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.”
TODAY’S MORTGAGE RATES
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Last updated on Oct 03, 2023. These rates are based on the assumptions shown here. Actual rates may vary.
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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 |
|---|---|---|
Last updated on Oct 03, 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.
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.
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.
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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Total finance charges may be higher over the life of the loan • We arrange loans with third party providers.
Financial education
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 - 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.
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.
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.
Learn more
Mortgage FAQs
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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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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.
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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