www.bankrate.com Open in urlscan Pro
151.101.65.132  Public Scan

Form analysis
1 forms found in the DOM

Name: search bar — https://www.bankrate.com/search/

<form class="br-header__search-form mx-auto my-0" name="search bar" type="search" action="https://www.bankrate.com/search/">
  <div class="display-flex">
    <div class="flex-1">
      <input class="FormInput br-header__search-input" type="text" name="q" aria-label="Search Bankrate" placeholder="What can we help you find?" id="siteSearchInput" value="" data-beam-field-inputted-no-pii="" data-label="Search Bankrate"
        data-beam-uid="7" data-beam-event="change">
    </div>
    <div>
      <button class="br-header__search-submit" data-js-selector="nav-search-submit-btn" type="submit">
        <span class="visually-hidden">Submit</span>
        <span class="Icon Icon--sm">
          <svg class="Icon-glyph" viewBox="0 0 24 24" fill="currentColor" xmlns="http://www.w3.org/2000/svg" focusable="false">
            <path fill-rule="evenodd" clip-rule="evenodd"
              d="M10.846 2C6.216 2 2.5 5.783 2.5 10.499c0 4.715 3.715 8.498 8.346 8.498 1.733 0 3.337-.53 4.667-1.439l4.972 5.113c.43.439 1.13.439 1.561 0l.216-.22c.43-.383.43-1.096 0-1.535l-4.944-5.033a8.572 8.572 0 0 0 1.874-5.384C19.192 5.783 15.423 2 10.846 2Zm0 2.193c3.393 0 6.192 2.851 6.192 6.306 0 3.454-2.8 6.305-6.192 6.305-3.392 0-6.192-2.851-6.192-6.305 0-3.455 2.746-6.306 6.192-6.306Z"
              class="icon-base" fill="currentColor"></path>
            <title>Search</title>
          </svg></span>
      </button>
    </div>
  </div>
</form>

Text Content

Skip to Main Content


Open navigation Bankrate
 * Mortgage
   Mortgages
   Caret Right
 * Bank
   Banking
   Caret Right
 * Credit Card
   Credit cards
   Caret Right
 * Loan
   Loans
   Caret Right
 * Invest
   Investing
   Caret Right
 * Home Equity
   Home equity
   Caret Right
 * Loan Home Improvement
   Real estate
   Caret Right
 * Insurance
   Insurance
   Caret Right
 * Retirement
   Retirement
   Caret Right
 * Sign in

Caret RightMain Menu
Mortgage
Mortgages
Mortgages overview

 * Financing a home purchase

 * Today's mortgage rates
 * 30-year mortgage rates
 * 15-year mortgage rates
 * Calculate your mortgage payment
 * Amortization schedule calculator
 * How to get a mortgage
 * Guide to getting the best mortgage rate
 * Mortgage rate news

 * Refinancing your existing loan

 * Refinance rates
 * Cash-out refinance rates
 * 30-year refinance rates
 * 15-year refinance rates
 * Mortgage refinance calculator
 * How to refinance your mortgage
 * Guide to cash-out refinancing
 * Mortgage refinance resources

 * Finding the right lender

 * Best mortgage lenders
 * Best online lenders
 * Best lenders for first-time homebuyers
 * Best refinance lenders
 * Best VA mortgage lenders
 * Best FHA mortgage lenders
 * How to find the best lender
 * All mortgage lender reviews

 * Additional Resources

 * First-time homebuyers
 * Adjustable-rate mortgages
 * Veteran resources
 * FHA loans
 * Jumbo loans
 * Second home
 * Closing costs
 * Mortgage relief

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Bank
Banking
Banking overview

 * Compare Accounts

 * CD Rates
 * Savings accounts
 * High-yield savings accounts
 * Money market accounts
 * 1-year CD rates
 * 5-year CD rates
 * Checking accounts
 * Best banks

 * Use calculators

 * Savings calculator
 * CD calculator
 * Compound savings calculator
 * All banking calculators

 * Get advice

 * How to save money
 * Federal Reserve news
 * What is a savings account?
 * What is a money market account?
 * Which certificate of deposit account is best?
 * How to open a savings account
 * Tax advice
 * Find a financial advisor

