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Compare current mortgage rates for today
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience. Nov. 13, 2022 Advertiser Disclosure Advertising Disclosure
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. is an independent, advertising-supported publisher and comparison service. We are in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to strict . Our advertisers do not compensate us for favorable reviews or recommendations. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information. curved background image What type of home loan are you looking for? I'm just browsing Purchase Refinance What type of loan are you looking for? I'm just browsing Purchase Refinance How it works Compare top rates See low rates from over 100+ lenders. Select a lender Get custom quotes in under 2 minutes. See your savings You could take hundreds off your mortgage. On this page ON THIS PAGE Jump to Weekly national mortgage rate trends
Mortgages Refinance 30 year fixed 7.24% 15 year fixed 6.46% 10 year fixed 6.56% 5/1 ARM 5.62% See all mortgage rates Today s national mortgage rate trends
On Sunday, November 13, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.32%, over the last week. If you're looking to refinance your current mortgage, today's national average rate for a 30-year fixed refinance is 7.30%, from a week ago. In addition, today's national 15-year refinance rate is 6.50%, from a week ago. Whether you're looking to buy or refinance, Bankrate often has offers well below the national average, displaying the rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and fund your home for less. With rates on the rise, it's important to compare today's mortgage rates before committing to a loan. Compare current mortgage rates for today
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience. On Sunday, November 13, 2022, the national average 30-year fixed mortgage APR is 6.91%. The average 15-year fixed mortgage APR is 6.24%, according to Bankrate's latest survey of the nation's largest mortgage lenders. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control. Weekly national mortgage rate trends
Mortgages Refinance 30 year fixed 7.24% 15 year fixed 6.46% 10 year fixed 6.56% 5/1 ARM 5.62% Today s national mortgage rate trends
On Sunday, November 13, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.32%, over the last week. If you're looking to refinance your current mortgage, today's national average rate for a 30-year fixed refinance is 7.30%, from a week ago. In addition, today's national 15-year refinance rate is 6.50%, from a week ago. Whether you're looking to buy or refinance, Bankrate often has offers well below the national average, displaying the rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and fund your home for less. With rates on the rise, it's important to compare today's mortgage rates before committing to a loan. Mortgage industry insights
Fed sees through November hike mortgage rates at 7 percent
The benchmark fixed rate on 30-year mortgages now sits at 7 percent, its highest level in 20 years, according to Bankrate's national survey of large lenders. This, as the Federal Reserve made good on its promise to raise rates yet again at its . "The [Fed's] interest rate mantra for 2023 is shaping up as 'higher for longer,'" says Greg McBride, CFA, Bankrate chief financial analyst. "Unfortunately, we're likely to feel the pain of a slower economy before we see the gain of lower inflation." Federal policy doesn't directly impact rates on fixed mortgages, but the central bank has some sway with 10-year Treasury yields, which do drive fixed mortgage movement. The Fed's actions , however. Each time the central bank raises its key rate, variable home loan rates move in tandem. Some analysts believe fixed mortgage rates might hover in the 7 percent range, while others aren't ruling out the possibility of the 30-year rate approaching 8 percent. Learn what the experts predict in Bankrate's . Whatever type of mortgage you're looking for, in this environment, it's more important than ever to compare rates before selecting a lender. "Conducting an online search can save thousands of dollars by finding lenders offering a lower rate and more competitive fees," says McBride.
