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Today's Mortgage Rates

Loan Term	Interest Rate	Change 1 week	Rate Last Week
30-year fixed mortgage rate	4.74%	-0.08	4.82%
15-year fixed mortgage rate	3.99%	-0.14	4.13%
5/1 ARM mortgage rate	4.24%	-0.23	4.47%
7/1 ARM mortgage rate	4.34%	-0.23	4.57%
30-year fixed jumbo mortgage rate	4.72%	-0.13	4.85%
30 Year FHA mortgage rate	4.42%	-0.14	4.56%
Last update: 11/20/2018

Secure and compare current mortgage rates from multiple lenders near you. Bankrate provides real-time interest rates with APR for various loans including: 30-year fixed and 15-year fixed loans. To learn more about Bankrate's best mortgage lenders and read their reviews, check out our top lenders page. Use our rate comparison tool to compare mortgage rates and APR, which includes fees and costs, from top lenders to help make a decision on your home.

Frequently asked questions

What are the different types of mortgages?

Fixed rate mortgages are the most common type of mortgage. The interest rate remains the same for the life of the loan, so the principal and interest remain the same, too. With a fixed-rate mortgage, your monthly payment won't change (outside of property taxes, insurance premiums or homeowner's association fees).

Adjustable-rate mortgages, or ARMs, have monthly payments that can move up and down as interest rates change. Most have an initial fixed-rate period during which the borrower's rate doesn't change, followed by a longer period during which the rate changes at preset intervals. Generally, interest rates are lower than with fixed-rate mortgages, but they can rise, and you won't be able to predict future monthly payments.

FHA loans are mortgages insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Because of that insurance, lenders can offer FHA loans at competitive interest rates and with more flexible requirements.

VA loans, or Veteran Affairs mortgages, don't always require a down payment and are available to veterans and active military members. VA loans are made through the private lenders but are guaranteed by the Department of Veterans Affairs, so they don't require mortgage insurance. Most members of the military, veterans, reservists and National Guard members are eligible after 90 days of service during war periods.

What is a mortgage rate vs. an APR?

Annual percentage rate, or APR, encompasses your mortgage rate plus other charges, including points, fees and additional charges you pay in order to get a loan. Because it includes additional fees, your APR is usually higher than interest rate.

Your mortgage rate, or mortgage interest rate, is the cost you’ll pay each year to borrow your mortgage, expressed as a percentage rate. It doesn’t include any additional fees or charges. Your rate is usually lower than your APR.

Does getting a rate affect my credit?

Hard inquiries to your credit can affect your credit score, while soft inquiries don’t. Typically, just getting a mortgage rate doesn’t affect your credit - Bankrate doesn’t do a hard inquiry on your credit in order to provide a mortgage quote. Your credit could be affected, however, when you actually apply for the loan, since your lender will need to do a hard inquiry into your credit.

How often do interest rates change?

Mortgage rates can and often do change daily (sometimes, even multiple times a day). Mortgage rates go up or down based on economic events, geopolitical activity, news and reports, or things like Fed meetings and policy changes. Your interest rate can also change after you receive a quote, so when you get a good rate, be sure to lock it in and receive written confirmation from your lender.

What documents do you need to apply for a mortgage?

When you apply for a mortgage, lenders need some documentation about your finances to help determine whether you qualify for a loan (and if so, for how much). You’ll likely need to provide:

Proof of income, including the previous year’s W-2 and tax return and your most recent pay stub.
Documentation on additional earnings, like alimony, child support or employment stock options.
A list of all debts, including credit cards, student loans, car loans, alimony and child support, along with balances and monthly payments.
An inventory of your assets, including bank statements, investment records, retirement accounts, real estate and auto titles.
Bankruptcy discharge papers, if you have had a bankruptcy within the last several years

You may also have to sign an IRS Form 4506-T, which allows the lender to get a transcript of your tax return from the IRS.

How long does it take to process a loan application?

A typical mortgage application includes several parts: pre-approval, home appraisal and then application and approval. Although timing varies depending on your lender and your individual situation, it takes about 30 days on average. It can take an average of 45-60 days during businer months, and longer if your application is particularly complicated.

What does it mean to get pre-approved for a mortgage?

Pre-approval is one of the initial steps in the home-buying process - it helps you understand how much home you can afford. Getting pre-approved includes completing a mortgage application and providing documentation on your finances so that your lender can check your background and credit score. You’ll receive a conditional commitment for the loan amount you’re likely to get approved for, and you’ll have an idea of what your interest rate will be. You may be able to lock your interest rate in at this stage.

