Current mortgage rates
Rates are effective 05/12/2026 06/29/2026 and are subject to change without notice. APR shown is provided by a partner of ConsumerAffairs.
| Product | APR | |
|---|---|---|
| 6.947%0.06% | Get Rates | |
The APR shown of 6.947% is available for a 30-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%. | ||
| 6.458%0.0% | Get Rates | |
The APR shown of 6.458% is available for a 20-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%. | ||
| 6.034%0.01% | Get Rates | |
The APR shown of 6.034% is available for a 15-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%. | ||
| 7.252%0.08% | Get Rates | |
The initial APR shown of 7.252% is available for a 5-year adjustable rate mortgage in the amount of $200,000 for consumers with loan-to-value of at least 80%. APR may be subject to change per loan terms. | ||
| 6.665%0.0% | Get Rates | |
The initial APR shown of 6.665% is available for a 7-year adjustable rate mortgage in the amount of $200,000 for consumers with loan-to-value of at least 80%. APR may be subject to change per loan terms. | ||
Current refinance rates
| Product | APR | |
|---|---|---|
| 7.123%0.06% | Get Rates | |
The APR shown of 7.123% is available for a 30-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%. | ||
| 6.828%0.0% | Get Rates | |
The APR shown of 6.828% is available for a 20-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%. | ||
| 6.052%0.06% | Get Rates | |
The APR shown of 6.052% is available for a 15-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%. | ||
| 7.066%0.0% | Get Rates | |
The initial APR shown of 7.066% is available for a 5-year adjustable rate mortgage in the amount of $200,000 for consumers with loan-to-value of at least 80%. APR may be subject to change per loan terms. | ||
| 6.95%0.0% | Get Rates | |
The initial APR shown of 6.950% is available for a 7-year adjustable rate mortgage in the amount of $200,000 for consumers with loan-to-value of at least 80%. APR may be subject to change per loan terms. | ||
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Mortgage rates: the basics
A mortgage rate is the interest charged on a mortgage. Lenders set mortgage rates, and rates can be fixed or variable depending on the type of loan. Mortgage rates change over time, and your credit score significantly impacts the rate you receive.
APR vs. interest rate
The interest rate is the percentage you pay over time based on the principal loan amount. The annual percentage rate is the figure that represents the interest and additional fees like private mortgage insurance (PMI) and loan origination fees. The APR is higher than the interest rate because it includes the additional costs.
Types of mortgage rates
There are two main types of mortgage rates: fixed and adjustable.
Fixed-rate mortgage
A fixed-rate mortgage refers to a loan that keeps the same interest rate throughout the loan term. Terms for fixed-rate mortgages typically range from 10 to 30 years. This type of mortgage is a popular choice for homebuyers because they know exactly how much they'll pay each month over the life of the loan.
Adjustable-rate mortgage
An adjustable-rate mortgage (ARM) is a mortgage with an interest rate that changes periodically throughout the loan term. It typically starts with a fixed rate for a period of time, after which it switches to a variable rate. Once an adjustment period starts, the interest rate can increase or decrease according to current market rates.
An ARM’s interest rate usually depends on an index or benchmark. The specific benchmark or index depends on the type of loan, but in most cases, it’s aligned to the federal funds rate or the London Interbank Offered Rate (LIBOR).
What factors impact mortgage rates?
Mortgage rates are determined according to external and individual factors.
External factors
Economic conditions, like inflation levels and the current unemployment rate, influence mortgage rates and Federal Reserve policy decisions.
“The Federal Reserve sets interest rates according to the strength of the economy and to combat the number one fear: inflation and pushing citizens out of being able to afford to live,” said Jim Black, chief lending officer at Revest Homes. “The interest rate for mortgage lenders is directly influenced by the Federal Reserve’s actions and forecasts.”
Mortgage rates in the 2020s have seen both historic highs and historic lows, driven by external factors. During the early years of the decade, the Federal Reserve acted to mitigate the adverse economic effects of the Covid-19 pandemic by implementing monetary policies designed to stabilize the mortgage market.
At the same time, the CARES Act provided funds to businesses and unemployed workers, helping to stave off mass defaults. As a result, 30-year fixed-rate mortgage rates hit an all-time low of 2.65% in January 2021.
Rates began to rise again as monetary policy in the U.S. and around the world adapted to cope with post-pandemic inflation. By October 2023, average mortgage rates peaked at 7.79% — the highest they’d been in two decades.
Since that time, rates have trended broadly but gradually downward. As of May 2026, mortgage giant Fannie Mae predicts average 30-year fixed rate mortgages to hover around 6.2% through the end of 2027.