3-month trend 30-Year Fixed Rates 15-Year Fixed Rates 10-Year Fixed Rates 5/1 ARM Rates 11/4/2022 7.23% 6.45% 6.67% 5.53% 10/28/2022 7.20% 6.43% 6.67% 5.55% 10/21/2022 7.20% 6.43% 6.59% 5.44% 10/14/2022 7.08% 6.28% 6.33% 5.37% 10/7/2022 6.89% 6.07% 6.12% 5.34% 9/30/2022 6.82% 5.97% 6.07% 5.20% 9/23/2022 6.43% 5.66% 5.78% 4.84% 9/16/2022 6.19% 5.51% 5.61% 4.63% 9/9/2022 6.08% 5.33% 5.46% 4.52% 9/2/2022 5.95% 5.18% 5.25% 4.42% 8/26/2022 5.92% 5.08% 5.17% 4.33% 8/19/2022 5.60% 4.89% 5.03% 4.22% 8/12/2022 5.46% 4.86% 4.90% 4.19% 8/5/2022 5.52% 4.74% 4.72% 4.18% 7/29/2022 5.57% 4.82% 4.80% 4.18% 7/22/2022 5.84% 5.00% 5.00% 4.26% 7/15/2022 5.73% 4.89% 4.84% 4.21% 7/8/2022 5.67% 4.87% 4.86% 4.27% 7/1/2022 5.83% 5.06% 5.04% 4.29% 6/24/2022 5.89% 5.10% 5.21% 4.26% 6/17/2022 5.91% 5.11% 5.18% 4.02% 6/10/2022 5.54% 4.75% 4.67% 3.91% Read more:
The Federal Reserve does not set mortgage rates, and the central bank's decisions don't drive mortgage rates as directly as they do other products, like savings accounts and CD rates. However, the Fed does set borrowing costs for shorter-term loans in the U.S. by moving its federal funds rate. The federal funds rate can have a knock-on effect on 10-year Treasury bond yields, which is what most mortgage rates are tied to. Basically, the Fed does not directly set mortgage rates, but its policies can influence the financial markets and movers that do. How to get a mortgage
A mortgage is a type of loan designed for buying a home. Mortgage loans allow buyers to break up their payments over a set number of years, paying an agreed amount of interest. Because a home is typically the biggest purchase a person makes, a mortgage is usually a household's largest chunk of debt. Getting the best possible terms on your loan can mean a difference of hundreds of extra dollars in or out of your budget each month, and tens of thousands of dollars in or out of your pocket over the life of the loan. It's important to prepare for the to ensure you get the best rate and most affordable monthly payments. Here are quick steps to prepare for a mortgage: Make a budget Set savings aside for both a down payment and Research the best type of mortgage for you Compare current mortgage rates Choose the Get preapproved See multiple houses within your budget Apply and get approved for a mortgage
There are many different , broadly put into three buckets: conventional, government-insured and jumbo loans, also known as non-conforming mortgages. There are also different loan terms within these categories, such as 15 years or 30 years, and different interest rate structures, generally either fixed or adjustable (also known as variable). Conventional mortgages
are often ultimately bought by Fannie Mae or Freddie Mac, the big government-sponsored enterprises (GSEs) that play an important role in the mortgage lending market. They are offered by virtually every type of mortgage lender, with some programs allowing for a down payment as low as 3 percent. A conventional loan can be either ; the conforming loans are the ones backed by the GSEs. Government-insured mortgages
FHA loans VA loans USDA loans
Government-insured or government-backed loans are backed by three agencies: the , the and the . The U.S. government isn't a mortgage lender, but it sets the basic guidelines for each loan type offered through private lenders. Government-backed loans can be good options for first-time homebuyers as well as borrowers who have a lower down payment or smaller budget. The requirements are usually looser than those for mortgages not secured by the government (). The interest rates on FHA, VA and USDA loans are usually similar to those on conventional mortgages, but fees and other costs are higher. Non-conforming mortgages
Jumbo mortgages
are loans that exceed federal loan limits for conforming loan amounts. For 2022, the maximum conforming loan limit for single-family homes in most of the U.S. is $647,200, and $970,800 in more expensive locales. Jumbo loans are more common in higher-cost areas and generally require more in-depth documentation to qualify. Jumbo loans are also a bit more expensive than conforming loans. Fixed-rate mortgages
A has an interest rate that doesn't change throughout the life of the loan. In that way, borrowers are not exposed to rate fluctuations. For example, if you have a fixed-rate mortgage with a 6.8 percent interest rate and prevailing rates shoot up the next week, year or decade, your interest rate is locked in, so you don't ever have to worry about paying more. Of course, if rates fall, you'll be stuck with your higher rate unless you refinance. There are many types of fixed-rate mortgages, such as , and mortgages. Adjustable-rate mortgages
, or ARMs, have an initial fixed-rate period during which the interest rate doesn't change, followed by a longer period during which the rate might change at preset intervals. Unlike a fixed-rate mortgage, ARMs are affected by market fluctuations, so if rates drop, your mortgage payments will drop. However, the reverse is also true: When rates rise, your monthly payments will also rise. Generally, ARM rates are lower to start than with fixed-rate mortgages, but since they're not locked into a set rate, you won't be able to predict future monthly payments. ARMs do come with an interest rate cap, however, above which your loan cannot rise.