 * Bank reviews

 * Capital One Bank
 * Marcus by Goldman Sachs
 * American Express National Bank
 * CIT Bank
 * Synchrony Bank
 * Barclays Bank
 * All bank reviews

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Credit Card
Credit cards
Credit cards overview

 * Compare by category

 * Best credit cards of 2023
 * Cash back
 * Balance transfer
 * 0% APR
 * Rewards
 * Travel
 * Business
 * Student
 * No annual fee
 * Airline
 * No foreign transaction fees

 * Compare by credit needed

 * Excellent credit
 * Good credit
 * Fair credit
 * Bad credit
 * No credit history
 * Secured credit cards

 * Compare by issuer

 * American Express
 * Bank of America
 * Capital One
 * Chase
 * Citi
 * Discover
 * Wells Fargo

 * Get advice

 * CardMatch™
 * Credit card reviews
 * Credit card compare tool
 * Spender type tool
 * Credit card payoff calculator
 * Balance transfer calculator
 * Credit utilization calculator
 * All credit card calculators
 * Improving your credit
 * Travel Points & Miles Valuations

Looking for the perfect credit card?

Narrow your search with CardMatch™

Find your match
Caret RightMain Menu
Loan
Loans
Loans overview

 * Personal Loans

 * Personal loan rates
 * Personal loans for bad credit
 * Debt consolidation loan rates
 * Low-interest personal loans
 * Installment loan rates
 * Home improvement loan rates
 * Personal loan guide
 * Debt consolidation guide
 * Personal loans lender reviews
 * Personal loans knowledge base

 * Student Loans

 * Student loan rates
 * Student loan refinance rates
 * Students loans for bad credit
 * Current student loan interest rates
 * Private student loans
 * Student loan forgiveness guide
 * FAFSA guide
 * Current student loans news
 * Student loans lender reviews
 * Student loans knowledge base

 * Auto Loans

 * Auto loan rates
 * Auto loan refinance rates
 * Current auto loan interest rates
 * Auto loans for bad credit
 * Auto loan guide
 * Auto loan refinancing guide
 * Auto loans lender reviews
 * Auto loans knowledge base

 * Loan calculators

 * Loan calculator
 * Personal loan calculator
 * Loan payment calculator
 * Student loan calculator
 * Auto loan calculator
 * Auto refinance calculator
 * All personal loan calculators
 * All student loan calculators
 * All auto loan calculators

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Invest
Investing
Investing overview

 * Best of

 * Best investments
 * Best short-term investments
 * Best long-term investments
 * Best investment apps
 * Best cryptocurrency brokers
 * Best index funds
 * Best ETFs
 * Best mutual funds

 * Brokerages and robo-advisors

 * Brokerage reviews
 * E-Trade review
 * Robinhood review
 * TD Ameritrade review
 * Robo-advisor reviews
 * Betterment review
 * Schwab Intelligent Portfolios review
 * Wealthfront review

 * Learn the basics

 * How to start investing
 * How to invest in stocks
 * How to invest in ETFs
 * How to invest in mutual funds
 * How to buy an S&P 500 index fund
 * How does a call option work?
 * What are index funds and how do they work?
 * What are put options?

 * Additional resources

 * Annuity calculator
 * Currency converter
 * Capital gains tax
 * Cryptocurrency investing
 * Investment goal calculator
 * Low-risk investments
 * Mutual funds vs. ETFs
 * Passive income ideas
 * Find a financial advisor

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Home Equity
Home equity
Home equity overview

 * Get the best rates

 * Home equity loan rates
 * Home equity line of credit rates
 * Current interest rates

 * Lender reviews

 * Home equity lender reviews
 * Figure review
 * Third Federal Savings & Loan review
 * Discover review
 * Spring EQ review

 * Use calculators

 * Home equity loan calculator
 * Home equity line of credit (HELOC) calculator
 * Debt consolidation calculator
 * Loan vs. line of credit calculator
 * All home equity calculators

 * Knowledge base

 * Home equity loan and HELOC guide
 * Home equity loans
 * What is a home equity loan?
 * What is a HELOC?
 * How to borrow from home equity
 * HELOC vs. Home equity loan
 * Consolidate your debt using home equity
 * Home equity loans with bad credit

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Loan Home Improvement
Real estate
Real estate overview

 * Selling a home

 * How to sell your house
 * How much is my house worth?
 * Selling your house & buying another
 * Should I sell my house now or wait?
 * Best time to sell a house
 * Costs of selling a house
 * How to sell your house fast
 * Selling your house for cash

 * Buying a home

 * How to buy a house
 * How much home can I afford?
 * Questions to ask when buying a house
 * Should I buy a house now or wait?
 * Backing out of an accepted offer
 * First time homebuyers guide
 * Home inspection checklist
 * How much do you need to buy a house?

