Who Has The Lowest Mortgage Rates? | Best Rates 2025

Who has the best mortgage rates in 2025?

To help you find the lowest interest rates on a 30-year fixed home loan, we looked at average rates from major lenders using the most recent data available. The numbers come from the Home Mortgage Disclosure Act^1,2, which is one of the most reliable sources out there.

Below, you’ll see which lenders have the lowest mortgage rates in 2025. Keep in mind that your actual rate will depend on things like your credit score, down payment, loan amount, and a few other personal details.

The best way to find your lowest rate is to compare offers from a few different lenders, including the ones on this list.

In this article (Skip to…)

• Best mortgage rates
• Today’s mortgage rates
• Conventional loan rates
• FHA loan rates
• VA loan rates
• USDA loan rates
• Comparing lenders
• FAQ

Disclaimer: While the mortgage rates provided by our lender network are current, please be aware that some of the rates mentioned in this article are derived from 2024 data and are used for general comparison only. They may not reflect the actual mortgage interest rates available to you today.

The best mortgage rates of 2025: lender rankings

While average interest rates in 2025 have slightly decreased, current mortgage rates are still higher than the lows seen in recent years. That means the rates below may not reflect the offers available today, but they’re still useful for spotting lenders that consistently offer the lowest mortgage rates.

The following banks and lenders had some of the best mortgage rates on average last year, based on nationwide data reported under the Home Mortgage Disclosure Act.

If you’re shopping for a new home loan or planning to refinance, this list is a smart starting point.

Lenders with the lowest mortgage rates:

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

Source: 2024 Home Mortgage Disclosure Act data. Lowest 30-year mortgage rates of the 50 biggest loan providers in 2024. Historical average rates are for comparison purposes only; your own interest rate will be different.

Note that the average rates above are for all 30-year loans generated by each lender in 2024. If you’re looking specifically for refinance rates, see: 

• The best refinance rates
• The best cash-out refinance rates

Today's 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 the lowest mortgage rates today and daily mortgage rate movements.

Knowing when mortgage rates change can help you decide when to lock in a rate, especially if you’re refinancing. And it can give you some idea of how competitive your own mortgage interest rates are compared to who has the lowest mortgage rates in the market.

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

*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.

Lowest mortgage rates by loan type

Current mortgage rates vary widely by lender and type of mortgage. The lender offering the lowest mortgage rates for one category—like VA loans—may not be as competitive for others, such as conventional loans.

Below are the best mortgage rates in 2025 for conventional, FHA, VA, and USDA loans. The listed average interest rates are from last year, which is the most recent data available. So use them as a benchmark. To find today’s lowest mortgage rates, explore personalized offers from our trusted lender network—just click the links below to compare.

Best conventional mortgage rates

Source: 2024 Home Mortgage Disclosure Act data . Lowest 30-year conventional mortgage rates of the 50 biggest loan providers in 2024 with more than 1,000 conventional purchase loans issued. Historical average rates are for comparison purposes only; your own interest rate will be different.

Best FHA mortgage rates

Source: 2024 Home Mortgage Disclosure Act data. Lowest 30-year FHA mortgage rates of the 50 biggest loan providers in 2024 with more than 1,000 FHA purchase loans issued. Historical average rates are for comparison purposes only; your own interest rate will be different.

Best VA mortgage rates 

Source: 2024 Home Mortgage Disclosure Act data. Lowest 30-year VA mortgage rates of the 50 biggest loan providers in 2024 with more than 1,000 VA purchase loans issued. Historical average rates are for comparison purposes only; your own interest rate will be different.

Best USDA mortgage rates 

Source: 2024 Home Mortgage Disclosure Act data. Lowest 30-year USDA mortgage rates of the 50 biggest loan providers in 2024 with more than 400 USDA purchase loans issued. Historical average rates are for comparison purposes only; your own interest rate will be different.

How to compare mortgage lenders

Whether you're a homebuyer looking to purchase a new property or a homeowner considering refinancing your existing mortgage, comparing lenders is essential for securing the best mortgage rates. This will save you money on your monthly mortgage payment and over the life of the loan. 

To find the lowest mortgage rates, you'll need to do your research and compare offers from multiple mortgage lenders. This guide will help you navigate the process of finding lenders with the lowest mortgage rates, whether you're a first-time homebuyer or a seasoned homeowner exploring refinance options.

Researching lenders and their loan terms

Start by researching various mortgage lenders, including banks, credit unions, and online lenders. Use advertised rates, recommendations, customer reviews, and expert lender reviews to find the best mortgage interest rate for your financial situation.

