How does a mortgage work?

A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the loan is the home itself — that means if the borrower doesn’t make their monthly payments and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan. Learn more: What is a mortgage?

Should you lock in your mortgage rate?

A mortgage rate lock guarantees — with a few exceptions — that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home and close the sale. Most lenders offer a 30- to 45-day rate lock free of charge; often, you can pay a fee to extend the lock period. Some lenders also offer a “float down” option, which allows you to lower your locked rate if prevailing rates fall — though you’ll likely have to pay a fee for this perk, too.Learn more: What is a mortgage rate lock?

How much are closing costs on a mortgage?

The closing costs on a mortgage encompass all of the fees associated with the loan, including lender fees, like the origination fee — which typically equals 1% of the loan principal — and optional points. Closing costs also include third-party fees, like the cost of an appraisal and title insurance. All told, these usually run anywhere from 2% to 5% of the amount you’re borrowing, above and beyond your down payment.Learn more: Mortgage closing costs

Who are the best mortgage lenders?

The answer will be different for each individual borrower. It’s crucial to comparison shop: Do your research, read online reviews and don’t automatically disregard a lender just because you’ve never heard of it before. By the same token, you shouldn’t choose one just because it’s a big name brand. The best lender for you will be the one that offers you some combination of the lowest APR, terms that meet your needs and convenient and helpful customer service. Bankrate’s list of the best mortgage lenders in 2026 is a good starting point.

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Showing results for: Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.

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Sage Home Loans 30 Year Fixed

NMLS #3304 | State Lic: RM.850026.000

Rate as of 6/23/26: 5.373%
APR: 5.553%
Points: 1.553
Monthly payment: $1,971
Upfront costs: $6,9618 year cost: $148,950
Customer score

Tomo Mortgage 30 Year Fixed

NMLS #2059741 | State Lic: RM.804811.000

Rate as of 6/23/26: 5.375%
APR: 5.591%
Points: 1.762
Monthly payment: $1,976
Upfront costs: $7,9028 year cost: $149,577
Customer score

Optimum First Mortgage 30 Year Fixed

NMLS #240415 | State Lic: RM.804405.000

Rate as of 6/23/26: 5.623%
APR: 5.855%
Points: 1.93
Monthly payment: $2,026
Upfront costs: $8,7898 year cost: $157,397
Customer score

Third Federal Savings and Loan 30 Year Fixed

NMLS #449401

Rate as of 6/23/26: 5.690%
APR: 5.914%
Points: 2
Monthly payment: $2,041
Upfront costs: $8,4358 year cost: $159,290
Customer score

Mutual of Omaha Mortgage 30 Year Fixed

NMLS #1025894

Rate as of 6/23/26: 5.750%
APR: 5.992%
Points: 1.948
Monthly payment: $2,054
Upfront costs: $9,0958 year cost: $161,632
Customer score

Aimloan 30 Year Fixed

NMLS #2890 | State Lic: RM.850089.000

Rate as of 6/23/26: 5.875%
APR: 6.056%
Points: 1.647
Monthly payment: $2,082
Upfront costs: $6,7928 year cost: $162,838
Customer score

First Federal Bank 30 Year Fixed

NMLS #408902

Rate as of 6/23/26: 5.875%
APR: 6.058%
Points: 1.61
Monthly payment: $2,083
Upfront costs: $6,8628 year cost: $162,907
Customer score

Real Genius 30 Year Fixed

NMLS #2389303 | State Lic: RM.804955.000

Rate as of 6/23/26: 5.875%
APR: 6.074%
Points: 1.748
Monthly payment: $2,083
Upfront costs: $7,4478 year cost: $163,492
Customer score

Alliant Credit Union 30 Year Fixed

NMLS #197185

Rate as of 6/23/26: 6.000%
APR: 6.177%
Points: 1.596
Monthly payment: $2,110
Upfront costs: $6,5688 year cost: $166,127
Customer score