[T]he interest rate for mortgage lenders is directly influenced by the Federal Reserve’s actions and forecasts.”
Individual factors
While the Federal Reserve has a lot of influence on current rates, there are some factors that determine your individual mortgage rate. Those include:
Your credit score
Lenders use credit scores to determine a borrower’s likelihood of paying back a loan. If you have a higher credit score, you’re more likely to receive a lower interest rate. If you have a lower credit score, your interest rate will be higher.
Down payment amount
Besides reducing the total amount you borrow, putting down a larger down payment can also lower your mortgage rate. A sizable down payment indicates that you’re a trustworthy buyer, so your lender may be motivated to offer you a good rate.
Home location
Most lenders take your state or home location into consideration before deciding on your interest rate. If you’re interested in getting a rough idea of your potential rates, get quotes from multiple lenders in your area.
Interest rate type
Mortgage rates can be adjustable or fixed. Fixed interest rates don’t change throughout the loan repayment period, while adjustable rates change with the market.
Loan type
Rates also depend on the type of mortgage loan you choose. There are conventional loans, government-issued loans, jumbo loans and more. Conventional loans are typically issued by private mortgage lenders, while government-backed loans are typically sponsored by the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA) or U.S. Department of Veterans Affairs (VA). Jumbo loans refer to loans that exceed maximum loan amounts set by the government.
Each type of mortgage loan has different eligibility criteria and requirements. Mortgage lenders can help you determine which loans you’re eligible for and the best one for your situation.
Loan term
The loan term is the amount of time you have to repay the loan. Terms typically range from 10 to 30 years. If you choose a shorter term, like 10 or 15 years, the interest rate is likely to be lower, though you’ll also typically have higher monthly payments.
How to get a lower mortgage rate
You can lower your interest rate by paying a lender mortgage discount points.
“A way for a homeowner or borrower to optimize a lower interest rate is to do a buydown or payment upfront, known as discount points, to have a longer-term lower interest cost and rate,” Jim Black said. “A buydown can be any amount from [1% to 3%] in the cost of the loan amount.”
Buying discount points means you'll have a lower monthly payment.
Each discount point costs 1% of your loan amount. For example, for a $200,000 mortgage, one discount point would cost $2,000.
Black said the most important thing to consider when deciding whether to go with points is if the added cost is worth it. “The longer it takes to recover the cost versus benefit, the less of an advantage it is to do a buydown,” he said.
Usually, each discount point lowers the interest rate by 0.25%. While 0.25% might not seem significant, it can add up to a sizable amount over the life of the loan.
FAQ
How much can I borrow for a mortgage?
When evaluating how much you can borrow, different lenders have different requirements. The amount you can borrow depends on aspects like:
- Your credit score
- How much you have for a down payment
- Your income
- Your debt-to-income (DTI) ratio
- The loan type
- The home price
» MORE: How much house can I afford?
How do I get a mortgage?
You can start the process of getting a mortgage loan by checking your credit score and report, researching lenders and loan types, and getting prequalified for offers to get an idea of the rates and terms you may be offered.
What’s the best credit score for a mortgage?
Different mortgage loans have different credit score requirements. For example, conventional loans usually require a minimum credit score of 620, though this may be higher depending on the lender. FHA loans require a minimum credit score of 500 or 580, depending on your down payment. There are also loan programs for lower credit scores, but they have higher interest rates.
How do I choose a mortgage lender?
In addition to evaluating the loan types and interest rates that a lender offers, you should look at a lender’s reputation, online experience, customer service and customer reviews.
Bottom line
Mortgage rates change over time, and the rate you qualify for depends on factors like your credit history, the loan type and term, where the property is located, your down payment amount and whether the loan has a fixed or adjustable rate.
The current mortgage rates available vary by lender, so quote shopping can make a big difference in how much you’ll ultimately pay. Contact multiple lenders to explore your loan options and the rates you may qualify for. Keep in mind that interest rate is different from APR — which includes fees and tells you how much the loan actually costs per year — and make sure to also compare other key factors such as mortgage points and monthly payments.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Consumer Financial Protection Bureau, “Data Spotlight: Trends in Discount Points Amid Rising Interest Rates.” Accessed June 4, 2026.
- Consumer Financial Protection Bureau, “Data Spotlight: The Impact of Changing Mortgage Interest Rates.” Accessed June 4, 2026.
- The Brookings Institution, “What Did the Fed Do in Response to the COVID-19 Crisis?” Accessed June 4, 2026.
- Federal Reserve Bank of Philadelphia, “The Pandemic Mortgage Boom.” Accessed June 4, 2026.
- Fannie Mae, “Housing Forecast: May 2026.” Accessed June 4, 2026.
