Who Has the Lowest Mortgage Rates? | Best Rates 2023

By: Maggie Overholt Updated By: Ryan Tronier Reviewed By: Paul Centopani
July 21, 2023 - 16 min read

Who has the best mortgage rates?

To find the best mortgage rates, we analyzed all 30-year loans from the biggest lenders in 2022 (the most recent data available).1,2 The companies with the lowest mortgage rates on average are shown below.

Just remember, rates are different for each borrower. So you’ll have to compare a few different lenders to find your best deal. Your best mortgage rate may or may not come from one of the companies listed here.

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Note: Mortgage rates cited in this article are from 2022 and do not reflect the rate you will be offered today. Interest rates are shown for general comparison purposes only. 

LenderThe Mortgage Reports Score1
Navy Federal Credit Union
NMLS #399807
NMLS #330511
Home Point Financial
NMLS #7706
American Financing Corporation
NMLS #182334
NMLS #1168
NMLS #446303
NMLS #412915
Bank of America
NMLS #399802

Banks with the best mortgage rates

To find the best mortgage rates, we compared average 30-year fixed rates from the 30 biggest residential mortgage lenders in 2022 (the most recent data available).

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The ten lenders with the best mortgage rates on average are:

  1. Better
  2. Bank of America
  3. Citibank
  4. Amerisave
  5. DHI Mortgage Company
  6. PNC Bank
  7. Home Point Financial
  8. Navy Federal Credit Union*
  9. American Financing Corporation
  10. JPMorgan Chase Bank

*These lenders specialize in military lending and may not help every borrower.

Remember that rates vary from one borrower to the next and your lowest rate may or may not come from a lender on this list. Borrowers should compare offers from at least three to five lenders to find their own best mortgage rate.

The best mortgage rates of 2022, ranked

The following banks and mortgage lenders have the best mortgage rates on average, based on nationwide data filed by lenders under the Home Mortgage Disclosure Act. These averages are from 2022, the most recent data available at the time of writing.

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Rates have risen in 2023, and the average rates you see here do not represent mortgage interest rates on offer today. However, historical mortgage rates can be a useful guide to help you find the banks with the lowest mortgage rates on average. The lists below are a great starting point if you’re shopping for a new home loan.

Lenders with the best mortgage rates:

  1. Better, 3.89%
  2. Bank of America, 4.20%
  3. Citibank, 4.23%
  4. Amerisave, 4.33%
  5. DHI Mortgage Company, 4.34%
  6. PNC Bank, 4.35%
  7. Home Point Financial, 4.35%
  8. Navy Federal Credit Union*, 4.38%
  9. American Financing Corporation, 4.44%
  10. JPMorgan Chase Bank, 4.44%
  11. Freedom Mortgage, 4.48%
  12. loanDepot, 4.51%
  13. Wells Fargo, 4.52%
  14. Citizens Bank, 4.55%
  15. Pennymac, 4.55%
  16. Nationstar, 4.63%
  17. Truist, 4.66%
  18. Rocket, 4.69%
  19. Network Capital Funding Corporation, 4.73%
  20. Caliber Home Loans, 4.75%
  21. Guaranteed Rate, 4.76%
  22. Lennar Mortgage, 4.77%
  23. NewRez, 4.78%
  24. Lakeview Loan Servicing, 4.81%
  25. Cardinal Financial, 4.82%

Source: 2022 Home Mortgage Disclosure Act data via CFPB. Lowest 30 year mortgage rates of the 50 biggest loan providers in 2022. Historical average rates for comparison purposes only, your own interest rate will be different. *These lenders specialize in select loan types and may not help every borrower.

Note that the average rates above are for all 30-year loans generated by each lender in 2022. If you’re looking specifically for refinance rates, see:

Best mortgage rates by loan type

Mortgage rates vary a lot by lender. But they also depend on your loan type. And some lenders are more competitive for one type of mortgage than another.

For instance, some lenders focused on VA mortgages might not be as competitive for conventional loans, and vice-versa.

The lists below show the best mortgage rates for the four main types of home loans: conventional, FHA, VA, and USDA. Again, use these lists as a starting point but note that the rates shown are averages from 2022 and do not reflect current mortgage rates.

Best conventional mortgage rates

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  1. Better: 3.89%
  2. Bank of America: 4.20%
  3. Citibank: 4:23%
  4. Amerisave: 4.31%
  5. PNC Bank: 4.33%
  6. DHA Mortgage Company: 4.41%
  7. Home Point Financial: 4.42%
  8. JP Morgan Chase: 4.43%
  9. American Financing Corporation: 4.46%
  10. loanDepot: 4.49%

Source: 2022 Home Mortgage Disclosure Act data via CFPB. Lowest 30 year conventional mortgage rates of the 50 biggest loan providers in 2022 with more than 1,000 conventional purchase loans issued. Historical average rates for comparison purposes only, your own interest rate will be different.