How is pre-qualification different from pre-approval?

Getting pre-qualified is one of the first steps in the home-buying process - it comes before pre-approval. You provide a bank or lender with an overview of your financial situation, and then that lender can give you an idea of the mortgage amount you’re likely to qualify for. Although getting pre-qualified doesn’t indicate that you are or will be approved for a mortgage, it helps when it comes to looking for houses and discussing options with your lender.

Pre-approval is a more involved, specific process that includes completing a mortgage application and providing documentation on your finances so your lender can check your background and credit score. You’ll receive a more exact number, as well as a conditional commitment, for the loan amount you’re likely to get approved for, and you’ll have an idea of what your interest rate will be. You may be able to lock your interest rate in at this stage.

Glossary

Mortgage Rate

The mortgage rate is the interest charged for borrowing the principal loan amount. It can be variable or fixed, but it’s always expressed as a percentage. The higher the rate, the more a borrower will pay to borrow the principal loan amount.

Purchase/refinance

Click "Purchase" if you are buying a home. Click "Refinance" if you own a home and you want to replace your mortgage with another loan at a different rate and terms.

Loan type

Select which type of mortgage you are shopping for: a 30-year fixed-rate loan, a 15-year fixed, an FHA-insured loan, an adjustable-rate mortgage (ARM) with an introductory rate lasting 5 or 7 years, a 20-year fixed, and 10-year fixed or a 30-year Veterans Affairs loan.

Purchase price

Type the price of the home you are looking to buy. This value is defaulted based on your location, but you should enter your own number.

Down payment

Select the percentage that is closest to your down payment. If your down payment is between these numbers, select the lower one. Example: If you are making a 12 percent down payment, select "10% down" and not "15% down."

Credit score

If you know your credit score, select the range that your score belongs to. The best rates and terms go to borrowers with credit scores of 740 and higher, and borrowers in the 720 to 739 range can get very good deals, too.

Points

Select the range of discount points that you are willing to pay. Discount points are an upfront fee that you pay to get a lower interest rate. One point is 1 percent of the loan amount. On a $100,000 mortgage, if you pay 1 point, you pay an upfront fee of $1,000.

ZIP code

Enter your zip code. You might see a bigger selection if you choose the nearest large city.

Today's Mortgage Rates: What is the best fit for you?

30-year fixed rate: A 30-year fixed-rate mortgage is a home loan that has a fixed interest rate for a term of 30 years and a stable monthly principal and interest payment. Borrowers who have tighter budgets tend to favor a 30-year loan because it offers more predictability and a lower monthly payment than a 15-year fixed-rate mortgage.
15-year fixed rate: A 15-year mortgage can be a money-saving choice, if borrowers can afford the larger monthly payments. In general, interest rates for 15-year mortgages are lower than the more popular 30-year option. Not only will borrowers likely enjoy a lower interest rate, but they’ll build equity faster by paying down the principal of their loan in half the time.
5/1 ARM rate: A 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an adjustable-rate mortgage for the remainder of its term. After that initial period ends, the interest rate can move up or down (depending on several factors) for the remainder of the loan term. Most ARMs come with a rate cap that limits how much the rate can change.
7/1 ARM rate: A 7/1 ARM is an adjustable-rate mortgage that carries a fixed interest rate for the first seven years of its term, along with fixed principal and interest payments. This loan might be attractive to borrowers over a fixed-rate mortgage because they’ll pay lower interest in the initial period. After that initial period ends, the interest rate can move up or down (depending on several factors) for the remainder of the loan term. Most ARMs come with a rate cap that limits how much the rate can change.
30-year fixed jumbo rate: A jumbo loan is a mortgage for a loan amount that exceeds the conforming limits set by Fannie Mae and Freddie Mac. Those limits can vary depending on the median home price in a given area. Jumbo loan interest rates can be comparable to conforming loan rates, but jumbo loans come with stricter borrowing requirements.
30-year FHA rate: An FHA loan is insured by the Federal Housing Administration with a fixed rate for 30 years, as well as mandatory mortgage insurance premiums. FHA loans have less stringent credit and down payment requirements than conventional loans, making them attractive to borrowers with blemished credit and a small down payment amount.

Compare Top Mortgage Rates for November 2018

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Frequently asked questions

Glossary

Today's Mortgage Rates: What is the best fit for you?

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