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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.
Current mortgage rate trends
On Friday, January 22, 2021, the average 30-year fixed mortgage rate lowered to 2.880% and APR lowered to 3.170%. The average 15-year fixed mortgage rate lowered to 2.350% and APR lowered to 2.670%. The 5/1 adjustable-rate mortgage (ARM) rate increased to 2.980% and APR increased to 4.000%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.
What are today's mortgage rates?
According to Bankrate’s latest survey of the nation’s largest mortgage lenders: For today, Friday, January 22, 2021, the benchmark 30-year fixed mortgage rate is 2.880% with an APR of 3.170%. The average 15-year fixed mortgage rate is 2.350% with an APR of 2.670%. The 5/1 adjustable-rate mortgage (ARM) rate is 2.980% with an APR of 4.000%. Check out our mortgage calculator for rates customized to your specific financial needs.
How Bankrate mortgage rates are calculated
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 and refinance loans. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single family residence. To learn more, see understanding Bankrate rate averages.
Why trust Bankrate?
Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.
What to know before getting a mortgage
The information below consists of education and tips that will be helpful in selecting the best mortgage for your financial situation.
Bankrate’s Housing Hardship Index: A look at which states are struggling
The coronavirus contagion continues to take a toll on the economy — but the effects vary widely by state and region.
In September 2020, the tourism-heavy economies of Hawaii and Nevada suffered the most from COVID-19, according to the Bankrate Housing Hardship Index, while the economies of Louisiana and Mississippi, with high numbers of homeowners struggling to pay their mortgages, moved up the list of hardest-hit states. Some states — especially those in the Rockies and upper Great Plains — have weathered the coronavirus storm well.
Unemployment in a handful of struggling states also lingered in the double digits in September. Our metric sums mortgage delinquencies and unemployment to show which states are enduring the most extreme slowdowns during the pandemic. For now, foreclosures are at historically low levels, but housing economists expect defaults in 2021.
5 state housing markets hit hardest by coronavirus
The fallout for real estate and labor markets is severe in some corners of the country. These five states fared the worst in September 2020:
- Hawaii – A tourism-dependent state, Hawaii’s economy has recovered in fits and starts since April. Its 15.1 percent unemployment in September was the worst in the nation, and a reversal from August’s 12.5 percent. Meanwhile, Hawaii’s mortgage delinquency rate fell to 7.9 percent, compared with 8.3 percent in August. Hawaii’s overall Housing Hardship Index for September was 23.
- Nevada – As casinos reopened, Nevada’s jobless rate fell sharply. After topping 28 percent in April, Nevada unemployment had fallen to 12.6 percent in September. The Silver State’s mortgage delinquency rate fell to 8.3 percent in September, down from 8.6 percent in August and a high of 10 percent in May, according to Black Knight data. Nevada’s overall reading for August was 20.9 — a dramatic improvement from April, when Nevada’s nation-leading Housing Hardship Index topped 36.
- Louisiana – Louisiana’s economy suffers from the combination of a high delinquency rate and elevated jobless rates. The delinquency rate was 10.6 percent in September, while unemployment stood at 8.1 percent.
- Mississippi – Mississippi had the nation’s highest mortgage delinquency rate in September, at 11.2 percent. Unemployment was 7.1 percent.
- Rhode Island – The unemployment rate in Rhode Island was 10.5 percent in September, down from 12.8 percent in August, and the mortgage delinquency rate was 7.2 percent, down from 7.5 percent the previous month.
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.