Best FHA mortgage rates

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  1. Better: 4.19%
  2. Home Point Financial: 4.25%
  3. DHA Mortgage Company: 4.32%
  4. Citizens Bank: 4.37%
  5. Bank of America: 4.40%
  6. Amerisave: 4.41%
  7. Rocket: 4.50%
  8. Nationstar: 4.54%
  9. American Financing Corporation: 4.57%
  10. Freedom Mortgage: 4.62%

Source: 2022 Home Mortgage Disclosure Act data via CFPB. Lowest 30 year FHA mortgage rates of the 50 biggest loan providers in 2022 with more than 1,000 FHA purchase loans issued. Historical average rates for comparison purposes only, your own interest rate will be different.

Best VA mortgage rates

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  1. Navy Federal Credit Union*: 3.94%
  2. Home Point Financial: 4.04%
  3. Rocket: 4.06%
  4. loanDepot: 4.12%
  5. Wells Fargo: 4.15%
  6. DHA Mortgage Company: 4.15%
  7. Amerisave: 4.18%
  8. Citizens Bank: 4.23%
  9. Pennymac: 4.24%
  10. Freedom Mortgage: 4.24%

Source: 2022 Home Mortgage Disclosure Act data via CFPB. Lowest 30 year VA mortgage rates of the 50 biggest loan providers in 2022 with more than 1,000 VA purchase loans issued. Historical average rates for comparison purposes only, your own interest rate will be different. *These lenders specialize in select loan types and may not help every borrower.

Best USDA mortgage rates

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  1. Home Point Financial, 4.19%
  2. Freedom Mortgage, 4.21%
  3. Flagstar Bank, 4.28%
  4. Caliber Home Loans, 4.46%
  5. U.S. Bank, 4.54%
  6. AmeriHome Mortgage Company, 4.61%
  7. Pennymac, 4.67%
  8. NewRez, 4.68%
  9. CMG Mortgage, 4.71%
  10. United Shore Financial Services, 4.80%

Source: 2022 Home Mortgage Disclosure Act data via CFPB. Lowest 30 year USDA mortgage rates of the 50 biggest loan providers in 2022 with more than 1,000 USDA purchase loans issued. Historical average rates for comparison purposes only, your own interest rate will be different.

Current mortgage rates

Not only can mortgage rates change on a daily basis, they often adjust multiple times per day. If you’re in the market for a home loan, you’ll want to keep an eye on daily mortgage rate movements.

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Knowing when rates are rising or falling can help you decide when to lock a rate, especially if you’re refinancing. And it can give you some idea of how competitive your own rates are compared to the overall market.

To give you a basis for comparison, here are today’s best mortgage rates according to our lender network.*

Loan TypeToday's Best Mortgage Rate*
Conventional 30-Year Fixed% (% APR)
Conventional 15-Year Fixed% (% APR)
FHA 30-Year Fixed% (% APR)
FHA 15-Year Fixed% (% APR)
VA 30-Year Fixed% (% APR)
VA 15-Year Fixed% (% APR)

*Rates shown here are based on a daily survey of The Mortgage Reports’ lender network. Your own rate will be different. See our full mortgage rate assumption here.

What’s more important: Low mortgage rates or low closing costs?

It’s just as important to compare upfront loan costs as it is to compare mortgage rates.

Your interest rate might seem much more important because it’s with you for the life of the loan and it helps determine your monthly mortgage payment. But upfront fees can make a big difference, especially if you’ll only be in the house a few years.

Remember that most people who get a 30-year mortgage don’t keep their loan the full 30 years. In fact, homeowners keep 30-year loans for just seven years on average. And when you’re only paying interest over a short period, those upfront fees start to carry more weight compared to your interest rate.

Lenders might emphasize either low closing costs or low rates to make an offer look more attractive, while raising the other number.

In addition, lenders will sometimes emphasize one number or the other to make an offer look more attractive than it is.

For instance, lenders might advertise low- or no-fee mortgages, saying they’ll cover the upfront costs for you. But these loans typically have a higher interest rate. Other lenders might emphasize ultra-low interest rates, but charge higher origination fees or discount points to make up for it.

So when you’re shopping for a mortgage, read your rate quotes thoroughly. Look at rates, upfront fees, and your total estimated closing costs to make sure you’re getting the best deal overall.

