Getting multiple rate quotes can save you nearly $3,000* over the life of your loan.
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Average mortgage rates jumped yesterday much more sharply than we’ve grown used to. Of course, they’re still incredibly low by historical standards. But they’re noticeably higher than on Aug. 4 when they hit a fresh all-time low. Conventional loans today start at 3.188% (3.188% APR) for a 30-year, fixed-rate mortgage.
Yesterday’s jump resulted from the actions of regulator the Federal Housing Finance Agency. As we reported yesterday, it this week implemented a price adjustment that adds 0.5% of the loan value to the costs of those refinancing to Fannie Mae or Freddie Mac loans that close after the end of this month. And lenders suddenly realized that they’re on the hook for that money on deals that are already locked in. So they’re recouping their losses from consumers. Unfair? You bet. Blame the federal regulator.
| Program | Rate | APR* | Change |
|---|---|---|---|
| Conventional 30 yr Fixed | 3.25 | 3.25 | +0.06% |
| Conventional 15 yr Fixed | 2.875 | 2.875 | -0.38% |
| Conventional 5 yr ARM | 5 | 3.514 | Unchanged |
| 30 year fixed FHA | 2.25 | 3.226 | Unchanged |
| 15 year fixed FHA | 2.25 | 3.191 | Unchanged |
| 5 year ARM FHA | 2.75 | 3.353 | Unchanged |
| 30 year fixed VA | 2.25 | 2.421 | -0.51% |
| 15 year fixed VA | 2.25 | 2.571 | Unchanged |
| 5 year ARM VA | 2.5 | 2.44 | 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
* Source:
http://www.freddiemac.com/research/insight/20180417_consumers_leaving_money.page
1. Source: Freddie Mac
2. Advertising disclosure: we receive advertising revenue from some partners.