Current Mortgage and Refinance Rates for May 2020

Use our national survey of lenders to find the right mortgage rate for you.

Current state of mortgage rates

Due to the economic impact of COVID-19, the federal government has cut interest rates. These cuts affect various types of mortgages differently, and have also driven a spike in demand, putting pressure on lenders and their staff. As a result, at times, you may see different or higher rates, or no rates, on our site. Learn more about the coronavirus’ impact on mortgage rates.

Today's Mortgage and Refinance Rates

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan.

Product Interest Rate APR
30-Year Fixed Rate 3.570% 3.790%
20-Year Fixed Rate 3.440% 3.680%
15-Year Fixed Rate 2.880% 3.150%
10/1 ARM Rate 3.530% 3.840%
7/1 ARM Rate 3.320% 3.810%
5/1 ARM Rate 3.270% 3.900%
30-Year VA Rate 3.280% 3.340%
30-Year FHA Rate 3.310% 3.580%
30-Year Fixed Jumbo Rate 3.700% 3.760%
15-Year Fixed Jumbo Rate 2.930% 2.970%
7/1 ARM Jumbo Rate 3.230% 3.690%
5/1 ARM Jumbo Rate 3.070% 3.640%

at 6:30 AM

What are today's mortgage rates?

On , according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.570% with an APR of 3.790%. The average 15-year fixed mortgage rate is 2.860% with an APR of 3.120%. The 5/1 adjustable-rate mortgage (ARM) rate is 3.270% with an APR of 3.900%.

Compare Bank Mortgage Rates

Bankrate collects rate information directly from lenders every day, so consumers have reliable and current data, which is essential in comparing rates and finding the right mortgage for you.

Wells Fargo Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.125% 3.226%
15-Year Fixed Rate 2.500% 2.718%
5/1 ARM 2.625% 2.908%

Rates as of 05/28/2020

Rates shown taken directly from Wells Fargo’s national rates.

Bank of America Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.375% 3.536%
15-Year Fixed Rate 2.625% 2.893%
5/1 ARM 2.750% 3.000%

Rates as of 05/28/2020

Rates shown taken directly from Bank of America's rates for Los Angeles, CA.

Quicken Loans Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.500% 3.744%
15-Year Fixed Rate 2.750% 3.178%

Rates as of 05/28/2020

Rates shown taken directly from Quicken Loan's national rates.

Chase Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.000% 3.090%
15-Year Fixed Rate 2.500% 2.607%
5/1 ARM 2.375% 2.784%

Rates as of 05/28/2020

Rates shown taken directly from Chase's rates for Los Angeles, CA.

Finding the best rate

How do I find the best mortgage rate?

The first step in getting the best mortgage rate is to decide what type of mortgage best suits your goals and budget. Typically, 15-year mortgages have lower rates but larger monthly payments than the more popular 30-year mortgage. Similarly, adjustable rate mortgages usually have lower rates to begin with, but the downside is that you’re not locked into that rate, so it can rise.

Once you’ve determined what type of loan works for you, then you should shop around. With so many lenders to choose from, borrowers should comparison shop to get the best rate. Be sure to look at the APR, not just the interest rate. The APR is the total cost of the loan (which includes the interest rate and other fees). Some lenders might have the same interest rate but different APRs, which means you’ll be charged more in fees.

When is the right time to get a mortgage?

The right time to get a mortgage is when your budget allows for it. Some people wonder if waiting for rates to drop is a good idea, but experts say it’s not. Because there are a variety of factors that influence mortgage rates, there’s no way to accurately predict if rates will rise or fall.

How do I find personalized mortgage rates?

The only way to get a personalized mortgage rate is to apply for a mortgage. The good news is that most lenders don’t charge application fees and applying with multiple lenders (to see who offers the best rate) won’t negatively affect your credit score.

Lenders consider your credit score, income, debt-to-income ratio and sometimes assets when determining what mortgage rate you’ll get. Lenders give high-risk borrowers (those with low credit scores, high debt-to-income ratio) higher interest rates to offset their exposure and vice versa, those with a strong credit profile get lower mortgage rates.

How do I choose a mortgage lender?

Mortgage lenders come in all shapes and sizes, from online companies to old-fashioned brick-and-mortar banks — and some are a mix of both. Decide what type of service and access you want from a lender and balance that with how competitive their rates are. You might decide that getting the lowest rate is the most important feature for you, while others might go with a slightly higher rate because they can apply in-person, for example.

Some banks offer discounts to existing customers, so you might be able to save money by getting a loan at the same place where your savings or checking account is.

Which banks have the best mortgage rates?

Mortgage rates can change by lender every day, which means there’s no one lender that always has the best rates. Keep in mind that rates also differ by the borrower. So, the same lender might charge Borrower A 3.25 percent and Borrower B 4.25 percent. The reason for the drastic difference is their credit profile. Lenders reward high credit scores and low debt-to-income ratios with low mortgage rates because there’s less risk of defaulting on the loan. As credit tightens, some lenders will only lend to people with stronger credit profiles.