How to shop for the lowest mortgage rates

It’s easy to compare mortgage rates and fees if you know what you’re doing. There are five basic steps:

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  1. Work on your credit rating and home-buying budget to get the best possible offer. Experiment with a mortgage calculator to see how down payment and interest rate affect the amount of home you can afford. It can be a useful warm-up exercise before you begin requesting quotes
  2. Figure out which type of mortgage loan you need. For example, are you in the market for a single-family home or a multi-unit property? Do you have a modest down payment, or are you rolling over sizable home equity from your current home into a new one?
  3. Find lenders offering the type of loan you’re looking for. First-time home buyers may be better suited for an FHA loan, while borrowers with a strong FICO score and a hefty down payment will probably qualify for a conventional mortgage. If you’re in a rural or suburban area, a USDA loan might be right for you
  4. Use advertised rates, recommendations, customer reviews, and expert reviews to select your best mortgage lenders. Today’s mortgage rates are important but so is understanding the wider context. Gaining this holistic perspective is instrumental in aligning your choice with your financial goals and effectively steering through the home buying process
  5. Request Loan Estimates (“quotes”) from those lenders and compare the rates and fees in each offer. Comparing the rates, fees, and other factors such as the loan to value ratio, potential down payment amount, and even the impact of a basis point or percentage point change in interest payments can significantly affect the overall cost of borrowing money for your primary residence. This will help you to better strategize your mortgage application and preapproval process

That last step — comparing Loan Estimates — is key to finding the best mortgage rate and most affordable mortgage overall.

Each lender you get preapproved with will give you a Loan Estimate. These documents are in a standard format that’s easy to compare side by side. Look at interest rates, annual percentage rate (APR), upfront costs, discount points, and lender fees to determine which loan offer is the most affordable for you.

For more information, see our complete guide to shopping for a mortgage.

Factors that determine your mortgage rate

When it comes to the factors influencing your mortgage rate, it’s a bit of a balancing act between what’s happening in the wider economy and your individual financial circumstances. Here’s the lowdown:

  • Economic factors: The wider economy plays a significant role in determining your mortgage rate. Larger economic trends like the federal funds rate, which serves as a benchmark for many other interest rates, including today’s mortgage rates, have an impact on your mortgage rate. Additionally, trends in the housing and real estate markets can sway your rate
  • Personal finances: Your personal financial situation is another big influencer. Your credit score, down payment amount, and loan-to-value ratio all factor in. In most cases, the higher your credit score and the larger your deposit, the better the rate you’ll be offered.
  • Loan specifics: The type of loan you opt for will also affect your rate. Whether it’s a fixed-rate loan, a jumbo loan, or another type of mortgage, each has its own rate implications.
  • Discount points: Buying mortgage points can bring down your rate, but it will also increase your upfront costs.

By understanding these aspects, you’re better equipped to match your mortgage rate with your financial goals, making the home buying process more navigable and cost-effective.

Tips to get the lowest mortgage rate

If you want the lowest mortgage rate available, you have to shop around. That’s the number one rule. But there are other strategies you can use to get lower offers from the lenders you talk to.

  • Try for a last-minute credit boost. See what you can do to improve your credit before buying or refinancing. Your credit score makes a big difference in your mortgage rate, and improving it just a few points could lead to real savings
  • Consider discount points. If you can afford it, you can pay more upfront for a better mortgage rate over the life of the loan. This could be smart if you plan to keep your home a long time. A discount point costs 1% of the loan amount and typically lowers your rate by 0.25%
  • Negotiate your rate. Negotiating with a lender might sound intimidating, but trust us when we say it can be done. Mortgage lenders have flexibility with the rates they offer, and they want your business. A lower interest rate from a different company might be the only leverage you need to negotiate a better offer with the lender you want
  • Negotiate your closing costs. Some closing costs are non-negotiable, like the third-party appraisal and credit reporting fees. But the fees your lender charges can sometimes be negotiated to save you money on the front end
  • Know when to lock your rate. Mortgage rates move up and down every day. If you want to get the lowest possible rate, keep an eye on daily rate movements and be ready for a rate lock when they fall

Getting mortgage quotes might not be the most enjoyable way to spend a day. But a few hours of effort could save you thousands on your new home or mortgage refinance.

One study found that people who compare just three lenders save $300 per year on average. And if you’re a savvy shopper, you might save a lot more.

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How to refinance your current mortgage

The decision to refinance your current mortgage—essentially swapping out your existing mortgage for a new one with more favorable rates or terms—calls for a careful appraisal of both your personal finances and broader market conditions.

Before you start, it’s worth scrutinizing your finances, comparing them against the backdrop of the housing market and the federal funds rate set by the Fed, as well as today’s mortgage rates. Be sure to factor in changes to things like property taxes or homeowners insurance.

Next up is sifting through different loan options. There’s a range of choices out there—from fixed rate loans and short-term loans to jumbo loans, all depending on your specific needs and loan limits. Once you’ve pinned down the best option for you, the next move is to apply for preapproval. This involves sharing information about your current income, debts, and the value of your primary home.