Look for lenders with the lowest mortgage rates and the type of mortgage loan that fits your needs, such as fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, conforming loans, or jumbo loans. 

Consider factors like the lender's reputation, customer service, and fees when making your decision. If you're refinancing, also inquire about streamlined refinance programs or cash-out refinance options, depending on your goals and your home’s equity. Securing the lowest mortgage rates can make a significant difference in your long-term savings.

Using online mortgage interest rate comparison tools

Take advantage of online interest rate comparison tools and mortgage calculators to quickly compare the lowest mortgage rates today from multiple lenders. 

These tools allow you to input your loan details, such as the loan amount, down payment, credit score, and property type, to generate personalized mortgage rate quotes for the cheapest home loan rates. Keep in mind that these quotes are estimates and may not reflect the actual rates you'll be offered after applying. When refinancing, be sure to input your current loan details and the desired loan term to get accurate refinance rates from lenders with the lowest mortgage rates.

Considering annual percentage rate (APR)

When comparing mortgage offers, look beyond the interest rate and consider the annual percentage rate (APR). The APR includes the interest rate and other costs associated with the mortgage, such as origination fees and mortgage insurance. 

Comparing APRs can help you determine the true cost of the loan and identify which lender offers the best mortgage rate. This applies to both new home purchases and refinancing, as the APR will give you a more comprehensive view of the loan's cost from lenders with the lowest mortgage rates.

Evaluating fees and closing costs

In addition to the mortgage interest rate, pay attention to the fees and closing costs associated with each mortgage offer. These costs can include mortgage application fees, discount points, appraisal fees, title insurance, and more. 

Some lenders with the lowest mortgage rates may offer lower mortgage rates but charge higher fees, so it's essential to evaluate the total cost of the loan. Request a Loan Estimate from each lender to compare the fees and closing costs side-by-side. 

When refinancing, also consider the break-even point, which is the time it takes for the savings from a lower interest rate to outweigh the closing costs associated with refinancing.

By researching who has the lowest mortgage rates, using mortgage calculators, and evaluating fees and closing costs, you can find the best mortgage rates for your home loan or refinance. Remember to shop around and negotiate with loan officers to secure the lowest mortgage rates and terms for your mortgage loan. For more information, see our complete guide to shopping for a mortgage. 

Factors affecting your personal mortgage rate

When searching for the best mortgage rates today, it's essential to understand the various factors that influence the interest rate you'll be offered. These factors are specific to your financial situation and the type of property you're purchasing. Here are the key factors that affect your personal mortgage rate:

Credit score

Your credit score is one of the most significant factors in determining your mortgage interest rate. A higher credit score demonstrates to lenders that you're a responsible borrower, which can lead to lower interest rates. Aim for a credit score of 740 or higher to qualify for the best mortgage rates.

Debt-to-income ratio

Your debt-to-income ratio (DTI) compares your monthly debt payments to your gross monthly income. Lenders use this ratio to assess your ability to manage monthly mortgage payments. A lower DTI can help you secure a better mortgage interest rate, as it indicates that you have more disposable income to handle your mortgage payments. This can lead to qualifying for the lowest mortgage rates and securing the cheapest home loan rates available.

Down payment size

The size of your down payment can also impact your mortgage rate. Generally, a larger down payment results in a lower interest rate because it reduces the lender's risk. Aim for a down payment of at least 20% to avoid private mortgage insurance (PMI) and potentially secure the lowest mortgage rate.

Loan term

The loan term, or the period of time it will take to pay off your mortgage, also affects your interest rate. Shorter loan terms, such as 15-year fixed-rate mortgages, typically have lower interest rates compared to longer terms, like 30-year fixed-rate loans. However, shorter loan terms also mean higher monthly mortgage payments. Opting for a shorter loan term can help you secure the cheapest home loan rates and potentially save on the total interest paid over the life of the loan.

Type of property

The type of property you're purchasing can also influence your mortgage rate. For example, interest rates for primary residences are often lower than rates for investment properties or second homes. 

Additionally, condos and multi-unit properties may have slightly higher interest rates compared to single-family homes. This is because lenders perceive these types of real estate as higher risk investments, especially when home prices fluctuate. 

The monthly payment amount may also vary depending on the property type, as condos and townhouses often come with additional fees, such as homeowners association dues (HOA), which can impact your overall monthly expenses.

