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Mortgage rates are down!

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 3. Today's Mortgage Rates
    
    
    


TODAY’S MORTGAGE RATES

Rates aren’t one size fits all. The best way to get your current mortgage rate
is to let us estimate it based on your unique details.
Access Personalized Rates Now

See Rates For

Buying A Home Refinancing


30-YEAR FIXED

Rate6.75%

/

APR7.078%

Points

2.125 ($5,843.75)

What are APR and points? Apply To Prequalify
Learn About 30-Year Fixed Loans


20-YEAR FIXED

Rate6.75%

/

APR7.163%

Points

2 ($5,500.00)

What are APR and points? Apply To Prequalify
Learn About 20-Year Fixed


30-YEAR FHA

Rate5.99%

/

APR6.886%

Points

2.125 ($5,843.75)

What are APR and points? Apply To Prequalify
Learn About FHA Loans

Rates are current as of 2:29 PM UTC on October 7, 2024

View Legal Disclosures


EXPLORE THE CONNECTION BETWEEN RATE AND MONTHLY PAYMENT.

Home Affordability Calculator
Estimate your budget for a home, and the loan amount, monthly payment and
interest rate you could prequalify for.
Go To Affordability Calculator
Mortgage Calculator
Try different loan amounts, down payments, and interest rates to see how it
changes monthly mortgage payments.
Go To Mortgage Calculator


DON’T WAIT ON RATES.

You could be missing out if you’re basing your next step on rates alone.
Know the difference.
A .25% rate change roughly equals a $30 difference in your monthly payment.
Your rate is unique.
Your loan amount, your credit profile, your financial picture = your rate.
Your rate is temporary.
You’re never stuck with a rate forever. Take your goals off hold, discover
what’s possible.
Connect With An Expert


MORTGAGE INTEREST RATE FREQUENTLY ASKED QUESTIONS

Don't see your question here? We love helping people understand how rates work
and what yours could be. Just talk to us.

What’s a mortgage rate?

A mortgage interest rate is the percentage you pay to borrow money for a home
loan.

Interest rate is part of the annual percentage rate, or APR. If you subtract
interest rate from APR, the difference represents fees and expenses charged for
getting a mortgage, spread over the life of the loan.

How do mortgage rates work?

The best way to understand how mortgage rates work is to see them in action. A
good way to do that is to use a calculator. We have two that show you what
mortgage interest rates mean for you as a home buyer.

If you want to know how mortgage rates work when it comes to your monthly
payment, try our mortgage calculator. Change the interest rate and see how it
changes your monthly payment amount.

If you want to explore how your mortgage rate works after you own a home, use
our amortization calculator. It shows how much of your mortgage payment goes to
your loan balance – the amount you borrowed – and how much goes to interest over
time.

What factors determine mortgage rates?

Mortgage rates are determined by multiple factors that fall into two categories:

 * Economic: Factors like the stock market, the Federal Reserve, inflation and
   the housing market all affect mortgage rates.
 * Personal: Your credit profile, how much debt you have compared to your
   income, and how much you’re borrowing are all examples of details about you
   that determine your mortgage rate.

To learn more, read How Are Mortgage Rates Determined?

How do I get the best mortgage rate?

The more likely it is you can make your mortgage payments, typically the better
interest rate you’ll get.

What helps determine that? Here are some of the things we look at.

 * Your credit profile, because it shows how you manage debt and pay your bills.
 * The size of your down payment, because it affects how much you need to borrow
   – and pay back.
 * How much debt you have compared to your income, because you need enough in
   your budget to afford your home.

While all these things are important, it’s also important to remember we’ll work
to get you the best rate we can while helping you reach your home buying goals.

What's a mortgage rate lock, and should I do it?

A mortgage rate lock keeps your interest rate from changing for a period of
time. Rate locks usually last between 15 and 60 days.

You might want to lock your rate if you expect rates to go up before you close
on your loan. On the other hand, if you think rates will go down, a rate lock
might not benefit.

Our Home Loan Experts can explain when locking your rate is a smart move. You
can also learn more by reading Mortgage Rate Lock: A Guide To Protect You From
Rate Fluctuations.

What’s the difference between interest rate and APR?

Interest rate is the percentage you pay to borrow money for a home loan.

There are also fees and expenses charged for getting a mortgage. Most people add
these to their loan and pay for them over time with their mortgage payment.

Those two things together equal APR, or annual percentage rate. The math looks
like this:

6.75% APR - 6.5% interest rate = .25% for fees and expenses spread over the
length of the loan

What are mortgage points?

