Who Had The Lowest Mortgage Rates? | Best Rates 2024

Who has the best mortgage rates?

To identify the lenders offering the best mortgage rates in 2024, we analyzed data from the largest lenders for all 30-year home loans last year, which is the most current and comprehensive data available.^1,2

The companies with the lowest mortgage rates on average are shown below.

Just remember, mortgage interest 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.

In this article (Skip to…)

• Best mortgage rates
• Conventional loan rates
• FHA loan rates
• VA loan rates
• USDA loan rates
• Today’s rates
• Finding your best rate
• 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 2023 data and are used for general comparison only. They may not reflect the actual mortgage interest rates available to you today.

Banks and lenders with the best mortgage rates

To find the best mortgage rates in 2024, we compared average 30-year fixed rates from the 30 biggest residential mortgage lenders in 2023, which is the most recent and accurate data available.

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

1. JP Morgan Chase
2. DHI Mortgage Company
3. State Employees’ Credit Union (SECU)
4. Navy Federal Credit Union*
5. Wells Fargo Bank
6. Citibank
7. Pennymac
8. Cornerstone Home Lending
9. Academy Mortgage
10. loanDepot

*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 2024: lender rankings

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 2023, the most recent data available at the time of writing.

Interest rates have risen in 2024, 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 or refinancing an existing mortgage loan.

Lenders with the best mortgage rates:

1. JP Morgan Chase: 4.81%
2. DHI Mortgage Company: 5.58%
3. State Employees’ Credit Union (SECU): 5.79%
4. Navy Federal Credit Union: 6.08%
5. Wells Fargo Bank: 6.12%
6. Citibank: 6.20%
7. Pennymac: 6.29%
8. Cornerstone Home Lending: 6.29%
9. Academy Mortgage: 6.31%
10. loanDepot: 6.31%
11. Cardinal Financial Company: 6.38%
12. Paramount Residential Mortgage: 6.44%
13. PHH Mortgage Corporation: 6.48%
14. Everett Financial: 6.51%
15. Guaranteed Rate: 6.51%
16. Plaza Home Mortgage: 6.52%
17. Primelending: 6.52%
18. Planet Home Lending: 6.54%
19. Rocket Mortgage: 6.55%
20. Citizens Bank: 6.57%
21. Guild Mortgage Company: 6.57%
22. Fairway Independent Mortgage: 6.58%
23. Movement Mortgage: 6.59%
24. CMG Mortgage: 6.61%
25. PNC Bank: 6.61%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. The lowest 30 year mortgage rates of the 50 biggest loan providers in 2023. 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 2023. If you’re looking specifically for refinance rates, see:

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

Best mortgage rates by loan type

Current mortgage rates vary a lot by lender. But rates also depend on your loan type. Additionally, some lenders outperform others when it comes to specific types of mortgage loans.

For example, lenders who specialize in VA mortgages may not offer as competitive rates as those who focus on conventional loans, and vice versa.

Below are the best mortgage rates for the four main types of home loans: conventional, FHA, VA, and USDA. Start with these lists, but keep in mind that the average interest rates shown are from 2023 and may not reflect the current mortgage rates.

Best conventional mortgage rates

1. JPMorgan Chase: 4.78%
2. DHI Mortgage Company: 5.77%
3. State Employees’ Credit Union (SECU): 5.79%
4. Academy Mortgage: 6.16%
5. Citibank: 6.20%
6. Wells Fargo Bank: 6.21%
7. Cardinal Financial: 6.26%
8. Everett Financial: 6.27%
9. Paramount Residential: 6.32%
10. loanDepot: 6.38%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. The lowest 30 year conventional mortgage rates of the 50 biggest loan providers in 2023, 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

1. DHI Mortgage Company: 5.43%
2. Fifth Third Bank: 6.06%
3. Cornerstone Home Lending: 6.10%
4. Truist Bank: 6.10%
5. Vanderbilt Mortgage: 6.11%
6. Pennymac: 6.13%
7. Rocket Mortgage: 6.18%
8. PHH Mortgage: 6.19%
9. Bank of America: 6.20%
10. Regions Bank: 6.21%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. The lowest 30 year conventional mortgage rates of the 50 biggest loan providers in 2023, 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

1. Wells Fargo Bank: 5.27%
2. DHI Mortgage Company: 5.37%
3. Navy Federal Credit Union: 5.78%
4. Pennymac: 5.95%
5. Cornerstone Home Lending: 5.97%
6. loanDepot: 6.01%
7. Rocket Mortgage: 6.05%
8. Truist Bank: 6.06%
9. U.S. Bank: 6.07%
10. Prosperity Home Mortgage: 6.12%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. The lowest 30 year conventional mortgage rates of the 50 biggest loan providers in 2023, 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

1. U.S. Bank: 5.43%
2. Pennymac: 6.06%
3. AmeriHome Mortgage: 6.10%
4. Guild Mortgage: 6.10%
5. Planet Home Lending: 6.11%
6. Fairway Independent Mortgage: 6.13%
7. NewRez: 6.18%
8. Crosscountry Mortgage: 6.19%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. The lowest 30 year conventional mortgage rates of the 50 biggest loan providers in 2023, with more than 750 USDA purchase loans issued. Historical average rates are 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.

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 the overall 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.

How to find the best mortgage rates

Whether you’re a homebuyer looking to purchase a new property or a homeowner considering refinancing your existing mortgage, securing the best mortgage rates is essential for saving 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 the best mortgage interest 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 that offer competitive 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.

Using online mortgage interest rate comparison tools

Take advantage of online interest rate comparison tools and mortgage calculators to quickly compare current mortgage rates 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. 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.

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.

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 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 lenders, 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 most competitive 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.

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 a lower 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.

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 best mortgage rate

Now that you understand the factors affecting your personal mortgage rate, here are some steps you can take to secure the best 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.

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 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.

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.

FAQ: Best mortgage rates

What are today’s mortgage rates?

Mortgage rates in 2024 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 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 2024 based on 2023 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.