Current Mortgage Rates for January 2019

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

Last updated on January 22, 2019

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

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.

Want to learn more about buying a home?

Sign up to get Bankrate's Five Minute Guide to Mortgages delivered to your inbox.

Today's Mortgage Rates

Product Interest Rate Change 1 week Rate Last Week
30-year fixed mortgage rate 4.49% +0.14 4.35%
15-year fixed mortgage rate 3.74% +0.03 3.71%
5/1 ARM mortgage rate 4.07% +0.09 3.98%
7/1 ARM mortgage rate 4.20% +0.11 4.09%
30-year fixed jumbo mortgage rate 4.47% +0.06 4.41%
30 Year FHA mortgage rate 4.06% +0.08 3.98%
10/1 ARM 4.44% +0.19 4.25%
20-year fixed mortgage rate 4.39% +0.02 4.37%
30-year VA mortgage rate 4.10% +0.08 4.02%

Last update: 01/22/2019 at 6:30 AM

Compare current mortgage rates from mortgage lenders near you. Bankrate provides real-time interest rates and annual percentage rates (APR) for most mortgage loans types. To learn more about any mortgage lenders, simply click their listing to read their reviews, or calculate your mortgage payment. You can also 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.

How to determine which mortgage is right for you

Know the difference between interest rate vs. annual percentage rate, APR

It’s easy to confuse a mortgage interest rate and APR, but they’re quite different. The interest rate is the cost of borrowing money for the principal loan amount. It can be variable or fixed, but it’s always expressed as a percentage. An APR (annual percentage rate) includes the mortgage interest rate plus other costs such as broker fees, discount points and other lender fees, expressed as a percentage. APR is often higher than your interest rate.

What are the different types of mortgages?

Fixed-rate mortgages

Fixed-rate mortgages are the most common mortgage type. The interest rate remains the same for the life of the loan. 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

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

Jumbo mortgages

Jumbo mortgages are conventional loans that have non-conforming loan limits. This means the home prices exceed federal loan limits. For 2019, the maximum conforming loan limit for single-family homes in most of the U.S. is $484,350, according to the Federal Housing Finance Agency. Jumbo loans are more common in higher-cost areas and generally require more in-depth documentation to qualify.

Government-insured loans

Government-insuraed loans are backed by three agencies: the Federal Housing Administration (FHA loans), the U.S. Department of Agriculture (USDA loans) and the U.S. Department of Veterans Affairs (VA loans). The U.S. government isn’t a mortgage lender, but it sets the basic guidelines for each loan type offered through private lenders.

Choosing the right mortgage

Narrowing your loan choices can be difficult. Here’s a list of pros and cons of each of the options mentioned earlier to help you decide.

Pros and Cons of Different Loan Types
Pros Cons Who it's best for
Fixed-rate mortgages
  • Rates and payments remain constant, despite interest rate changes.
  • Stability makes it easier to budget.
  • Simple to understand.
  • Interest payments tend to be higher.
  • To get a lower rate, borrowers have to refinance the loan -- and pay closing costs again.
 Borrowers who plan to stay in a home many years and want predictable, stable payments at the same interest rate for the life of the loan.
Adjustable-rate mortgages
  • Feature lower rates and payments early in the loan term.
  • May qualify for more house because payments are lower (initially).
  • Help you save and invest more money with a lower payment early in the loan.
  • Rates and payments can rise over the life of the loan.
  • Higher rates -- and payments -- when loan resets can be hard to manage.
  • ARMs are difficult to understand.
  • Lenders have much more flexibility to customize.
 Borrowers who don’t plan to stay in a home for more than a few years -- especially when rates are higher.
Conventional mortgages
  • Can be used for a primary home, second home or investment property.
  • Overall borrowing costs tend to be lower than other loan types.
  • PMI is cancellable once you’ve gained 20 percent equity.
  • Put as little as 3 percent down for agency loans.
  • Minimum FICO score of 620.
  • Debt-to-income ratio of 45 to 50 percent.
  • PMI typically required if your down payment is less than 20 percent.
  • Significant documentation required to verify income, assets, down payment and employment.
 Borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent.
Government-insured mortgages
  • More relaxed credit requirements.
  • Don’t require a large down payment.
  • Open to repeat and first-time buyers.
  • Mandatory mortgage insurance premiums that cannot be canceled on some loans.
  • Higher overall borrowing costs.
  • May require more documentation to prove eligibility.
 Borrowers who have low cash savings, less-than-stellar credit or can’t qualify for a conventional loan. VA loans tend to offer the best terms and most flexibility compared to other loan types for military borrowers.
Jumbo mortgages
  • Borrow more money to buy a home in an expensive area.
  • Interest rates tend to be competitive with other conventional loans.
  • Down payment of at least 10 to 20 percent is needed.
  • Minimum FICO score of 660, but average is typically 700 or higher.
  • Maximum DTI ratio of 45 percent.
  • Must have significant assets (10 percent of the loan amount) in cash or savings accounts.
Affluent borrowers purchasing a high-end home who also have good to excellent credit, high incomes and a substantial down payment.
See all Calculators
Location Icon

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