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National average rates
Your complete guide to mortgage rates
Mortgage rates FAQs
Mortgage interest rates describe how much you’ll pay for a home loan.
Your mortgage interest rate represents the percentage that lenders charge you to borrow money for a home. You will see it included as part of your monthly payment.
Getting the lowest rate requires timing and preparation. Improving your credit score or saving for a substantial down payment will help you get the lowest mortgage rate when the timing is right to apply for a loan.
Understanding the full scope of your borrowing limits will also help you understand average mortgage rates. This will also help determine the best option for your situation.
APR shows the true cost of a loan, expressed as a percentage. It includes the interest rate and any additional fees such as closing costs or origination fees.
Mortgage refinance interest rates typically are similar to purchase interest rates, but there can be differences based on several factors. Consulting with a lender is your best option to ensure you get a mortgage rate that makes sense for your finances.
Locking the rate is an agreement between you and your lender that locks in your mortgage interest rate for a specific period of time, usually 30-60 days. It's intended to protect you in the event that rates rise before your loan closing.
Two of the main factors that will affect your loan qualification and mortgage interest rate are your financial history and credit score. Usually expressed as a number from 500 to 850, credit scores provide a summary of a borrower's history of managing debt and repaying loans.
A credit score shows a borrower’s financial background. It looks at how long they have had debt, their payment habits, types of credit, and other financial factors. Creditors will always use your credit score as one factor in your mortgage application.
Lenders set mortgage rates based on several factors, including market forces, the Federal Reserve, and borrower and loan profiles. Your credit score, down payment and debt-to-income ratio (DTI) also will affect the rate a lender will offer you.
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**Rate’s 5-minute pre-approval refers to an automated underwriting review of borrower submitted loan documentation and subsequent pre-approval and should not suggest to a borrower that Rate has fully funded or approved the borrowers mortgage application within 5 minutes. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Restrictions apply.