Compare today’s top mortgage rates

Use our national survey of lenders to find the lowest mortgage rate.

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Today's national average APR: 4.49%

How to find the right mortgage

1. Compare rates

We regularly survey around 4,800 banks and lenders to give you a comprehensive, up-to-date comparison.

2. Get a quote

When you find a few lenders you like, click to get a personalized rate quote based on your home purchase.

3. Apply

Once you choose a bank or lender, you'll apply for a mortgage directly with them. Then, you'll be on your way to your new home.

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Today's Mortgage Rates

Loan Term Rate Change Last Week
Last update: 07/22/2018
30-year fixed mortgage rate 4.37% N/A 4.37%
15-year fixed mortgage rate 3.79% -0.01 3.80%
5/1 ARM mortgage rate 4.08% 0.01 4.07%
7/1 ARM mortgage rate 4.23% 0.01 4.22%
30-year fixed jumbo mortgage rate 4.54% -0.01 4.55%
30 Year FHA mortgage rate 4.12% N/A 4.12%
Mortgage rates may vary daily as a result of economic factors, political activity, news and reports, or events like Federal Reserve meetings. Your individual mortgage rate may differ from the national average based on your own financial situation.
Use our mortgage comparison tool to find the right lender for you. Make sure to use APR, which includes fees and costs, when comparing mortgage rates from lenders.
To keep an eye on rates and stay up to date on the latest trends, check Bankrate.com daily.

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

    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.

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Mortgage rates in other states
  1. United States
  2. Alabama
  3. Alaska
  4. Arizona
  5. Arkansas
  6. California
  7. Colorado
  8. Connecticut
  9. Delaware
  10. Florida
  11. Georgia
  12. Hawaii
  13. Idaho
  14. Illinois
  15. Indiana
  16. Iowa
  17. Kansas
  18. Kentucky
  19. Louisiana
  20. Maine
  21. Maryland
  22. Massachusetts
  23. Michigan
  24. Minnesota
  25. Mississippi
  26. Missouri
  27. Montana
  28. Nebraska
  29. Nevada
  30. New Hampshire
  31. New Jersey
  32. New Mexico
  33. New York
  34. North Carolina
  35. North Dakota
  36. Ohio
  37. Oklahoma
  38. Oregon
  39. Pennsylvania
  40. Rhode Island
  41. South Carolina
  42. South Dakota
  43. Tennessee
  44. Texas
  45. Utah
  46. Vermont
  47. Virginia
  48. Washington
  49. Washington DC
  50. West Virginia
  51. Wisconsin
  52. Wyoming