The lender will respond with a loan estimate, which gives you an idea of your potential new interest payments and the overall payment amount. It’s crucial to remember that refinancing usually comes with additional costs, including application fees and potentially mortgage points. So, ensure these are factored into your calculations. If done properly, the process of refinancing could result in considerable savings over the course of the loan, whether you choose a longer or shorter term.

Best mortgage rates FAQ

What is the best mortgage rate available right now? 

Looking at the data for 2023, we can see that conventional loan rates, while rising from 6.40% in the first quarter to 6.72% later on, can still offer borrowers historically low interest rates. However, it’s worth noting that, despite also experiencing an increase, VA Loan rates remained the lowest across the board, making them potentially the most affordable option for those who qualify.

What bank has the best mortgage rates?

We compared 30-year mortgage rates from the 30 biggest lenders in 2022 (the most recent data available). In our study, Better had the lowest mortgage rates overall while Navy Federal Credit Union had the best mortgage rates for a VA loan. Keep in mind that rates vary a lot from one person to the next and you need to compare lenders to find your best rate. The cheapest lender on average won’t necessarily be your best bet.

What type of loan has the lowest mortgage rates? 

Typically, government-backed loans tend to offer some of the lowest mortgage rates. This includes loans from the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). An FHA loan is insured by the federal government, allowing lenders to offer lower rates. VA loans, reserved for veterans and their families, also generally have lower rates. However, keep in mind that some types of mortgages often require paying for mortgage insurance, which could increase your overall home buying cost. Your personal financial situation, the current state of the housing market, and Federal Reserve policy can also impact the rates available to you.

Do adjustable-rate mortgages have better rates? 

Adjustable-rate mortgages (ARMs) typically advertise lower rates than fixed-rate mortgages (FRMs). However, the intro rate on an ARM is only fixed for a few years; typically five, seven, or 10. After that, your rate could adjust once per year and may increase. This would lead to higher monthly payments, too.

Do 15-year mortgages have lower rates?

Yes. All other things being equal, the shorter your loan term is, the lower your interest rate will be. So a 15-year fixed-rate mortgage should have a lower rate than a 30-year fixed-rate mortgage. However, monthly mortgage payments will be significantly higher.

What affects my mortgage rate? 

Your mortgage rate depends on the overall interest rate market when you buy as well as your own financial situation. Some of the biggest factors that impact your mortgage rate are your credit score, loan type, down payment, and debt-to-income ratio (DTI).

What is the lowest 30-year mortgage rate ever?

The lowest 30-year mortgage rate ever recorded was in August 2020, during the height of the COVID-19 pandemic. The Federal Reserve’s aggressive policies to stimulate the economy resulted in historical lows, with Freddie Mac reporting a rate as low as 2.88 percent for a 30-year fixed-rate mortgage. It’s worth noting that mortgage rates can fluctuate based on macroeconomic conditions, and even a small change in the rate can have a significant impact on the total amount you pay for your home over time.

Are interest rates going down? 

Mortgage rates in 2023 have experienced substantial fluctuations. In the first half of the year, the average 30-year fixed rate reached a low of 6.09 percent and later rose to 6.79 percent, as per data from Freddie Mac. In the second half of the year, this upward trend continued, and the rate saw a further increase from 6.81 percent to 6.96 percent, hitting the highest level since late 2022. This marked the third week in a row that interest rates have risen.

Should I lock a mortgage rate in 2023?

In a rising-rate environment, it’s always good to lock your rate as soon as possible. It’s very hard to time the market for the lowest possible rate. And when rates look set to rise rather than fall, it makes sense to lock rather than wait for rates to dip from day to day.

What are today’s mortgage rates?

Mortgage rates have risen from the record lows seen in 2020 and 2021. That means it’s more important than ever to shop around for your best deal.

Comparing lenders and negotiating for a better mortgage rate can save you thousands of dollars — even tens of thousands — in the long run. So it’s well worth the effort.

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1Top 50 mortgage lenders for 2023 based on 2022 Home Mortgage Disclosure Act (HMDA) data sourced directly from the HMDA data browser

2Rate and fee data were sourced from self-reported loan data that all mortgage lenders are required to file each year under the Home Mortgage Disclosure Act. Averages include all 30-year loans reported by each lender for the previous year. Your own rate and loan costs will vary.

Maggie Overholt
Authored By: Maggie Overholt
The Mortgage Reports contributor
Maggie Overholt is a former Editor at The Mortgage Reports, where she helps make complex topics more approachable. She has also written for publications specializing in insurance and personal finance.
Ryan Tronier
Updated By: Ryan Tronier
The Mortgage Reports Editor
Ryan Tronier is a personal finance writer and editor. His work has been published on NBC, ABC, USATODAY, Yahoo Finance, MSN Money, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals.
Paul Centopani
Reviewed By: Paul Centopani
The Mortgage Reports Editor
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.