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 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.

“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.