We want this to be a “win-win” situation. So, we only want to get paid if we bring you value in the form of finding a mortgage lender that works for you. After you review and select a lender participating on our platform, with your permission, we will transmit the information you shared with us to your lender, enabling you to complete a mortgage application with them. Upon transmission, your selected lender will compensate us for obtaining your information. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. You don’t pay anything to Credible if your loan does not close. This is common practice in mortgage transactions where you find your lender through a lender-review platform like ours, also known as a “lead generator.”
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Easy to start, easy to finish
1
Fill out a quick form
It takes about 3 minutes to tell us a little bit about you and your dream home.
2
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3
Finish up with the lender
Verify your information with the lender to close your loan.
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WEEKLY TRENDS AND INSIGHTS
National home loan 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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A modern approach to home loans
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We think you should be able to check rates without sharing your data or getting spammed. Crazy, we know.
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Fill out a simple form, choose a rate, then complete your mortgage online with the lender you choose.
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NMLS ID 1681276
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Home loan 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 11, 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 11, 2024. These rates are based on the assumptions shown here. Actual rates may vary. | ||||||
Financial education
Need more info about getting a home loan?
Getting pre-approved for a mortgage
Getting preapproved for a mortgage is a great first step in the homebuying process. Here’s what you need to know about qualifying for a pre-approval and the benefits of getting one.
7 min read
Learn moreHow to buy a house - a step by step guide
There are a lot more steps in the homebuying process than you might think. Review our checklist of steps to buying a house so you don’t forget anything along the way.
6 min read
Learn moreTips for first-time home buyers
From not saving enough for a down payment to skipping pre-approval, don’t fall victim to these first-time homebuyer mistakes. Here’s how you can avoid them.
6 min read
Learn moreHow to qualify for the best mortgage rate
You really have to do your research if you want to get the best mortgage rate. Here’s how to find the best rate for your situation.
5 min read
Learn more
The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.
Home Loan FAQs
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Michael Schmidt - NMLS ID 717293
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Daria Uhlig has more than a decade of experience writing and editing for personal finance, specializing in real estate and mortgage content. Her bylines have appeared on The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.
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.
- Gather the documents you’ll need for your application. It’s a good idea to have digital copies of the following:
- Most recent two years’ tax returns
- Your two or three most recent pay stubs
- Two or three most recent bank statements and statements from investment accounts
- A list of your current debts and how much you owe
- Research loans and lenders, and request rate quotes from several that advertise competitive rates.
- Select the best two or three quotes so you can compare rates, discount points, and other loan features.
- Go to the websites of the lenders you’re interested in and fill out their pre-approval applications. Alternatively, you can call the lenders and have a loan officer take your application. Follow the lenders’ instructions for submitting your documents.
- Conventional loan: 620
- Jumbo loan: 660
- VA loan: No minimum imposed by VA; lenders typically require 620 or higher
- FHA loan: 500 with 10% down; otherwise, 580
- USDA loan: No minimum imposed by USDA; 550 to 640 typically required by lenders
- Conventional mortgage: A conventional mortgage is not backed by a government entity. Conventional loans are the most common type of mortgage.
- A conforming conventional mortgage is one that meets Fannie Mae and Freddie Mac requirements for loans they purchase from lenders. The requirements include lending limits and minimum borrower qualifications. The conforming loan limit for 2023 is $726,200 for a single-unit home throughout most of the U.S.
- A non-conforming conventional mortgage does not conform to Fannie Mae and Freddie Mac standards. Jumbo loans are an example. True to their name, jumbo loans exceed the conforming loan limit.
- VA mortgage: VA loans are guaranteed by the U.S. Department of Veterans Affairs. They allow eligible veterans, active-duty military, and their families to purchase a home with no money down.
- FHA mortgage: FHA loans are insured by the Federal Housing Administration. These loans are easier to qualify for than conventional loans. They allow borrowers to purchase with as little as 3.5% down, which makes them a popular choice among first-time homebuyers.
- USDA mortgage: USDA loans are guaranteed by the U.S. Department of Agriculture. Low- and moderate-income borrowers can finance 100% of a home purchase with a USDA loan, provided the home is located in an area designated “rural” by the USDA.
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