How to get the lowest mortgage rate

Now that you understand the factors affecting your personal mortgage rate, here are some steps you can take to secure the lowest mortgage interest rates today:

1. Improve your credit history

Work on improving your credit score before applying for a mortgage. Pay your bills on time, reduce your credit card balances, and avoid opening new credit accounts. A higher credit score can help you qualify for lower mortgage rates today. Improving your credit is also a smart personal finance move in general.

2. 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 for a long time. A discount point costs 1% of the loan amount and typically lowers your rate by 0.25%. Discount points can also help lower your loan-to-value ratio, potentially leading to the lowest home loan rates and better terms overall.

2. Save for a larger down payment

While it's true that you can qualify for a conventional loan with as little as 3% down, saving for a larger down payment can still help you secure better mortgage rates today. Aim to save as much as possible, even if you can't reach the 20% threshold that eliminates the need for private mortgage insurance (PMI).

If saving a large down payment is challenging, consider down payment assistance programs or government-backed loans like FHA, VA, or USDA loans, which have lower down payment requirements.

For existing homeowners looking to refinance, having greater home equity can also lead to lower interest rates. As you pay down your mortgage and your home appreciates, your equity increases, making you a more attractive borrower to lenders.

4. Shop around and compare lenders

Don't settle for the first mortgage offer you receive. Shop around and compare rates and terms from multiple mortgage lenders. Use online comparison tools and get quotes from banks, credit unions, and online lenders to find the best mortgage rates.

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 secure the lowest home loan rates and save a lot more. 

5. Consider different loan programs

Explore different loan types to find the best fit for your needs. In addition to conventional loans, consider government-backed options like FHA loans, VA loans, and USDA loans, which may offer more favorable interest rates and terms for qualified borrowers.

6. Get pre-approved

Getting pre-approved for a mortgage can help you identify any issues with your credit or financial situation before you start house hunting. Pre-approval also demonstrates to sellers that you're a serious buyer, which can be advantageous in competitive markets.

7. Lock in your rate

Once you've found the best mortgage rate, consider locking in your rate with your lender. A rate lock guarantees your interest rate for a specified period, typically 30 to 60 days, protecting you from potential rate increases during the homebuying process.

Understanding mortgage rates

A mortgage rate is the interest rate you pay on your home loan. It represents the cost of borrowing money from a lender to purchase or refinance a property. The mortgage rate directly impacts your monthly mortgage payment and the total amount of interest you'll pay over the life of the loan. Understanding how mortgage rates work and the factors that influence them is crucial when searching for the best mortgage rates.

Fixed-rate vs. adjustable-rate mortgages

When comparing mortgage rates, it's essential to understand the difference between fixed-rate and adjustable-rate mortgages (ARMs). A fixed-rate mortgage maintains the same interest rate throughout the loan term, typically 15 or 30 years. This means your monthly mortgage payment will stay consistent, making budgeting easier, and helping you secure the lowest mortgage rates for the entire term.

On the other hand, an adjustable-rate mortgage starts with a lower interest rate for a set period, usually 3, 5, 7, or 10 years. After this initial period, the rate can change periodically based on market conditions. ARMs may offer lower initial rates compared to fixed-rate mortgages, but they come with the risk of potentially higher payments if rates rise in the future.

Factors influencing mortgage rates

Several key factors influence mortgage rates, which can cause them to fluctuate over time:

Economic conditions

The overall health of the economy plays a significant role in determining mortgage rates. During periods of economic growth, rates tend to rise as investors seek higher returns. Conversely, during economic downturns or uncertainties, rates may decrease to stimulate borrowing and boost the housing market.

Inflation

Inflation, which is the rate at which prices for goods and services rise, also impacts mortgage rates. When inflation is high or expected to increase, lenders often raise interest rates to compensate for the decreased purchasing power of the money they'll receive in the future.

Federal Reserve policies

The Federal Reserve, or the central bank of the United States, sets monetary policies that indirectly influence mortgage rates. While the Federal Reserve doesn't directly set mortgage rates, it controls the federal funds rate, which is the interest rate at which banks lend money to one another overnight. When the Federal Reserve raises or lowers the federal funds rate, it can cause a ripple effect on other interest rates, including mortgage rates. Changes in the federal funds rate can impact who has the lowest mortgage rates and influence the cheapest home loan rates available.

FAQs about finding the best mortgage rates

What are today’s mortgage rates?

Mortgage rates in 2025 have risen from the record lows seen in 2020 and 2021. That means it's more important than ever to shop around for the lowest mortgage rates today.

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

Ready to get started? 

¹Top 50 mortgage lenders for 2025 based on 2024 Home Mortgage Disclosure Act (HMDA) data sourced directly from FFIEC, 2024 Modified LAR

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.