Today’s Mortgage Rates

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Rates change daily. What matters more is understanding what drives yours – and making sure you’re comparing the right ones.

The rates above are a real-time snapshot of where the market is today. But here’s the thing most buyers don’t realize: the rate you see on a widget is almost never the rate you’ll actually get.

Your personal rate depends on a handful of factors specific to you – and knowing how they work gives you real leverage when it’s time to lock.

What actually determines your mortgage rate?

Credit score

This is the single biggest factor in your rate. Lenders use it to assess risk – the higher your score, the lower the rate they’ll offer.

740+Best rates available
700 – 739Very competitive rates
660 – 699Good rates, more options
620 – 659Fair rates, some restrictions
Below 620Limited options, higher rates

Down payment

More down means less risk for the lender – which usually means a better rate for you. It can also help you avoid private mortgage insurance (PMI).

20%+ downBest pricing, no PMI
10 – 19% downGood rates, PMI may apply
3 – 9% downMore programs available

Loan term

Shorter loan terms almost always come with lower rates – but higher monthly payments. The right term depends on your goals, not just the rate.

15-year fixedLower rate, higher payment
30-year fixedHigher rate, lower payment
ARM (adjustable)Lower intro rate, adjusts later

Loan type

Different loan programs carry different baseline rates. Your eligibility for certain programs – like VA or USDA – can give you a significant rate advantage.

VA loansTypically lowest rates
ConventionalCompetitive with strong credit
FHA / USDAGreat for low down payments

Market conditions

Beyond your personal profile, rates move daily based on economic data, Federal Reserve policy, inflation reports, and bond market activity. This is why timing and rate-lock strategy matter – and why working with someone who watches the market closely can make a real difference.

APR vs. interest rate – what’s the difference?

This trips up a lot of buyers. Here’s the short version:

Interest rate

The base cost of borrowing the money. This is what determines your monthly principal and interest payment.

APR (Annual Percentage Rate)

The interest rate plus lender fees, expressed as a yearly rate. A better apples-to-apples comparison when shopping multiple lenders.

When comparing offers, always look at both. A low rate with high fees can end up costing more than a slightly higher rate with minimal fees.

Loan programs at a glance

Conventional

Best for buyers with strong credit and a solid down payment. Flexible terms and no upfront mortgage insurance if you put 20% down.

FHA

Great for first-time buyers or those with less-than-perfect credit. Requires as little as 3.5% down.

VA

Exclusive to veterans and active-duty military. Zero down payment, no PMI, and typically the lowest rates available.

USDA

Designed for rural and suburban homebuyers. Offers 100% financing with no down payment for eligible areas and income levels.

Jumbo

For high-value homes that exceed conventional loan limits. Requires stronger credit and larger down payments but opens the door to higher-priced properties.

DSCR / Investor

Built for real estate investors. Qualifies based on rental income rather than personal income – ideal for growing a portfolio.

Want to know your actual rate?

The rates above give you a market snapshot – but your rate depends on your specific profile. I can pull quotes from 250+ lenders and show you exactly where you stand, with no obligation. Let’s find the number that actually works for you.

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