Rocket Mortgage 30 Year Fixed

NMLS #3030

Rate as of 6/23/26: 6.625%
APR: 6.882%
Points: 1.75
Monthly payment: $2,254
Upfront costs: $9,1608 year cost: $186,356
Customer score

Optimum First Mortgage 5/6 Arm

NMLS #240415 | State Lic: RM.804405.000

Rate as of 6/23/26: 5.498%
APR: 6.154%
Points: 1.912
Monthly payment: $1,998
Upfront costs: $8,7258 year cost: $158,680
Customer score

First Federal Bank 5/6 Arm

NMLS #408902

Rate as of 6/23/26: 5.250%
APR: 6.149%
Points: 1.932
Monthly payment: $1,944
Upfront costs: $7,9958 year cost: $168,520
Customer score

Showing 12 of 14

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 $832,750 May Have Different Loan Terms: If you are seeking a loan for more than $832,750, 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.

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Bankrate's Mortgage Rate Variability Index

The Mortgage Rate Variability Index reads 3 out of 10 as of June 22, 2026, up from 2 last week. Our index ranks variability from a low of 1 to a high of 10, with a higher reading reflecting broader fluctuations in loan offers.

What does that mean for you as a borrower? When the variability index indicates low volatility, as it does now, you might not find significant differences in mortgage offers from one lender to the next — but it’s still important to shop around. Rates have bounced around 6.5% lately.

As of last week, the average 30-year mortgage rate in Bankrate’s weekly survey was 6.48%, as markets digest the war in Iran and rising oil prices. Housing economists expect rates to stay above 6% for the rest of the year.

A closer look at this week’s index

Here’s how this week’s overall index reading of 3 breaks down by factor.

30-year rates post a score value of 0.28 out of 1. This means rates moved more last week than they did in 28% of past weeks.
Treasury rates have a score value of 0.39 out of 1, meaning they moved more than in 39% of historical weeks.
Expert disagreement shows a score value of 0.33 out of 1. Experts are somewhat unsure if rates will go up or stay flat, and this level of disagreement outpaces that of 33% of historical weeks.

Learn more about Bankrate's Mortgage Rate Variability Index.

Ask the Experts

Experts think mortgage rates will stay unchanged this week

Sean P. Salter, Ph.D.

Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University, Murfreesboro, TN

"While the Fed’s rate target range was unchanged, many still expect a rate hike later in the year. That expectation — coupled with a recent rate hike from the European Central Bank — seems to be driving Treasury and bond yields higher, even with some good recent economic data reports." - June 17

Dr. Anthony O. Kellum

President & CEO, Kellum Mortgage, Roseville, MI

“Much of the market has already priced in the expectation that the Fed will maintain its current stance. Unless we receive unexpected economic data or a significant shift in the Fed's outlook, I don't see a strong catalyst for rates to move materially higher or lower. What I'll be paying close attention to is the Fed's commentary on inflation, employment, and the broader economy. Mortgage rates are influenced more by investor expectations and the bond market than by the federal funds rate itself.” - June 17

James Sahnger

Mortgage Planner, C2 Financial Corporation, Palm Beach Gardens, FL

"Kevin Warsh is the new sheriff in town at the Fed, and he made it clear this is his Fed and there will be many changes from the past Federal Reserves. First things first, though: There was no change to the federal funds rate, as expected. The tone of the statement and post-meeting commentary was more hawkish than expected and probably to the chagrin of Donald Trump. Rate reductions this year appear to be off the table with a possibility of rate hikes. Interest rates rose a bit Wednesday afternoon, but I expect that rates will be stable [for] the next week." - June 17

Product	Interest Rate	APR
30-Year Fixed Rate	6.61%	6.68%
20-Year Fixed Rate	6.40%	6.50%
15-Year Fixed Rate	6.00%	6.09%
10-Year Fixed Rate	5.95%	6.03%
30-Year Fixed Rate FHA	6.28%	6.31%
30-Year Fixed Rate VA	6.24%	6.28%
30-Year Fixed Rate Jumbo	6.76%	6.79%

Rates as of Tuesday, June 23, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

Product	Interest Rate	APR
30-Year Fixed Rate	6.72%	6.79%
20-Year Fixed Rate	6.46%	6.58%
15-Year Fixed Rate	6.11%	6.20%
10-Year Fixed Rate	6.12%	6.19%
30-Year Fixed Rate FHA	6.48%	6.53%
30-Year Fixed Rate VA	6.22%	6.26%
30-Year Fixed Rate Jumbo	6.76%	6.78%

Rates as of Tuesday, June 23, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

Why compare mortgage rates from multiple lenders?

