Skip to Main Content

Compare current mortgage rates for today

Dec. 09, 2022
curved background image

What type of home loan are you looking for?

What type of loan are you looking for?

How it works

Compare top rates

See low rates from over 100+ lenders.

Select a lender

Get custom quotes in under 2 minutes.

See your savings

You could take hundreds off your mortgage.

Compare current mortgage rates for today

On Friday, December 09, 2022, the national average 30-year fixed mortgage APR is 6.65%. The average 15-year fixed mortgage APR is 6.04%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Mortgage industry insights

Fed sees through November hike, mortgage rates at 7 percent

The benchmark fixed rate on 30-year mortgages now sits at 7 percent, its highest level in 20 years, according to Bankrate’s national survey of large lenders. This, as the Federal Reserve made good on its promise to raise rates yet again at its November meeting.

“The [Fed’s] interest rate mantra for 2023 is shaping up as ‘higher for longer,’” says Greg McBride, CFA, Bankrate chief financial analyst. “Unfortunately, we’re likely to feel the pain of a slower economy before we see the gain of lower inflation.”

Federal policy doesn’t directly impact rates on fixed mortgages, but the central bank has some sway with 10-year Treasury yields, which do drive fixed mortgage movement. The Fed’s actions affect adjustable-rate mortgages (ARMs) and home equity products, however. Each time the central bank raises its key rate, variable home loan rates move in tandem.

Some analysts believe fixed mortgage rates might hover in the 7 percent range, while others aren’t ruling out the possibility of the 30-year rate approaching 8 percent. Learn what the experts predict in Bankrate’s forecast.

Whatever type of mortgage you’re looking for, in this environment, it’s more important than ever to compare rates before selecting a lender.

“Conducting an online search can save thousands of dollars by finding lenders offering a lower rate and more competitive fees,” says McBride.

Get this week’s latest mortgage news.

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.

Because a home is typically the biggest purchase a person makes, a mortgage is usually a household’s largest chunk of 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. Make a budget
  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.

Why compare mortgage rates?

Shopping around for quotes from multiple lenders is one of Bankrate’s most crucial 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. Comparison-shopping on Bankrate is especially smart, because our relationships with lenders can help you get special low rates.

How is my mortgage rate determined?

Lenders consider these factors when pricing your interest rate:

  • Credit score
  • Down payment
  • Property location
  • Loan amount/closing costs
  • Loan type
  • Loan term
  • Interest rate type

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.

Lenders also consider how much you’re putting down. The greater share of the home’s total value you pay upfront, the more favorably they view your application. The kind of mortgage you choose can affect your rate, too, with shorter-term loans like 15-year mortgages typically having lower rates compared to 30-year ones.

FAQs about mortgage interest rates

Looking to refinance your mortgage?

As mortgage rates rise, fewer homeowners, if any, will stand to benefit from refinancing today.

However, refinancing your mortgage can still make sense in some cases, such as if you want to switch from an ARM to a fixed rate before it resets, want to move out of an FHA loan to eliminate mortgage insurance or need to refinance due to divorce or other circumstances. It’s also possible to tap your home equity to pay for home renovation, or, if you want to pay down your mortgage more quickly, you can 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.

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 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 Bankrate.com. 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