rates, are expected to remain elevated within a narrow range. If inflation eases and the Fed begins cutting rates, mortgage rates could steadily retreat.”
• Zillow Home Loans senior economist Kara Ng. “I expect mortgage rates to decline slightly by the end of the year, though likely not enough to provide significant relief for borrowers, and the path down may be bumpy. The future of mortgage rates remains uncertain, as it will depend on new information and how the markets interpret it.”

Forbes Advisor's Insight on Current Mortgage Rates and the Housing Market

Rates will likely continue a slow downward trend through 2025. It’s unclear, and a little too early to tell, how the Trump administration’s policies will affect interest rates and the broader economy. The Fed is taking a wait-and-see approach, so we may see a rise in mortgage rates if tariffs impact inflation. Potential homebuyers will be in a tight spot for the foreseeable future, though, as home prices will remain elevated this year and new construction continues to lag behind.

Some buyers may need to move further away from higher-priced cities into more affordable metros to cut costs and buy a home sooner rather than later. For others, this could mean downsizing, foregoing amenities or important contingencies like a home inspection. However, be careful about giving up contingencies because it could cost more in the long run if the house has major problems that weren’t fixed upon inspection.

Buyers should also consider how long they’re staying in a home before buying. People buying their “forever home” have less to fear if the market reverses, as they can ride the wave of ups and downs. However, buyers planning to move in a few years will have more risk to consider if the market plummets. That’s why it’s crucial to shop at the outset for a real estate agent and lender who are experienced housing experts in your market of interest and who you trust to give sound advice. It’s also essential to compare rates and terms among the best mortgage lenders to find a deal that fits your unique situation.

How To Compare Current Mortgage Rates

Comparison shopping often leads to finding the lowest rates when planning to purchase a new home or refinance an existing loan. Here's how to compare current mortgage rates and find the best fit for your financial situation:

1. 1. Compare rates and different lender offerings online. Be sure to look at the APR, not just the interest rate. The APR reflects the total cost of your loan on an annual basis and any discount points being charged. Pay attention to the fine print on the websites to see how those rates are determined. 
2. 2. Evaluate online vs. physical lenders. Applying for a mortgage on your own is straightforward, and most lenders offer online applications. Online lenders may also offer lower rates and fewer fees than some brick-and-mortar lenders, so consider this when comparing current mortgage rates.
3. 3. Consider working with a mortgage broker. Mortgage brokers have access to a wide range of loan products and can help you shop for rates based on your qualifications. Working with a broker doesn’t guarantee savings, but it’s a great way to evaluate your options. 
4. 4. Apply for a mortgage through various lenders. Regardless of whether you work with a mortgage broker, shopping for a mortgage can help you secure the most competitive rate. Applying for multiple mortgages in a short period of time won’t affect your credit score as each application is counted as one query within a 45-day window.

How Today's Interest Rates Affect Your Monthly Payments

If you know how much you’re borrowing, what type of loan you’re getting and how many years you have to pay it back, you can use a mortgage calculator to check your monthly payment at different interest rates.

For instance, if you have a starting loan balance of $425,000 on a 30-year fixed-rate mortgage, here’s approximately what you can expect to pay in principal and interest every month, excluding taxes, mortgage insurance, homeowners insurance and HOA fees:

• At a 5% interest rate. $2,281 in monthly payments (excluding taxes, mortgage insurance, homeowners insurance and HOA fees)
• At a 6% interest rate. $2,548 in monthly payments (excluding taxes, mortgage insurance, homeowners insurance and HOA fees)
• At a 7% interest rate. $2,828 in monthly payments (excluding taxes, mortgage insurance, homeowners insurance and HOA fees)
• At an 8% interest rate. $3,119 in monthly payments (excluding taxes, mortgage insurance, homeowners insurance and HOA fees)

How To Get the Best Mortgage Rate Today

Though lenders decide your mortgage rate, there are some proactive steps you can take to ensure the best rate possible. For example, advanced preparation and meeting with multiple lenders can go a long way. Even lowering your rate by a few basis points can save you money in the long run.

Here are some other ways you can improve your chances of getting the best deal:

• Take stock of your financial situation. Before you fall in love with your dream home, make sure you can afford the monthly payments and other homeownership costs. Start by looking at your debt-to-income (DTI) ratio—your total monthly debts against your monthly earnings—to determine how much home you can afford.
• Review your credit score. Lenders look at your credit score to evaluate the risk you pose as a borrower. A higher score gives you a better chance of scoring favorable mortgage terms. Paying down balances, not applying for new credit cards and loans and checking your credit report for errors can all improve your score.
• Meet with several lenders. You don’t have to go with the first lender quote you receive. You can shop around to find the best loan to fit your needs. Research various mortgage lenders and different loans you might qualify for to put yourself in a stronger position once you are ready to buy a home.
• Crunch the numbers with a mortgage calculator. Once you know which type of loan you qualify for, you can estimate your monthly payments by punching your numbers into various mortgage calculators, such as a 30-year fixed mortgage calculator or mortgage amortization calculator.
• Save money. The more you put down on a home, the less you’ll need to borrow from a lender. This means lower monthly payments and more interest savings over the life of the loan.

What Affects Current Mortgage Rates?

• Federal Reserve monetary policy. The Federal Reserve’s monetary policy indirectly influences mortgage rates. When the central bank raises the federal funds target rate, it has a knock-on effect by raising short-term interest rates. In turn, interest rates for home loans tend to increase as lenders pass on the higher borrowing costs to consumers.
• Lenders. A lender with physical locations and a lot of overhead may charge higher interest rates to cover operating costs and make a profit. On the other hand, online lenders tend to offer lower mortgage rates because they have less fixed costs to cover.
• Credit score. Your credit profile also impacts the mortgage rate you’re offered. Borrowers with a strong credit history and good score (at least 670) usually receive a lower interest rate. High-risk borrowers with a poor credit score, on the other hand, typically receive higher interest rates.