Skip to Main Content
How We Get Paid

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.”


Check rates. Then personalize them.

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.

Checking rates won’t affect your credit score

Compare current mortgage rates from our lenders

We arrange but do not make loans


Easy to start, easy to finish


Fill out a quick form

It takes about 3 minutes to tell us a little bit about you and your dream home.


Choose a prequalified rate

Compare transparent, prequalified mortgage rates from top lenders.


Finish up with the lender

Verify your information with the lender to close your loan.

Checking rates won’t affect your credit score

How we’re different

A modern approach to mortgages

  • Rates personalized for you

    No bias, no bait-and-switch. We show you transparent, prequalified rates so you can make an informed decision.

  • Security and privacy first

    We think you should be able to check rates without sharing your data or getting spammed. Crazy, we know.

  • All the help you need

    Fill out a simple form, choose a rate, then complete your mortgage online with the lender you choose.

Let’s get started

Checking rates won’t affect your credit score


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.

ProductInterest rateAPR

Last updated on Jul 17, 2024. These rates are based on the assumptions shown here. Actual rates may vary.


Calculate your monthly mortgage payment

Total finance charges may be higher over the life of the loan • We arrange loans with third party providers.

Financial education

Need more info about getting a mortgage?

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 more

How 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 more

Tips 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 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.

5 min read

Learn more

Mortgage FAQs

Still have questions?
We’re here to help!

Michael Schmidt - NMLS ID 717293

Mon - Thurs

9am - 9pm ET
9am - 7pm ET
10am - 6pm ET

By Amy Fontinelle

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.

Edited by Reina Marszalek

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.

Reviewed by Mike Schmidt

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.
Getting pre-approved for a mortgage can give you an estimate of what mortgage rate you might qualify for.

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.

Get your personalized mortgage quote today

Checking rates won’t affect your credit score