Compare current mortgage rates for today

How to use our mortgage rate table

This table will show you estimated mortgage rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you will get custom quotes and be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

How mortgage rates work

Mortgage interest is basically how much you pay the bank to borrow its money. If you’re taking out a $100,000 mortgage, you’ll pay back more than $100,000 over time for the privilege. Generally speaking, shorter-term loans have lower interest rates than longer-term ones. With that lower interest rate and more-rapid payback, a 15-year mortgage, for example, will be a lot less expensive overall than a 30-year one. The flip side is, shorter-term loans mean higher monthly payments, so even though they save you money overall, they can squeeze your monthly budget unless you go for a cheaper home to offset the higher payment.

Why explore quotes?

Shopping around for quotes from multiple lenders is one of Bankrate’s most important pieces of advice for every mortgage applicant. When you shop, it’s important to think about not just the interest rate you’re being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Keep in mind that some institutions may have lower closing costs than others, or your current bank may extend you a special offer. There’s always some variability between lenders on both rates and terms, so make sure you understand the full picture of each offer, and think about what will suit your situation best.

What are today's mortgage rates?

For today, Monday, March 01, 2021, the benchmark 30-year fixed mortgage rate is 3.250% with an APR of 3.450%. The average 15-year fixed mortgage rate is 2.530% with an APR of 2.810%. The 5/1 adjustable-rate mortgage (ARM) rate is 3.000% with an APR of 3.990%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders. Check out our mortgage calculator for rates customized to your specific financial needs.

What to know before getting a mortgage

By Jeff Ostrowski

The information below consists of information and tips that will be helpful in selecting the best mortgage for your financial situation.

Mortgage News

Bankrate’s Housing Heat Index: A look at which states are benefiting most from the current housing boom

The Housing Heat Index shows how states’ real estate markets are faring in the coronavirus recession, and how they might perform in the future. To calculate the ranking, Bankrate analyzed six data points: annual home price appreciation reported by the Federal Housing Finance Agency’s Home Price Index; share of mortgages past due as reported by the Mortgage Bankers Association; unemployment and job growth from the U.S. Labor Department; the cost of living index from the Center for Regional Economic Competitiveness; and state-by-state tax burdens as reported by the Tax Foundation.

These five states had the strongest housing economies in the third quarter of 2020:

  1. Utah – Its home values jumped 10.7 percent in the 12-month period that ended Sept. 30, fourth-best among U.S. states, according to the Federal Housing Finance Agency. Utah posted the strongest job growth in the nation from September 2019 to September 2020, according to a Bankrate analysis of Labor Department data. And its tax burden is among the lowest in the nation, according to the Tax Foundation.
  2. Montana – Home prices rose 10 percent in the past year, and Montana has the nation’s lowest level of past-due mortgage payments, according to the Mortgage Bankers Association.
  3. Missouri – A geographical outlier in our top five, Missouri experienced home price appreciation of 9.1 percent, 10th among all states. The job market remains strong, but its strongest suit is its rock-bottom cost of living. Missouri ranked third on the Center for Regional Economic Competitiveness index, making the state a compelling bargain for people moving from pricier markets.
  4. Arizona – The state’s 11.1 percent price appreciation was second-highest in the nation, but Arizona’s ranking was pulled down a bit by an unemployment rate that was in the middle of the pack among U.S. states.
  5. Idaho – Idaho’s home prices have been the hottest in the nation, jumping 14.4 percent in the year ending Sept. 30. And job growth is strong. However, Idaho’s overall ranking was tempered by middle-of-the pack readings for past-due loans, cost of living and taxes.

Bankrate's-housing-hardship-index

Do you 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.

Check out Bankrate’s guide to paying for repairs and 203(k) mortgages for more information.

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