 * Finding the right agent

 * Finding the best real estate agent
 * How do Realtors get paid?
 * Do I need an agent to sell my house?
 * Questions to ask a Realtor
 * Real estate agent vs Realtor vs broker
 * Should I buy a house without an agent?
 * Negotiating real estate commissions

 * Additional resources

 * Best places to live in the US
 * Cost of living comparison calculator
 * Current housing market trends
 * What is a buyers vs sellers market?
 * How to save for a house
 * Renting vs buying a home?
 * How to invest in real estate
 * Types of houses

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Insurance
Insurance
Insurance overview

 * Car Insurance

 * Best car insurance companies
 * Cheapest car insurance companies
 * Car insurance quotes
 * How much is car insurance?
 * Compare car insurance rates
 * Car insurance by state
 * Car insurance guide
 * The true cost of auto insurance in 2023
 * Learn more about car insurance

 * Homeowners insurance

 * Best home insurance companies
 * Cheapest home insurance companies
 * Home insurance quotes
 * How much is homeowners insurance?
 * Home insurance by state
 * Homeowners insurance guide
 * Learn more about home insurance

 * Other insurance

 * Best life insurance companies
 * Life insurance quotes
 * Life insurance calculator
 * Whole life insurance
 * Term life insurance
 * Learn more about life insurance
 * Best renters insurance companies
 * Learn more about renters insurance

 * Company reviews

 * Allstate Insurance
 * Geico Insurance
 * Lemonade Insurance
 * Liberty Mutual Insurance
 * Progressive Insurance
 * State Farm Insurance
 * Travelers Insurance
 * All insurance company reviews

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Caret RightMain Menu
Retirement
Retirement
Retirement overview

 * Retirement plans & accounts

 * Best retirement plans
 * Best IRA accounts
 * Best alternatives to a 401(k)
 * Best Roth IRA accounts
 * Best places to roll over your 401(k)
 * Best retirement plans for self-employed
 * What is a spousal IRA?
 * 401(k) contribution limits

 * Learn the basics

 * How to save for retirement
 * How much to save for retirement
 * How does an IRA work?
 * How much should you contribute to your 401(k)?
 * How does a Roth IRA work?
 * How to pick 401(k) investments
 * IRA vs. 401(k)
 * Roth 401(k) vs. traditional 401(k)

 * Retirement calculators

 * All retirement calculators
 * Retirement calculator
 * Retirement plan income calculator
 * Roth IRA calculator
 * Social Security benefits calculator
 * Traditional IRA calculator
 * 401(k) calculator
 * 401(k) vs. Roth IRA calculator

 * Additional resources

 * Best and worst states for retirement
 * Best age to take Social Security
 * How to avoid early withdrawals
 * Inherited IRA rules
 * Retirement withdrawal strategies
 * Should you accept an early retirement offer?
 * What to do if you're ready to retire
 * What to do when you lose your 401(k) match
 * Find a financial advisor

User

Looking for a financial advisor?

Take our 3 minute quiz and match with an advisor today.

Find my match
Profile
 * BR myBankrate
 * BR Profile
 * BR Support
 * BR Logout

Sign In Create Account
SearchOpen search Close XClose search
Submit Search



COMPARE CURRENT MORTGAGE RATES FOR TODAY


Written by
Jeff Ostrowski
Written by Jeff OstrowskiArrow Right Senior mortgage reporter

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.

 * Connect with Jeff Ostrowski on Twitter Twitter
 * Connect with Jeff Ostrowski on LinkedIn Linkedin

Jeff Ostrowski

Reviewed by
Greg McBride, CFA
Reviewed by Greg McBride, CFAArrow Right Chief financial analyst

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.

 * Connect with Greg McBride, CFA on Twitter Twitter
 * Get in contact with Greg McBride, CFA via Email Email

About our review board
Greg McBride, CFA
Mar. 01, 2023
Advertiser Disclosure
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
 * Mortgage industry insights
 * How to get a mortgage
 * Factors that determine your mortgage rate
 * How to find and compare interest rates today
 * Frequently asked questions about mortgages
 * Looking to refinance your current mortgage?

ON THIS PAGE

Jump to Menu List
COMPARE


TOP OFFERS ON BANKRATE VS. THE NATIONAL AVERAGE INTEREST RATE
INFO HOVER FOR MORE
APRS NOT INCLUDED. FOR OUR MOST RECENT APR INFORMATION, PLEASE VISIT OUR RATE
TABLE

Purchase Refinance
Loan term 10-year fixed 15-year fixed 20-year fixed 30-year fixed 5/1 ARM Caret
Down
Loan type Conventional VA FHA Jumbo Caret Down
How our rates are calculated
See today's mortgage rates Arrow Right
Top offers on Bankrate: 6.43%
National average: 6.95%


For the week of February 24th, top offers on Bankrate is 0.52% lower than the
national average. On a $300,000 30-year loan, this translates to $103 in monthly
savings.


TODAY'S NATIONAL MORTGAGE INTEREST RATE TRENDS

For today, Wednesday, March 01, 2023, the current average interest rate for the
benchmark 30-year fixed mortgage is 7.03%, rising 7 basis points from a week
ago. If you're looking to refinance your current loan, the current average
interest rate for a 30-year fixed refinance is 7.11%, up 8 basis points over the
last seven days. Meanwhile, today's national average 15-year refinance interest
rate is 6.41%, increasing 7 basis points since the same time last week. Whether
you are buying or refinancing, Bankrate often has access to offers well below
the national average, displaying the interest rate, APR (rate plus costs) and
estimated monthly payment to help you compare deals and fund your home for less.
With interest rates on the rise, it’s important to shop around for mortgage
offers before committing to a loan.


COMPARE CURRENT MORTGAGE RATES FOR TODAY

Advertiser Disclosure

Written by
Jeff Ostrowski
Written by Jeff OstrowskiArrow Right Senior mortgage reporter

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.

 * Connect with Jeff Ostrowski on Twitter Twitter
 * Connect with Jeff Ostrowski on LinkedIn Linkedin

Jeff Ostrowski

Reviewed by
Greg McBride, CFA
Reviewed by Greg McBride, CFAArrow Right Chief financial analyst

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.

 * Connect with Greg McBride, CFA on Twitter Twitter
 * Get in contact with Greg McBride, CFA via Email Email

About our review board
Greg McBride, CFA

On Wednesday, March 01, 2023, the national average 30-year fixed mortgage APR is
7.04%. The average 15-year fixed mortgage APR is 6.35%, 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 editorial integrity, this post may contain references to
products from our partners. Here's an explanation for how we make money.




ON THIS PAGE Caret Down
 * National mortgage interest rate trends
 * Mortgage industry insights
 * How to get a mortgage
 * Factors that determine your mortgage rate
 * How to find and compare interest rates today
 * Frequently asked questions about mortgages
 * Looking to refinance your current mortgage?


ON THIS PAGE

Jump to Menu List

Important information about our rate table Caret Down

About our Mortgage Rate Tables: 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.

Availability of Advertised Terms: 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. Click here for rate
criteria by loan product.

Loan Terms for Bankrate.com Customers: 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.

Loans Above $726,200 May Have Different Loan Terms: If you are seeking a loan
for more than $726,200, 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.

Taxes and Insurance Excluded from Loan Terms: 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.

Consumer Satisfaction: 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 click here to provide your
comments to Bankrate Quality Control.


ON THIS PAGE

 * National mortgage interest rate trends
 * Mortgage industry insights
 * How to get a mortgage
 * Factors that determine your mortgage rate
 * How to find and compare interest rates today
 * Frequently asked questions about mortgages
 * Looking to refinance your current mortgage?


WEEKLY NATIONAL MORTGAGE INTEREST RATE TRENDS

 * Mortgages
 * Refinance

Current mortgage rates  

30 year fixed 6.95% 15 year fixed 6.23% 10 year fixed 6.43% 5/1 ARM 5.67%


TODAY'S NATIONAL MORTGAGE INTEREST RATE TRENDS

For today, Wednesday, March 01, 2023, the current average interest rate for the
benchmark 30-year fixed mortgage is 7.03%, rising 7 basis points from a week
ago. If you're looking to refinance your current loan, the current average
interest rate for a 30-year fixed refinance is 7.11%, up 8 basis points over the
last seven days. Meanwhile, today's national average 15-year refinance interest
rate is 6.41%, increasing 7 basis points since the same time last week. Whether
you are buying or refinancing, Bankrate often has access to offers well below
the national average, displaying the interest rate, APR (rate plus costs) and
estimated monthly payment to help you compare deals and fund your home for less.
With interest rates on the rise, it’s important to shop around for mortgage
offers before committing to a loan.


MORTGAGE INDUSTRY INSIGHTS


FED SEES THROUGH FEBRUARY HIKE, MORTGAGE RATES NEAR 6.25 PERCENT

The benchmark fixed rate on 30-year mortgages now sits at 6.3 percent, down from
last month’s levels, according to Bankrate’s national survey of large lenders.
The Federal Reserve raised rates at its February meeting, the central bank’s
eighth straight increase — although this time by just a quarter-point — in its
efforts to halt inflation, which began skyrocketing in mid-2021. As a result,
mortgage interest rates doubled in 2022, peaking at 7 percent in November.

However, inflation finally is slowing now, and mortgage rates could continue to
come down. “I think we could be surprised at how much mortgage rates pull back
this year,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

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 affect adjustable-rate mortgages (ARMs) and home
equity products, however. Each time the central bank raises its key rate,
variable home loan rates move in tandem.

"The Fed continuing to raise short-term interest rates actually portends lower —
not higher — long-term rates, including mortgage rates,” McBride says. “The more
the Fed raises rates now, the less those bond investors will need to fret about
inflation and the greater the risk of a recession, when investors stampede into
bonds."

Some analysts believe fixed mortgage rates might dip back into the 5 percent
range in 2023. Learn what the experts predict in Bankrate’s forecast.

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.

 * CURRENT WEEKLY MORTGAGE INTEREST RATE TRENDS
   
   Caret Down
   
   3-month trend 30-Year Fixed Interest Rates 15-Year Fixed Interest Rates
   10-Year Fixed Interest Rates 5/1 ARM Interest Rates 2/24/2023 6.95% 6.23%
   6.43% 5.67% 2/17/2023 6.77% 6.12% 6.06% 5.53% 2/10/2023 6.55% 5.84% 5.85%
   5.46% 2/3/2023 6.36% 5.66% 5.65% 5.43% 1/27/2023 6.43% 5.65% 5.63% 5.42%
   1/20/2023 6.36% 5.63% 5.72% 5.41% 1/13/2023 6.46% 5.85% 6.01% 5.50% 1/6/2023
   6.52% 6.06% 6.22% 5.50% 12/30/2022 6.59% 5.95% 5.89% 5.45% 12/23/2022 6.47%
   5.83% 5.74% 5.45% 12/16/2022 6.60% 6.00% 6.11% 5.46% 12/9/2022 6.52% 5.91%
   5.99% 5.45% 12/2/2022 6.67% 6.04% 6.07% 5.48% 11/25/2022 6.81% 6.16% 6.26%
   5.51% 11/18/2022 6.84% 6.22% 6.35% 5.54% 11/11/2022 7.24% 6.46% 6.56% 5.62%
   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%
   
   3-month trend 30-Year Fixed Interest Rates 15-Year Fixed Interest Rates
   10-Year Fixed Interest Rates 5/1 ARM Interest Rates
   
   Read more: Bankrate's weekly mortgage rate trend predictions from industry
   experts

 * HOW DOES THE FEDERAL RESERVE AFFECT MORTGAGE RATES?
   
   Caret Down
   
   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.
   
   Dig deeper into how the Federal Reserve affects mortgage rates.


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. From the time you’re approved until you receive the funds
(and close on the home purchase), the process typically takes six or seven
weeks.

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 mortgage
application process to ensure you get the best rate and most affordable monthly
payments.

Here are quick steps to prepare for a mortgage:

 1.  Build your credit
 2.  Determine your budget and how much house you can afford
 3.  Set savings aside for both a down payment and monthly mortgage payments
 4.  Research the best type of mortgage for you
 5.  Compare current mortgage rates
 6.  Choose the right lender
 7.  Get preapproved
 8.  See multiple houses within your budget
 9.  Apply and get approved for a mortgage
 10. Close on your new house

 

Follow this guide to getting a mortgage.

 * WHAT ARE THE DIFFERENT TYPES OF MORTGAGES?
   
   Caret Down
   
   There are many different types of mortgages, 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
   
   Conventional loans 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 conforming or nonconforming; 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 Federal Housing Administration (FHA loans), the U.S. Department of
   Agriculture (USDA loans) and the U.S. Department of Veterans Affairs (VA
   loans). 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 (conventional mortgages). 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
   
   Jumbo mortgages are loans that exceed federal loan limits for conforming loan
   amounts. For 2023, the maximum conforming loan limit for single-family homes
   in most of the U.S. is $726,200, and $1,089,300 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 fixed-rate mortgage 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 15-year fixed-rate, jumbo fixed-rate and 30-year fixed-rate mortgages.
   
   
   ADJUSTABLE-RATE 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.
   
   Compare fixed-rate vs. adjustable-rate mortgages.

 * HOW MUCH MORTGAGE CAN I AFFORD?
   
   Caret Down
   
   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. Conforming mortgages have limits 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
   "How much house can I afford?" calculator.

 * WHAT IS A MORTGAGE PREAPPROVAL?
   
   Caret Down
   
   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 prequalification 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.
   
   Follow this guide to getting a mortgage preapproval.


FACTORS THAT DETERMINE YOUR MORTGAGE RATE

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 debt-to-income ratio (DTI)
 * The price of the property

Your credit score is the most important driver of your mortgage rate. 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. So to secure the best rate,
take steps to improve your credit score before you apply for a mortgage.

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.

 * WHAT CREDIT SCORE DO I NEED FOR A MORTGAGE?
   
   Caret Down
   
   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 get a mortgage with poor or bad credit, your interest rate and terms may
   not be as favorable.
   
   Find out more about what credit score requirements to buy a house.

 * HOW MUCH IS THE DOWN PAYMENT ON A HOUSE?
   
   Caret Down
   
   Mortgages have varying minimum down payment requirements. 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
   mortgage insurance premiums. If you can put 20 percent down, you won’t pay
   any mortgage insurance at all, and likely get the most favorable rates.
   
   Find out about down payment assistance.

 * HOW CAN MORTGAGE POINTS LOWER MY INTEREST RATE?
   
   Caret Down
   
   Mortgage points, 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.


HOW TO FIND AND COMPARE INTEREST RATES TODAY

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 compare APRs, 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 loan 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
best available rate, 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 mortgage rates comparison tool 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 FOR YOU

Bankrate’s mortgage calculator 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.

Mortgages are endlessly complicated, and finding the best deal requires you to
look at more than just the rate. Here are other things to consider when
comparing offers:

 * APR. As we just laid out, this gives a more accurate sense of the interest
   you’ll pay. 
 * Lender fees. They can vary widely from one lender to the next.
 * Closing costs. You might be able to negotiate on some of these items, which
   include appraiser fees and credit check fees.

 * WHAT IS THE DIFFERENCE BETWEEN APR AND INTEREST RATE?
   
   Caret Down
   
   The difference between APR and interest rate 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:
   
    * Interest rate – This is simply the percentage rate paid over the life of
      the loan.
    * Points – 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.
    * Origination fee – This is a fee — one of many closing costs — most lenders
      charge for creating or initiating your loan.
    * Mortgage broker 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.

 * HOW DO I CHOOSE A MORTGAGE LENDER?
   
   Caret Down
   
   Mortgage lenders 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 savings account or checking account is.
   
   If your credit is a bit tarnished, many lenders offer loans with lower down
   payment and credit requirements through the FHA. Veterans might find VA
   mortgages especially attractive.
   
   Learn more about how to find the best mortgage lender.


FREQUENTLY ASKED QUESTIONS ABOUT MORTGAGES

 * WHAT ARE THE PROS AND CONS OF GETTING A MORTGAGE VS. RENTING?
   
   Caret Down
   
   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 fixed-rate mortgage, 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.
   
   Get help deciding to rent vs. buy a home.

 * WHAT IS A MORTGAGE RATE LOCK?
   
