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Compare current mortgage rates for today

May. 29, 2023
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Compare current mortgage rates for today

On Monday, May 29, 2023, the national average 30-year fixed mortgage APR is 7.21%. The average 15-year fixed mortgage APR is 6.63%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage industry insights

Fed lifts rates again, but the tightening cycle might be over

The Federal Reserve hiked interest rates in May, but also indicated a potential halt to further increases as inflation shows signs of stabilizing.

Ahead of the central bank’s announcement, the average 30-year fixed-rate mortgage cost 6.52 percent, according to Bankrate’s national survey of large lenders. The rates on fixed mortgages don’t parallel the Fed’s moves, but there is some link between what the Fed does, the broader economy and how the mortgage market responds.

“The highest borrowing rates in years will get a little bit higher for credit cards, home equity lines of credit, auto loans and personal loans,” says Greg McBride, chief financial analyst for Bankrate. “Mortgage rates don’t take direct cues from the Fed and will instead respond to the outlook for the economy and inflation. A slowing economy and an easing of inflation pressures are the prerequisites for lower mortgage rates.”

Find out what experts predict for mortgage rates in Bankrate’s forecast.

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.19% 7.21%
20-Year Fixed Rate 7.01% 7.03%
15-Year Fixed Rate 6.61% 6.63%
10-Year Fixed Rate 6.74% 6.76%
5-1 ARM 6.00% 7.74%
10-1 ARM 6.29% 7.69%
30-Year Fixed Rate FHA 6.65% 7.58%
30-Year Fixed Rate VA 6.71% 6.83%
30-Year Fixed Rate Jumbo 7.20% 7.21%

Rates as of Monday, May 29, 2023 at 6:30 AM



How to get 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. From the time you’re approved until you receive the funds (and close on the home purchase), the process typically takes six or seven weeks.

Because a home is usually the biggest purchase a person makes, a mortgage is often a household’s largest debt. Getting the best possible terms on your loan can mean a difference of hundreds of extra dollars in or out of your budget each month, and tens of thousands of dollars in or out of your pocket over the life of the loan. It’s important to prepare for the mortgage application process to ensure you get the best rate and most affordable monthly payments.

Here are quick steps to prepare for a mortgage:

  1. Build your credit
  2. Determine your budget and how much house you can afford
  3. Set savings aside for both a down payment and monthly mortgage payments
  4. Research the best type of mortgage for you
  5. Compare current mortgage rates
  6. Choose the right lender
  7. Get preapproved
  8. See multiple houses within your budget
  9. Apply and get approved for a mortgage
  10. Close on your new house

Follow this guide to getting a mortgage.

Factors that determine your mortgage rate

Lenders consider these factors when pricing your interest rate:

Credit score

Your credit score is the most important driver of your mortgage rate. Lenders have settled on this three-digit score as the most reliable predictor of whether you’ll make prompt payments. The higher your score, the less risk you pose in the lender’s view — and the lower rate you’ll pay. So to secure the best rate, take steps to improve your credit score before you apply for a mortgage.

Lenders reserve their most competitive rates to borrowers with excellent credit scores — usually 740 or higher. The median credit score to buy a home was 766 as of the fourth quarter of 2022, according to the Federal Reserve Bank of New York.

However, you don’t need spotless credit to qualify for a mortgage. You’ll need a minimum credit score of 620 for a conventional loan, and loans insured by the Federal Housing Administration, or FHA, have a minimum requirement of 580, although you’ll probably need a score of 620 or higher to qualify with most lenders. (While FHA loans offer competitive rates, the fees are steep.)

To score the best deal, work to boost your credit score above 740. While you can get a mortgage with poor or bad credit, your interest rate and terms may not be as favorable.

Find out more about the credit score requirements to buy a house.

Loan details

The kind of mortgage you choose can affect your interest rate, too, with shorter-term loans like 15-year mortgages typically having lower rates compared to 30-year ones. ARMs also have lower rates during the introductory period, but they can rise (or fall) over time once the first phase of the term expires.

The amount you borrow could also be a factor. For some time now, jumbo loan borrowers have gotten better rates compared to conforming loan borrowers.

How to compare mortgage interest rates today

With a mortgage likely one of the biggest components (and commitments) in your budget, it’s crucial to get the lowest possible interest rate. You won’t know what rates you qualify for unless you comparison-shop. Evaluating offers on Bankrate is especially smart, because our relationships with lenders can help you get special low rates.

Step 1: Determine what type of mortgage is right for you

When finding current mortgage rates, the first step is to decide what type of mortgage loan best suits your goals and budget. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.

Step 2: Compare mortgage rates

Once you decide which mortgage type fits your needs, you can begin comparing current mortgage options. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders, or by using a mortgage broker. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders.

Keep in mind that mortgage rates change daily, even hourly, based on market conditions, and can vary by loan type and term. To ensure you’re getting accurate rate quotes, compare loan estimates based on the same term and product, and aim to get your quotes all on the same day.

Step 3: Choose the best mortgage offer for you

Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.

Frequently asked questions about mortgages

How to refinance your current mortgage

Now that rates are higher, few homeowners today can save money with a standard rate-and-term refinance.
Even so, refinancing your mortgage might still make sense in some cases. Perhaps you want to switch from an ARM to a fixed-rate loan before your variable rate resets. Maybe you want to ditch your FHA loan to eliminate mortgage insurance. Perhaps you need to refinance due to divorce or other circumstances. If you want to pay down your mortgage more quickly, you can refinance and shorten your term to 20, 15 or even 10 years. Because home values have risen sharply in the last few years, it’s also possible that a refinance could free you from paying for private mortgage insurance. The bump in value might allow you to refinance and tap your home equity to pay for home renovations, as well.
There are upfront costs associated with refinancing, including for the appraisal, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time. Most experts say the ideal breakeven timeline is 18 months to 24 months.

Compare refinance rates and do the math with Bankrate's refinance calculator.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride