About Mortgage Rates
Mortgage rates change frequently—sometimes multiple times daily—based on market conditions. Rather than publish rates that may be outdated by the time you read this, we prefer to provide personalized rate information based on your specific situation. This ensures accuracy and helps you understand exactly what you may qualify for.
Today’s Mortgage Rates
How Mortgage Rates Are Determined
The rate you receive isn’t just based on “the market.” Your individual rate depends on a combination of factors specific to you and your loan.
Credit Score
Higher credit scores typically qualify for better interest rates. Even small score improvements can impact your rate.
Loan Type
Different loan programs (conventional, FHA, VA, USDA, Jumbo, Non-qm) have different rate structures.
Property Type & Use
Rates may vary based on whether the property is a primary residence, second home, or investment. Also one-unit vs. multiple-unit homes.
Down Payment
Larger down payments often mean better rates, as they represent lower risk for lenders.
Loan Term
Shorter terms (15-year vs 30-year) typically have lower rates but higher monthly payments.
Market Conditions
Economic factors (inflation, employment, etc.), Federal Reserve policy, and bond market movements all influence mortgage rates.
Interest Rate vs. APR: What’s the Difference?
When comparing loan offers, you’ll see both an interest rate and an APR (Annual Percentage Rate). Understanding the difference helps you make better comparisons.
Interest Rate: The cost you pay to borrow money, expressed as a percentage. This determines your principal and interest payment.
APR: A broader measure that includes the interest rate plus other costs like origination fees, discount points, and certain closing costs. It’s designed to help you compare the total cost of loans.
The APR is often higher than the interest rate. When comparing loans, look at both numbers and ask questions about what’s included.
Quick Comparison Tips
- Compare APRs for loans with similar terms and structures
- Ask what fees are included in the APR calculation
- Understand whether points are included
- Consider how long you plan to keep the loan
Understanding Discount Points
Points are upfront fees you can pay to lower your interest rate. But are they worth it?
What Are Points?
One “point” equals 1% of your loan amount. Paying points up front typically reduces your interest rate, lowering your monthly payment over the life of the loan.
When Do Points Make Sense?
If you plan to keep the loan for a long time, paying points can save money overall. Calculate your “break-even point”—how long it takes for your monthly savings to exceed the upfront cost. If you’ll sell or refinance before then, points may not be worth it.
No Points Options
You can often choose a “no-points” loan with a slightly higher rate, or even a “negative points” (lender credit) option where the lender pays some closing costs in exchange for a higher rate.