The amount you can borrow depends on a variety of factors, including how much you're qualified for (depending on your income, among other factors) as well as what type of loan you have. while jumbo loans allow borrowers to exceed those limits. It's a good idea to figure out your budget before you start shopping for a home, so check out Bankrate's .
A mortgage preapproval is a statement from a lender indicating it's prepared to help you finance a home purchase for a specific amount. The lender issues the preapproval only after deeming you're eligible based on a review of your credit and finances. Getting preapproved is one of the first steps in the homebuying process. Without a preapproval, you won't be able to make a successful offer on a home. A preapproval isn't the same as a prequalification. A might give you an idea of how much you can afford, but it doesn't carry as much weight with sellers as a preapproval. A general rule of thumb: If you're in the very early stages of preparing to buy a home, it might make sense to start with a prequalification. If you're ready to make offers, get the preapproval. Why compare mortgage rates
Shopping around for quotes from multiple lenders is one of Bankrate's most crucial pieces of advice for every mortgage applicant. When you shop, it's important to think about not just the interest rate you're being quoted, but also all the other terms of the loan. Be sure to , which include many additional costs of the mortgage not shown in the interest rate. Keep in mind that some institutions may have lower closing costs than others, or your current bank may extend you a special offer. There's always some variability between lenders on both rates and terms, so make sure you understand the full picture of each offer, and think about what will suit your situation best. Comparison-shopping on Bankrate is especially smart, because our relationships with lenders can help you get special low rates.
Step 1 Determine what mortgage is right for you
When finding current mortgage rates, the first step is to decide what type of mortgage best suits your goals and budget. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan. Step 2 Compare mortgage rates
Once you decide which mortgage type fits your needs, you can begin comparing current mortgage options. There's only one way to be sure you're getting the , and that's to shop at least three lenders, including large banks, credit unions and online lenders, or by using a mortgage broker. Bankrate offers a to help you find the right rate from a variety of lenders. Keep in mind that mortgage rates change daily, even hourly, based on market conditions, and can vary by loan type and term. To ensure you're getting accurate rate quotes, compare loan estimates based on the same term and product, and aim to get your quotes all on the same day. Step 3 Choose the best mortgage offer
Bankrate's can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. Some lenders might have the same interest rate but different APRs, which means you'll be charged different fees.
The difference between is that the APR (annual percentage rate) is the total cost of the loan including interest rate and all fees. The interest rate is just the amount of interest the lender will charge you for the loan, not including any of the other costs. By capturing points and fees, the APR is a more accurate picture of how much the loan will cost you, and allows you to compare loan offers with differing interest rates and fees. Here's what may be included in the APR: – This is simply the percentage rate paid over the life of the loan. – This is an upfront fee the borrower can opt to pay to lower the interest rate of the loan. Each point, which is also known as a discount point, costs 1 percent of the mortgage amount. So, one point on a $300,000 mortgage would cost $3,000 upfront. – This is a fee - one of many closing costs - most lenders charge for creating or initiating your loan. fees – Brokers can help borrowers find a better rate and terms, but their services must be paid for when the loan closes. This cost is shown in the APR and can vary. The broker's commission typically ranges from 0.50 percent to 2.75 percent of the loan principal.
come in all shapes and sizes, from online companies to brick-and-mortar banks - and some are a mix of both. Decide what type of service and access you want from a lender and balance that with how competitive their rates are. You might decide that getting the lowest rate is the most important factor for you, while others might go with a slightly higher rate because they can apply in person, for example. Some banks offer discounts to existing customers, so you might be able to save money by getting a loan where your or checking account is. If your credit is a bit tarnished, many lenders offer loans with lower down payment and credit requirements through the . Veterans might find especially attractive. How is my mortgage rate determined
Lenders consider these factors when pricing your interest rate: Credit score Down payment Property location Loan amount/closing costs Loan type Loan term Interest rate type Your . Lenders have settled on this three-digit score as the most reliable predictor of whether you'll make prompt payments. The higher your score, the less risk you pose in the lender's view - and the lower rate you'll pay. Lenders also consider how much you're putting down. The greater share of the home's total value you pay upfront, the more favorably they view your application. The kind of mortgage you choose can affect your rate, too, with shorter-term loans like 15-year mortgages typically having lower rates compared to 30-year ones.
