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What are today's average mortgage rates?

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)
Program Rate APR* Change
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
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* See our rate assumptions here.

What’s a mortgage rate?

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

Why compare mortgage rates?

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.

Verify your new rate (Jul 14th, 2020)

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