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 personal finance option that works for you. Not by selling your data. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. 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. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.
How it works
Checking rates won’t affect credit score
With Credible, it only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter and personalized rates, without affecting your credit score.
Compare lenders and choose rate:
Homebuyers can compare current mortgage rates and loan features from multiple lenders to choose your home loan. Our team of licensed mortgage loan officers is available to answer any questions.
Submit your documents:
Credible's automated document collection process takes the stress out of applying for a mortgage. You’ll find it’s easy to track your loan all the way through closing.
Finish your loan with us:
With Credible, you can complete the whole mortgage process online. We have a team of dedicated mortgage experts ready to help you if you need it.
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.
Last updated on Jan 22, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
Type of loan
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.
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.
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.
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.
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 more
How 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 more
First 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 more
How 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.Learn more
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.
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.
To get pre-approved, you can request a Streamlined Pre-Approval Letter through Credible. You’ll be able to sign into your dashboard and generate a new pre-approval letter to present to your real estate agent in seconds. You can even make changes to your down payment, home price, and property zip code to easily create a new Streamlined Pre-Approval Letter for any scenario.
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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