Mortgage Basics

What is a mortgage?

A mortgage is a type of loan designed for buying a home. Mortgage loans allow buyers to break up their payments over a set number of years, paying an agreed amount of interest. Mortgages are also legal documents that allow the home seller to claim the property if the buyer doesn’t make their payments. It also protects the buyer by forbidding the seller from taking the property while regular payments are being made. In this way, mortgages protect both the seller and the buyer.

How does a mortgage work?

A mortgage is a home loan that uses your house as collateral. There are many types of mortgages, from government-backed loans designed for people who meet certain criteria like veterans (VA loans) or first-time homebuyers (FHA loans) to privately-owned loans.

The repayment options also vary. The most common mortgage requires the borrower to pay it back over 30 years, but there are also 20- and 15-year mortgages.

Mortgages also come with interest. There are two ways people can deal with interest: fixed-rate and adjustable-rate mortgages. Fixed-rate mortgages lock in the interest rate you qualify for so it never changes over the life of your loan. Adjustable-rate mortgages start with one rate but may move up or down at set intervals as interest rates change. So in a rising-rate environment, your interest rate will also rise.

What is the difference between APR and interest rate?

The difference between APR and interest rate is that the APR (annual percentage rate) is the total cost of the loan including interest rate and all fees. The interest rate is just the amount of interest the lender will charge you for the loan, not including any of the administrative costs. The APR is a more accurate picture of how much the loan will cost you.

What are the different types of mortgages?

There are three main types of mortgages: conventional, government-insured, and jumbo loans, also known as non-conforming mortgages.

Conventional mortgages

Government-insured mortgages

Non-conforming mortgages

How long do you repay a mortgage?

Mortgage terms, or how long you have to repay a mortgage, varies. The most common term is a 30-year mortgage, which allows borrowers to pay over 30 years. Of course, borrowers can have a 30-year mortgage and pay it off faster (which will reduce the total amount of interest you pay), but they’re not obligated to.

There are also 20- and 15-year mortgages. Typically, mortgages with shorter terms also have lower interest rates. So while you’ll end up paying more each month with a 15-year mortgage because you are putting more towards principal, the total of your payments will be much less than if you spread it out over 30 years.

What is the best mortgage loan type for me?

The best mortgage type depends on your budget and financial goals. Some people want lower monthly payments, even if that means paying more in interest over the life of the loan; in that case, a 30-year mortgage is likely the best option. Whereas others might be able to afford bigger monthly payments and want to minimize the amount of interest they pay, which would make the 15-year mortgage a better choice.

As far as interest rates, a fixed-rate is usually the best choice for folks who plan on staying in their home longer than a few years. Because adjustable-rate mortgages (or ARMs) usually have a lower interest rate to begin with, people who are going to sell their house within a couple years (or before they expose themselves to higher interest rates) might choose that option.

Pros and cons of different loan types

There are so many different loan types, each designed for different purposes. Some loans are ideal for first-time homebuyers with a small down payment and mediocre credit score (like FHA loans), but they also come with more restrictions than conventional mortgages. Whatever loan you choose, be sure to weigh the pros and cons -- it’s different for every homebuyer.

How much can I borrow for a mortgage?

The amount you can borrow depends on a variety of factors, including how much you’re qualified for (depending on your income, among other factors) as well as what type of loan you have. Conforming mortgages have limits while jumbo loans allow borrowers to exceed the conforming limits.

Other Frequently Asked Questions

How does the Federal Reserve affect mortgage rates?

Variable rates usually move in the same direction as the federal funds rate, so adjustable-rate mortgages would be affected. The federal funds rate, however, doesn’t directly affect long-term rates, which include financial products like 30-year fixed-rate mortgages; those tend to move with the 10-year Treasury yield.

What is a discount point?

Discount points help home buyers to reduce their monthly mortgage payments and interest rates. A discount point is most often paid before the start of the loan period, usually during the closing process. It is a type of prepaid interest made on the loan.

The cost of a point depends on the value of the borrowed money, but it is generally 1 percent of the total amount borrowed to buy the home. You can read more about discount points here.

What is a mortgage rate lock?

A mortgage rate lock freezes the interest rate. The lender guarantees (with a few exceptions) that the mortgage rate offered to a borrower will remain available to that borrower for a stated period of time. With a lock, the borrower doesn’t have to worry if rates go up between the time they submit an offer and close on the home.

Already own a home and want to refinance?

Refinancing your mortgage can be a good financial move if you lock in a lower rate. However, there are upfront costs associated with refinancing, such as appraisals, underwriting fees and taxes, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time, say 18 to 24 months.

Learn more about refinance rates here.

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