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Today’s mortgage rates
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Displayed rates are available through Credible Operations, Inc., NMLS #1681276
Last updated on Jun 07, 2023. These rates are based on the assumptions shown here. Actual rates may vary.
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Today’s mortgage rates
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 Jun 07, 2023 and assumes a customer with a 740 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. 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, 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 neighboring state shown below: IP state without license - Assumed location New York - New Jersey 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 APRs displayed above incorporate 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. Displayed rates are available through Credible Operations, Inc., NMLS #1681276 Last updated on Jun 07, 2023. These rates are based on the assumptions shown here. Actual rates may vary. | ||
Mortgage Rate Types Offered on Credible
Type of loan
Conventional loans
A conventional mortgage isn’t insured by government programs; it’s underwritten by Fannie Mae and Freddie Mac. This also means a higher down payment is expected up front.
Jumbo loans
A loan that exceeds Fannie Mae and Freddie Mac’s conforming loan limit is called a non-conforming or “jumbo mortgage.” Jumbo loans have higher loan amounts than conventional loans.
FHA loans
This loan is insured by the Federal Housing Administration (FHA) and has less-strict underwriting requirements than most other mortgages — like a lower down payment and lower credit score.
VA loans
The Department of Veterans Affairs (VA) backs these loans which are for veterans, service members, and some military spouses. Some VA borrowers qualify for a 0% down payment.
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What you need to know when buying a home
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.
Learn moreHow to buy a house
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.
Learn moreFirst time home buyer tips
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.
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.
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Frequently asked questions about mortgage rates
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As a Credible authority on mortgages, Chris Jennings covers topics including home loans and mortgage refinancing. His work has appeared in Fox Business and GOBankingRates.
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Finding the best mortgage rates comes down to comparing rates from multiple lenders. Most homebuyers apply online to only one lender. But seeking out four additional quotes could save you an average of $3,000 on a $250,000 home loan.
Tips for finding the best mortgage rates:
Get rates from multiple lenders: Compare mortgage rates with multiple lenders first to find one that works for your situation.
Pay close attention to costs and fees: Fees and other costs (like your closing cost) typically equal 2% to 6% of your mortgage. Make sure you understand the total cost before committing to a mortgage.
Comparing mortgage rates could help secure a lower interest rate. Paying less interest in your monthly payments could save you thousands over the life of a mortgage loan.
Learn More: How to Get the Best Mortgage Interest Rates
These are the different mortgage loan types available:
Conventional mortgages: A conventional mortgage isn’t insured by government programs; it’s underwritten by Fannie Mae or Freddie Mac. Typically, you need a 20% down payment on a conventional loan, but you might be able to have a lower down payment if you have private mortgage insurance (PMI). PMI is cancellable once you have 20% home equity, though.
Jumbo mortgages: Jumbo loans exceed Fannie Mae and Freddie Mac’s conforming loan limit and are called a non-conforming or “jumbo mortgage.”
FHA mortgages, VA mortgages, and USDA loans: These loans are easier to obtain because they’re insured by one of three government agencies that provide special underwriting guidelines: The Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA).
No matter which mortgage type you choose, you can also decide if you want an adjustable-rate or fixed-rate mortgage:
Adjustable-rate mortgages (ARMs): Your interest rate (the initial ARM rate) and monthly payment can adjust periodically (usually once every year) after an introductory period of three, five, seven, or 10 years.
Fixed-rate mortgages: Mortgage loans with fixed rates offer the certainty that your monthly mortgage payment will stay the same. Common fixed rate options you can get are: 5-year fixed rate, 10-year fixed rate, 15-year fixed rate, 20-year fixed rate, 25-year fixed rate, or a 30-year fixed rate mortgage.
Learn About: The Different Types of Mortgage Loans
When purchasing a new home, getting pre-approved is the first step toward home ownership. Pre-approval helps you determine the maximum home price you can qualify for and is often the first thing your real estate agent will ask you to do.
Learn More: How to Get a Mortgage Preapproval
The total loan amount you can borrow for a home mortgage depends on a number of factors, including: the type of mortgage you’re taking out (and the down payment you’re making), your income, credit score, DTI, and loan terms.
The right mortgage lender could be a direct or online mortgage lender, mortgage broker, or traditional bank or credit union. It all depends on who is offering the specific type of loan and loan features you're looking for, with the lowest combination of rates and fees.
Always compare rates and fees first and check out lender reviews and ratings so you can make an informed choice when it comes to your mortgage lender.
Learn More: How to Find the Best Mortgage Lender
The best time to take out a mortgage is when you’re in a good financial position to become a homeowner. This can mean different things for different people, but typically you’ll already have a down payment saved before you take one out. Another sign you’re ready to buy a home is when you’re committed to putting down roots in one spot (and not planning to move in the near future).
Just because a mortgage has lower rates doesn’t mean that you should rush to close a deal either. And if rates are higher than they used to be, that shouldn’t discourage you from buying a home if you can afford it.
Learn More: How to Know When It's Time to Buy a House
The annual percentage rate (APR) is a measure of the cost of credit, expressed as a yearly rate. In short, it shows the entire cost of credit, including interest rate, and the fees you will pay to obtain the loan, which are defined by law. The APR is a useful tool to see the cost of credit over the life of the loan and compare different loan options.
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