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Mortgage
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Use our national survey of lenders to find the right mortgage rate for you.
We regularly survey around 4,800 banks and lenders to give you a comprehensive, up-to-date comparison.
When you find a few lenders you like, click to get a personalized rate quote based on your home purchase.
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.
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed mortgage rate | 4.04% | 4.17% |
| 15-year fixed mortgage rate | 3.44% | 3.64% |
| 5/1 ARM mortgage rate | 3.88% | 6.97% |
| 7/1 ARM mortgage rate | 3.92% | 6.33% |
| 30-year fixed jumbo mortgage rate | 4.19% | 4.30% |
| 30 Year FHA mortgage rate | 3.62% | 3.69% |
| 10/1 ARM | 4.24% | 6.00% |
| 20-year fixed mortgage rate | 4.01% | 4.18% |
| 30-year VA mortgage rate | 3.66% | 3.72% |
Last update: 05/21/2019 at 6:30 AM
On May 21, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 4.04 percent with an APR of 4.17 percent. The average 15-year fixed mortgage rate is 3.44 percent with an APR of 3.64 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.88 percent with an APR of 6.97 percent.
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 4.125% | 4.220% |
| 15-Year Fixed Rate | 3.500% | 3.665% |
| 5/1 ARM | 3.625% | 4.522% |
Last update: 05/21/2019
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 4.000% | 4.194% |
| 15-Year Fixed Rate | 3.250% | 3.584% |
| 5/1 ARM Fixed Rate | 3.250% | 4.473% |
Last update: 05/21/2019
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 4.375% | 4.657% |
| 15-Year Fixed Rate | 3.750% | 4.234% |
| 5/1 ARM Fixed Rate | 3.750% | 4.872% |
Last update: 05/21/2019
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 4.250% | 4.318% |
| 15-Year Fixed Rate | 3.500% | 3.686% |
| 5/1 ARM | 3.625% | 4.505% |
Last update: 05/21/2019
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.
Find out more about the difference between interest rates and APR.
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, 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 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-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.
You can find more information in the article, 5 Types of Mortgage Loans for Homebuyers.
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 | Cons | Who it's best for | |
|---|---|---|---|
| Fixed-rate mortgages | Pros
|
Cons
|
Who it's best for
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 | Pros
|
Cons
|
Who it's best for
Borrowers who don’t plan to stay in a home for more than a few years -- especially when rates are higher. |
| Conventional mortgages | Pros
|
Cons
|
Who it's best for
Borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent. |
| Government-insured mortgages | Pros
|
Cons
|
Who it's best for
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 | Pros
|
Cons
|
Who it's best for
Affluent borrowers purchasing a high-end home who also have good to excellent credit, high incomes and a substantial down payment. |
Whether it's a conventional, FHA, or VA loan, find out which mortgage is the best for you.
May 2, 2019
Homebuyers in the market for a new place this spring are in luck. Mortgage rates are backtracking after recent increases and home-price growth continues to cool, giving potential homeowners a window of affordability.
The benchmark 30-year fixed-rate mortgage fell this week to 4.30 percent from 4.36 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.71 percent. Four weeks ago, the rate was 4.29 percent. The 30-year fixed-rate average for this week is 0.80 percentage points below the 52-week high of 5.10 percent, and is 0.13 percentage points above the 52-week low of 4.17 percent.
For more in-depth mortgage rate news, check out this week's analysis.
Estimate the mortgage amount that best fits your budget.
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Estimate the mortgage amount that best fits your budget.
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