Find Your Best Mortgage Rate

Track weekly averages and learn how to secure the lowest rate for your home loan. A 0.5% difference can save you tens of thousands.

30-Year Fixed↑+0.01%

6.16%

Up from 6.15% last week

15-Year Fixed↑+0.02%

5.46%

Up from 5.44% last week

Data from Freddie Mac PMMS • Week of Thursday, January 8, 2026

Rate Trends

52-week historical mortgage rate averages

30-Year Fixed

15-Year Fixed

How to Get the Best Mortgage Rate

Small rate differences add up to big savings. A 0.5% lower rate on a $400,000 loan saves over $40,000 in interest.

Boost Your Credit Score

Lenders reserve the best rates for borrowers with scores of 740+. Pay down credit card balances, dispute errors on your credit report, and avoid opening new accounts before applying.

740+ score = best rates

Save for a Larger Down Payment

Putting down 20% or more eliminates private mortgage insurance (PMI) and often qualifies you for better rates. Even going from 10% to 15% down can make a difference.

20% down = no PMI

Shop Multiple Lenders

Get quotes from at least 3-5 lenders including banks, credit unions, and online lenders. Rate differences of 0.25-0.5% are common and can save you thousands over the life of the loan.

Compare 3-5 lenders

Consider Buying Points

Paying discount points upfront (1 point = 1% of loan amount) can lower your rate by 0.25%. This makes sense if you plan to stay in the home long enough to recoup the cost.

1 point = ~0.25% rate reduction

Time Your Rate Lock

Once you find a good rate, lock it in. Rate locks typically last 30-60 days. Watch market trends, but don't try to time the bottom perfectly—rates can move quickly.

Lock when comfortable

Choose the Right Loan Term

15-year mortgages have lower rates than 30-year loans (typically 0.5-0.75% less). If you can afford the higher payment, you'll save significantly on interest over time.

15-year = lower rate

30-Year vs 15-Year Mortgage

Compare monthly payments and total costs on a $400,000 loan

30-Year Fixed

15-Year Fixed

Interest Rate

6.16%

5.46%

Monthly Payment

$2,440

$3,260

Total Interest Paid

$478,221

$186,773

Total Cost

$878,221

$586,773

Interest savings with 15-year term

$291,448

Choose 30-Year if...

•You need lower monthly payments for cash flow
•You want flexibility to invest the difference
•You plan to refinance or move within 10 years

Choose 15-Year if...

•You can comfortably afford higher payments
•You want to build equity faster
•You're closer to retirement and want to be debt-free

Frequently Asked Questions

Common questions about mortgages and rates

What factors affect mortgage rates?

Mortgage rates are influenced by several factors: the Federal Reserve's monetary policy, inflation rates, economic conditions, the bond market (especially 10-year Treasury yields), and your personal factors like credit score, down payment, loan amount, and property type. Rates can change daily based on market conditions.

How often do mortgage rates change?

Mortgage rates can change multiple times per day based on market conditions. The rates shown on this site are weekly averages from the Freddie Mac Primary Mortgage Market Survey, which is released every Thursday. For real-time rates, you'll need to check with individual lenders.

What's the difference between interest rate and APR?

The interest rate is the cost of borrowing the principal loan amount. The APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees, discount points, and mortgage insurance. APR gives you a more complete picture of your total borrowing cost and is useful for comparing loan offers.

Should I wait for rates to drop before buying?

Timing the market is difficult and often counterproductive. While waiting for lower rates, home prices may rise, offsetting any rate savings. If you can afford a home now and plan to stay for several years, buying sooner often makes sense. You can always refinance later if rates drop significantly.

What credit score do I need for a mortgage?

Minimum credit score requirements vary by loan type: Conventional loans typically require 620+, FHA loans accept 580+ (or 500 with 10% down), and VA loans have no set minimum but most lenders want 620+. However, for the best rates, aim for 740 or higher. Each 20-point increase can improve your rate.

What is PMI and how can I avoid it?

Private Mortgage Insurance (PMI) is required on conventional loans when you put down less than 20%. It protects the lender if you default. PMI typically costs 0.5-1% of your loan amount annually. To avoid it, make a 20% down payment, choose a VA or USDA loan (if eligible), or ask about lender-paid PMI options.

Fixed-rate vs adjustable-rate mortgage: which is better?

Fixed-rate mortgages offer payment stability—your rate never changes. Adjustable-rate mortgages (ARMs) start with lower rates but can increase after the initial period (usually 5, 7, or 10 years). ARMs may make sense if you plan to move or refinance before the rate adjusts. In most cases, fixed-rate loans are safer for long-term homeowners.

How much house can I afford?

A common guideline is that your monthly housing costs (including mortgage, taxes, insurance) shouldn't exceed 28% of your gross monthly income, and total debt payments shouldn't exceed 36%. However, lenders may approve you for more. Consider your full financial picture—emergency fund, retirement savings, and lifestyle—before deciding.