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CURRENT MORTGAGE RATES
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Your mortgage rate depends on your credit score and other details. So once you check today’s rates, get a personalized quote just for you.
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HOW IT WORKS
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Fill out a quick form
It takes about 3 minutes to tell us a little bit about you and your dream home.
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WEEKLY TRENDS AND INSIGHTS
National mortgage interest rate trends
On the week of December 9, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
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Mortgage rates by loan term
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
| Product | Interest rate | APR | ||||
|---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Dec 13, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Dec 13, 2024. These rates are based on the assumptions shown here. Actual rates may vary. | ||||||
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Amy Fontinelle has been a personal finance writer since 2006. Her work has been published by Forbes Advisor, Capital One, MassMutual, Prudential, Reader’s Digest, The Motley Fool, Investopedia, International Business Times, Business Insider, Bankrate, and other outlets.
Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.
Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.
Your mortgage rate will depend on several personal and economic factors.
Personal Factors
- Credit score: Lenders look at your credit score to see how likely you are to make your loan payments on time. Borrowers with excellent credit may be eligible for a lender’s best mortgage rates.
- Loan-to-value ratio: A larger down payment on a purchase or a higher amount of home equity on a refinance can help you get a lower mortgage rate.
- Mortgage type: Mortgage rates can vary among conventional, jumbo, FHA, VA, and other home loan types.
- Mortgage length: A 15-year mortgage typically has a lower interest rate than a 30-year mortgage. Your term length will impact both your interest rate and monthly payments, since a shorter term usually has higher monthly payments and a longer term has lower monthly payments. Overall, a shorter term is typically still more affordable because you’re borrowing for less time and the interest rate is usually significantly lower, too.
- Property type: Interest rates tend to be lowest on mortgages for primary residences. Mortgage rates tend to be higher for second homes and investment properties.
- Property location: The home’s location can also influence your mortgage rate.
Economic Factors
- Federal Reserve decisions: While the Federal Reserve does not set mortgage rates, it does influence them.
- Market sentiment: When there’s a recession or even fear of a recession, interest rates tend to fall as demand for home loans falls.
- Inflation: Mortgage interest rates tend to be higher when inflation is higher because mortgage investors want to earn returns that outpace inflation.
You can get the best mortgage rate by making yourself a low-risk borrower and submitting applications with multiple lenders. Here are a few tips:
- Don’t miss payments: If you have credit cards, student loans, auto loans, or other debts, make sure you’re never more than 30 days late. Late payments can knock you down into a lower credit score tier.
- Pay down debt: Reducing the total debt you owe can help in two ways. First, lowering your credit utilization ratio can boost your credit score. Second, it can lower your debt-to-income ratio (DTI).
- Choose a shorter term: The interest rate is often at least 0.5 percentage points lower on a 15-year mortgage than a 30-year mortgage.
- Increase your down payment: Investing more of your own money upfront makes you less likely to walk away from your home and your mortgage.
- Shop around: You won’t know if you’re getting the lowest rate unless you submit applications and get loan estimates from multiple lenders.
- Negotiate: You may be able to use competing loan estimates to secure a better deal.
Interest rates tend to change daily, and sometimes rates even change during the day. You can compare current mortgage rates from our partner lenders here. You will get an idea of the interest rate, APR, closing costs, and monthly payment, but you should bear in mind that these numbers will change depending on your credit score and other financial details.
Daily changes can usually be measured in hundredths of a percentage point. For example, average rates might be 7.12% on Tuesday and 7.06% on Wednesday. However, sudden and unexpected major events like a public health crisis or bank failure can make rates more volatile.
While experts initially predicted rates were going to drop in 2024, it’s now likely that rates will not decline significantly until later this year or early 2025. At the Federal Reserve meeting earlier this month, officials stated that it could take longer than previously expected for inflation to cool, which will delay the reduction of interest rates (currently at a 23-year high).
Between the high interest rates, low inventory, and high home prices – which CoreLogic reported rose 5.5% over the past year – prospective homebuyers are experiencing several financial obstacles that could make it nearly impossible for their housing dreams to become a reality. Additionally, many current homeowners are choosing to hold off on selling their properties because of high interest rates and home prices, a phenomenon dubbed “lock-in effect,” according to a Fannie Mae study.
Paying discount points allows you to lower your mortgage rate by prepaying interest as a lump sum of cash at closing.
For example, you might be able to get an interest rate of 5.875% by paying 3.035 discount points, which would cost $10,623 on a $350,000 loan. On the same loan, your interest rate might be 6.375% if you paid 1.158 discount points, which would cost $4,053.
"With a 15-year mortgage, the monthly payment would be $2,930 on the first loan and $3,025 on the second, a difference of $95."
The interest rate is the percentage of your loan balance you pay annually to borrow money. For example, if your interest rate is 7% and your loan balance is $100,000, you’ll pay $7,000 in interest for one year.
The APR, or annual percentage rate, combines the interest rate and all the other costs associated with the loan. For a mortgage with closing costs, the APR will be higher than the interest rate. Adding to the example above, if your closing costs are $5,000, your APR will be 7.537%.
A fixed-rate mortgage has the same interest rate for the entire loan term. On a 30-year mortgage with a fixed rate of 6%, your interest rate will be 6% for all 30 years.
An adjustable-rate mortgage (ARM) has a fixed interest rate at the beginning of the loan term. After that, the rate adjusts periodically.
For example, a 5/1 ARM would have the same interest rate every year for the first five years. After that, the rate would adjust once per year for the remaining 25 years of the 30-year term. An ARM’s changes are subject to a floor and a ceiling as well as caps on annual increases.
Fixed-rate mortgages, which tend to be more popular than ARMs, provide predictability and peace of mind. For the average person buying a house, it’s easier to budget for a monthly payment that never changes.
An ARM may be more attractive if you’re taking out a jumbo loan. The initial interest rate on an ARM is often lower than the rate on a 30-year fixed-rate mortgage. Interest rate differences have a bigger impact on your monthly payment the larger your loan is.
On a $1 million 30-year home loan with a $200,000 down payment, the monthly payment would be $6,181 if the interest rate was 7.25%. If an ARM offered a 6.75% interest rate, you could lower your monthly payment to $5,912, a savings of $269 per month or $16,140 over five years.
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