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 into thousands of extra dollars. In fact, shopping with multiple lenders can save you over $1,000 a year, according to research from Freddie Mac.

Mortgage rates depend on each borrower’s specific finances and each lender’s pricing strategy. The first offer you get might not be the best one available. Taking the time to compare multiple lenders helps you spot differences in interest rates, fees and APR, giving you a clearer picture of what you can expect to pay.

"Lenders base rates not just on your personal financial profile or the current market, but also on their business needs,” says Andrew Dehan, a senior analyst for Bankrate. “Like how a plumber will charge you more if they're busy, a mortgage lender moves their rates depending on the amount and type of business they have. That's why it's important to shop around, especially when rates and loan amounts are higher.”

Comparison shopping also builds confidence in your decision. When you see how offers stack up side-by-side, you’re less likely to overpay and more equipped to negotiate better terms. It turns the guesswork into strategy, helping you lock in a loan that fits your financial reality. “Even a seemingly small difference, like 0.25%, can be tens of thousands of dollars over the life of the loan," says Dehan.

How to compare mortgage rates

“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.

How your mortgage rate is determined

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.

Learn more: How to get a mortgage

Different types of mortgage loans

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 vs. refinance loans

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 vs. government-backed loans

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 vs. non-conforming loans

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.

Fixed-rate loans vs. adjustable-rate loans

Fixed-rate mortgages lock in your interest rate for the life of the loan, offering the benefit of predictable monthly payments that are easier to budget around. In contrast, adjustable-rate mortgages typically start with a lower introductory rate, then adjust periodically based on market conditions. This means your rate, and your payments, could rise or fall at various intervals over time.

Frequently asked questions

A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the loan is the home itself — that means if the borrower doesn’t make their monthly payments and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan.

Learn more: What is a mortgage?
A mortgage rate lock guarantees — with a few exceptions — that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home and close the sale. Most lenders offer a 30- to 45-day rate lock free of charge; often, you can pay a fee to extend the lock period. Some lenders also offer a “float down” option, which allows you to lower your locked rate if prevailing rates fall — though you’ll likely have to pay a fee for this perk, too.

Learn more: What is a mortgage rate lock?
The closing costs on a mortgage encompass all of the fees associated with the loan, including lender fees, like the origination fee — which typically equals 1% of the loan principal — and optional points. Closing costs also include third-party fees, like the cost of an appraisal and title insurance. All told, these usually run anywhere from 2% to 5% of the amount you’re borrowing, above and beyond your down payment.

Learn more: Mortgage closing costs
The answer will be different for each individual borrower. It’s crucial to comparison shop: Do your research, read online reviews and don’t automatically disregard a lender just because you’ve never heard of it before. By the same token, you shouldn’t choose one just because it’s a big name brand. The best lender for you will be the one that offers you some combination of the lowest APR, terms that meet your needs and convenient and helpful customer service. Bankrate’s list of the best mortgage lenders in 2026 is a good starting point.

Next steps to getting a mortgage

Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:

How to improve your credit score to get a mortgage

Boosting your credit score can make it easier for you to get approved — with a lower interest rate.

How to save for a down payment

Saving the big chunk of cash you'll need upfront can be tough. These tactics help.

How to choose a mortgage lender

The path to a good loan begins with selecting the right lender.

Income requirements to qualify for a mortgage

Your income helps determine how much you can borrow.

Meet our Bankrate experts