Lenders reserve their most competitive rates to borrowers with excellent credit scores - usually 740 or higher. However, you don't need spotless credit to qualify for a mortgage. Loans insured by the Federal Housing Administration, or FHA, have a minimum credit score requirement of 580, although you'll probably need a score of 620 or higher to qualify with most lenders. (While FHA loans offer competitive rates, the fees are steep.) To score the best deal, work to boost your credit score above 740. While you can , your interest rate and terms may not be as favorable.
Mortgages have varying minimum . For a conventional loan, you'll need at least 3 percent to 5 percent down, depending on whether it has a fixed or adjustable rate; and for an FHA loan, at least 3.5 percent down or at least 10 percent down if your credit score is 579 or lower. If you're eligible for a USDA or VA loan, you won't need to put any money down. While these minimums can help you get into a home sooner, the higher your down payment, the lower your mortgage rate and the less you'll need to pay in premiums. If you can put 20 percent down, you won't pay any mortgage insurance at all, and likely get the most favorable rates. FAQs about mortgage interest rates
Homeownership is synonymous with the American Dream, but the housing boom has pushed this goal out of reach of many. Some of the advantages and disadvantages of homeownership: Pros
A home is a powerful way to build wealth over time. Homeownership provides the certainty of knowing where you'll live from one year to the next. With a , you know your principal and interest costs won't change. A landlord can boost your rent when your lease is up. Cons
Homeownership is expensive, prohibitively so in some markets. Maintenance and repairs are a constant - and costly - reality for homeowners. As home values rise, so do insurance premiums and property taxes.
A freezes the interest rate. The lender guarantees (with a few exceptions) that the mortgage rate offered to a borrower will remain available to that borrower for a stated period of time. With a lock, the borrower doesn't have to worry if rates go up between the time they submit an offer and when they close on the home. When should I lock my mortgage rate
Most lenders offer a 30- to 45-day rate lock free of charge. This means if the interest rate increases before your loan closes, you get the stated rate. However, if rates fall, you won't benefit unless you restart the loan process, a costly and time-consuming endeavor. Although some lenders offer a free rate lock for a specified period, after that period they may charge fees for extending the lock.
, also referred to as discount points, help homebuyers reduce their monthly mortgage payments and interest rates. A mortgage point is most often paid before the start of the loan period, usually during the closing process. It's a type of prepaid interest made on the loan. Each mortgage point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point depends on the value of the borrowed money, but it's generally 1 percent of the total amount borrowed to buy the home. Buying points upfront can help you save money in interest over the life of your loan, but doing so also raises your closing costs. It can make sense for buyers with more disposable cash, but if high closing costs will prevent you from securing your loan, buying points might not be the right move.
The on a mortgage encompass all of the fees associated with the loan, including the lender's charges (typically an origination fee and optional points) and third-party fees for services like the appraisal and title insurance. These usually run anywhere from 2 percent to 5 percent of the amount you're borrowing, above and beyond your down payment. Some lenders don't charge an origination fee, or might offer to cover some closing costs (known as a ), which can help lower the amount of cash you need to bring to closing. Looking to refinance your mortgage
As mortgage rates rise, fewer homeowners, if any, will stand to benefit from today. However, refinancing your mortgage can still make sense in some cases, such as if you want to switch from an ARM to a fixed rate before it resets, want to move out of an FHA loan to or need to refinance due to divorce or other circumstances. It's also possible to tap your home equity to pay for home renovation, or, if you want to pay down your mortgage more quickly, you can shorten your term to 20, 15 or even 10 years. Because home values have risen sharply in the last few years, it's also possible that a refinance could free you from paying for private mortgage insurance. There are upfront costs associated with refinancing, including for the , so you'll want to be sure the savings outpace the refinance price tag in a reasonable amount of time - most experts say the ideal breakeven timeline is 18 to 24 months. and do the math with Bankrate's . Written by Jeff Ostrowski senior mortgage reporter for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Reviewed by: Greg McBride, chief financial analyst for Bankrate Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience. Mortgage rates in other states