Compare current mortgage rates for today

Shopping for a mortgage without comparing lenders is a bit like accepting the first price you see on a house and hoping it’s fair. It might be, but you won’t know if you don’t do your research. And when you’re talking about a loan that can stretch 15 to 30 years, even small differences can snowball.

New Bankrate research on the Hidden Homeownership Tax shows that 87% of American mortgage borrowers did not choose the most competitive rate available to them in 2025, costing the typical borrower $3,343 a year, or $78,186 over the life of the loan, and an estimated $65 billion annually across mortgages originated since 2022. 

“[Our marketplace] puts up to hundreds of lenders in real-time competition for a borrower's business, and this year alone that competition has already put $121 million back into consumers' pockets,” says Bankrate CEO Matt Fellowes. “As rates climb, the cost of accepting the first offer you're handed, instead of shopping for it, climbs right along with it.” 

Mortgage rates depend on each borrower’s specific finances and each lender’s pricing strategy. The rate you get from one lender may be much different from the rate you get from another, even on the same day, even if you have solid credit. That’s why it’s important to compare rates from at least three — or even more — lenders. You can also read Bankrate’s reviews to see how each lender stacks up in terms of customer satisfaction. Consumer complaints and pricing both influence Bankrate’s lender ratings. You can read more about those here. 

Best of all, if the lender you prefer doesn’t have the lowest rate, knowing what you qualify for can help you negotiate. Comparing rates ensures that you only pay what you need to for your mortgage.

“When comparing rates, you need to look at both the interest rate and fees you're charged,” says Dehan. “For instance, one lender may quote you a lower rate than another, but it comes with buying mortgage points, which are an upfront fee you pay to buy down your rate.” 

Here’s how to compare mortgage rates:

• Get quotes from different types of lenders: You may find different costs from a local bank or credit union compared with a national bank or an online lender. 
• Consider APR as well as interest rate: Your interest rate is one cost of borrowing money, but your APR includes that as well as all the other fees associated with your loan, making it a more complete picture of the actual cost. Some lenders charge lower rates on mortgages, but higher fees counteract the savings.
• Ensure you’re comparing the same loan type: If one rate is significantly higher or lower than another, make sure they’re for the same type of product. A conventional mortgage, for instance, won’t have the same rate as a government-backed product like an FHA or VA loan.

“In general, comparing annual percentage rates (APRs) is the best move,” says Dehan. Because these account for both interest and fees, they’re a better estimation of the total cost of borrowing. 

The mortgage rate you’ll be offered depends on a number of factors — for example, your credit score and debt-to-income ratio, or the amount you owe in debt as compared to the amount you earn, have an outsized impact. So the rates you see advertised here might not match the exact rate you're offered.

The criteria that go into deciding your mortgage rate include:

• The lender: Each lender is different, each with its own business strategies and risk appetite. Lenders set rates based on a wide variety of factors: outside economic factors, your personal finances, the price of the home being purchased and even their own supply and demand.
• Your credit score and finances: The higher your credit score, and the higher your income compared to your debt, the lower the interest rate you’re likely to be approved for. That saves you money.
• Your loan size and type: The size of your loan, your down payment amount and the type of loan all affect your mortgage rate. For example, making a bigger down payment typically earns you a lower mortgage rate, as it reduces the lender’s risk. 
• The overall economy: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
• Mortgage points: Also known as discount points, these are upfront fees you can pay to reduce your interest rate. 

There are many types of mortgages out there, and it’s important to understand them so you can choose the right one for your needs. 

Purchase loans are used to buy a home, while refinance loans replace your existing mortgage with a new loan, typically one with a lower interest rate or different term length. Refinance rates may be slightly higher, depending on market conditions and how much equity you have in your home. 

Conventional loans are the most common type of mortgage, available from most lenders. They can have a fixed or an adjustable rate, and they can be either conforming or non-conforming — but they are not guaranteed or insured by the U.S. government. 

Loans backed by agencies like the Federal Housing Administration (FHA loans), Department of Veterans Affairs (VA loans) and U.S. Department of Agriculture (USDA loans) typically offer more flexible qualification standards, like a lower minimum credit score requirement, whereas conventional loans often require stronger credit profiles.

Conforming loans conform to criteria set by Fannie Mae and Freddie Mac. Non-conforming loans do not meet Fannie and Freddie’s requirements — jumbo loans, which are for amounts higher than the conforming limit, are a common example. Because they carry more risk for lenders, jumbo loans typically have stricter requirements and may come with higher rates.