Average mortgage rates edged higher last Friday. But don’t panic yet. This time last week, this morning’s rate would have been an all-time low. Today’s rate for a 30-year, fixed-rate, conventional loan is starting as low as 3.125% (3.125% APR). And other types of mortgages offer even lower rates.
The recent remarkable run of more than two weeks without a rise had to end sometime. And that time turned out to be Friday. The move was likely triggered by some positive news about a possible treatment for COVID-19 patients. And that’s where we are. Markets are hungry for good news amid the pandemic gloom and react when it emerges. But will the next news item be good (more rate rises) or bad (possible falls)?Find and lock current rates. (Jul 14th, 2020)
|Conventional 30 yr Fixed||3.125||3.125||Unchanged|
|Conventional 15 yr Fixed||2.813||2.813||Unchanged|
|Conventional 5 yr ARM||4||3.178||Unchanged|
|30 year fixed FHA||2.938||3.919||Unchanged|
|15 year fixed FHA||2.375||3.317||Unchanged|
|5 year ARM FHA||3.25||3.545||Unchanged|
|30 year fixed VA||2.5||2.674||Unchanged|
|15 year fixed VA||2.5||2.824||Unchanged|
|5 year ARM VA||3||2.612||Unchanged|
|Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.|
* See our rate assumptions here.
A mortgage rate is the rate of interest charged by a mortgage lender. Mortgage rates can be either fixed (it stays the same for the term of the loan) or variable (the rate will adjust at some point during the term of the loan). Mortgage rates are determined by the lender and can vary depending on your unique situation — your credit score, loan term, and downpayment can all affect your mortgage rate.1
The more lenders you compare when shopping for mortgage rates, the more likely you are to get the lowest interest rate available for you. Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the loan. Yes, it definitely pays to shop around.2
1. Source: Freddie Mac
2. Advertising disclosure: we receive advertising revenue from some partners.