   Caret Down
   
   A mortgage rate lock 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.
   
   Get help deciding when to lock your mortgage rate.

 * WHAT ARE CLOSING COSTS ON A MORTGAGE?
   
   Caret Down
   
   The closing costs 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 credit), which can help lower the amount of cash you need to
   bring to closing.


LOOKING TO REFINANCE YOUR CURRENT MORTGAGE?

As mortgage rates rise, fewer homeowners, if any, will stand to benefit from
refinancing 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 eliminate mortgage insurance 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
appraisal, 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.

Compare refinance rates and do the math with Bankrate's refinance calculator.

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.

Read more from Jeff Ostrowski

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.

Read more from Greg McBride


MORTGAGE RATES IN OTHER STATES

 * United States
 * Alabama
 * Alaska
 * Arizona
 * Arkansas
 * California
 * Colorado
 * Connecticut
 * Delaware
 * Florida
 * Georgia
 * Hawaii
 * Idaho
 * Illinois
 * Indiana
 * Iowa
 * Kansas
 * Kentucky
 * Louisiana
 * Maine
 * Maryland
 * Massachusetts
 * Michigan
 * Minnesota
 * Mississippi
 * Missouri
 * Montana
 * Nebraska
 * Nevada
 * New Hampshire
 * New Jersey
 * New Mexico
 * New York
 * North Carolina
 * North Dakota
 * Ohio
 * Oklahoma
 * Oregon
 * Pennsylvania
 * Rhode Island
 * South Carolina
 * South Dakota
 * Tennessee
 * Texas
 * Utah
 * Vermont
 * Virginia
 * Washington
 * Washington DC
 * West Virginia
 * Wisconsin
 * Wyoming




BANKRATE LOGO BANKRATE


ABOUT

 * About us
 * Press room
 * Careers
 * Advertise with us
 * Site map


HELP

 * Contact us
 * Compare rates
 * Latest news
 * Popular topics


LEGAL

 * Privacy policy
 * Cookie Settings
 * Do not sell my info
 * Understanding Bankrate’s averages
 * Terms of use
 * GLBA annual notice
 * California Consumer Financial Privacy Notice
 * Licenses


HOW WE MAKE MONEY

Bankrate.com is an independent, advertising-supported publisher and comparison
service. We are compensated in exchange for placement of sponsored products and,
services, or by you clicking on certain links posted on our site. Therefore,
this compensation may impact how, where and in what order products appear within
listing categories, except where prohibited by law for our mortgage, home equity
and other home lending products. Other factors, such as our own proprietary
website rules and whether a product is offered in your area or at your
self-selected credit score range can also impact how and where products appear
on this site. While we strive to provide a wide range offers, Bankrate does not
include information about every financial or credit product or service.

Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access

Facebook Twitter
Bankrate US | UK

© 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.




ADVERTISER 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.

Bankrate is an independent, advertising-supported publisher and comparison
service. We are compensated 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, except where prohibited by law for our mortgage, home equity
and other home lending products. However, this compensation in no way affects
Bankrate’s news coverage, recommendations or advice as we adhere to strict
editorial guidelines.

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.


ADVERTISER DISCLOSURE

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, except where prohibited by law for our mortgage, home equity and other
home lending products. This table does not include all companies or all
available products. Bankrate does not endorse or recommend any companies.


ON THIS PAGE

 * Mortgage industry insights
 * How to get a mortgage
 * Factors that determine your mortgage rate
 * How to find and compare interest rates today
 * Frequently asked questions about mortgages
 * Looking to refinance your current mortgage?


HOW OUR RATES ARE CALCULATED

 * The national average is calculated by averaging interest rate information
   provided by 100-plus lenders nationwide. Compare the national average versus
   top offers on Bankrate to see how much you can save when shopping on
   Bankrate.
 * Bankrate top offers represent the weekly average interest rate among top
   offers within our rate table for the loan type and term selected. Use our
   rate table to view personalized rates from our nationwide marketplace of
   lenders on Bankrate.


ON THIS PAGE

 * National mortgage interest rate trends
 * Mortgage industry insights
 * How to get a mortgage
 * Factors that determine your mortgage rate
 * How to find and compare interest rates today
 * Frequently asked questions about mortgages
 * Looking to refinance your current mortgage?