A mortgage point – sometimes called a discount point – is a one-time fee you pay
to lower the interest rate on your home purchase or refinance. Here are the key
things to know:

 * One discount point costs 1% of your total home loan amount.
 * You can generally expect each point to lower your interest rate by 0.25%.
 * Each quarter of a percentage point can lower your monthly payment by about
   $30.
 * And of course a lower rate means you’ll pay less interest.

Our Home Loan Experts can help you understand if paying points is right for you.

How often do mortgage rates change?
Mortgage rates can change daily, sometimes more than once a day. If you’re
watching rates, it’s helpful to know 0.25% (a quarter of a percentage point),
roughly equals a $30 change in your monthly payment.
Search Our Learning Center




WHAT ARE APR AND POINTS?

Annual percentage rate, or APR, is the interest rate plus lender fees charged
for processing a mortgage.

A point is a one-time fee you pay to lower your interest rate. One point costs
1% of your total home loan amount.
Close



WHAT ARE APR AND POINTS?

Annual percentage rate, or APR, is the interest rate plus lender fees charged
for processing a mortgage.

A point is a one-time fee you pay to lower your interest rate. One point costs
1% of your total home loan amount.
Close



WHAT ARE APR AND POINTS?

Annual percentage rate, or APR, is the interest rate plus lender fees charged
for processing a mortgage.

A point is a one-time fee you pay to lower your interest rate. One point costs
1% of your total home loan amount.
Close



WHAT ARE APR AND POINTS?

Annual percentage rate, or APR, is the interest rate plus lender fees charged
for processing a mortgage.

A point is a one-time fee you pay to lower your interest rate. One point costs
1% of your total home loan amount.
Close



WHAT ARE APR AND POINTS?

Annual percentage rate, or APR, is the interest rate plus lender fees charged
for processing a mortgage.

A point is a one-time fee you pay to lower your interest rate. One point costs
1% of your total home loan amount.
Close



LEGAL DISCLOSURES

Every situation is different. These figures are for estimation purposes only and
may not reflect the exact terms of your loan. This is not a commitment to lend.

30-year Fixed-Rate Loan: An interest rate of 6.75% (7.078% APR) is for the cost
of 2.125 point(s) ($5,843.75) paid at closing. On a $275,000 mortgage, you would
make monthly payments of $1,783.65. Monthly payment does not include taxes and
insurance premiums. The actual payment amount will be greater. Payment assumes a
loan-to-value (LTV) of 80.00%.

20-year Fixed-Rate Loan: An interest rate of 6.75% (7.163% APR) is for the cost
of 2.00 point(s) ($5,500.00) paid at closing. On a $275,000 mortgage, you would
make monthly payments of $2,091.01. Monthly payment does not include taxes and
insurance premiums. The actual payment amount will be greater. Payment assumes a
loan-to-value (LTV) of 80.00%.

30-year FHA Fixed-Rate Loan: An interest rate of 5.99% (6.886% APR) is for the
cost of 2.125 Point(s) ($5,843.75) paid at closing. On a $275,000 mortgage, you
would make monthly payments of $1,760.94. Monthly payment does not include taxes
and insurance premiums. The actual payment amount will be greater. Payment
assumes a loan-to-value (LTV) of 80.00%.

Payment includes a one-time upfront mortgage insurance premium at 1.75% of the
base loan amount and a monthly mortgage insurance premium (MIP) calculated at
0.5% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of
80.00%, the 0.5% monthly MIP will be paid for the first 11 years of the mortgage
term. Thereafter, the monthly loan payment will consist of equal monthly
principal and interest payments until the end of the loan.

30-year Fixed-Rate Loan: An interest rate of 5.75% (5.971% APR) is for the cost
of 1.875 point(s) ($17,812.50) paid at closing. On a $950,000 mortgage, you
would make monthly payments of $5,543.95. Monthly payment does not include taxes
and insurance premiums. The actual payment amount will be greater. Payment
assumes a loan-to-value (LTV) of 70.00%.

30-year Fixed-Rate VA Loan: An interest rate of 5.99% (6.429% APR) is for a cost
of 2.125 Point(s) ($5,843.75) paid at closing. On a $275,000 mortgage, you would
make monthly payments of $1,647.00. Monthly payment does not include taxes and
insurance premiums. The actual payment amount will be greater. Payment assumes a
loan-to-value (LTV) of 80.00%.

VA loans do not require PMI. The VA loan is a benefit of military service and
only offered to veterans, surviving spouses and active duty military.



ASSUMPTIONS

For all rates shown, unless otherwise noted, we assumed:


 * You’re buying a single-family home that’s your primary residence.
 * Closing costs will be paid up front, not rolled into the loan.
 * Your debt-to-income ratio is less than 43%.
 * Your credit score is 740.
 * You’ll have an escrow account for payment of taxes and insurance.

Close