Mortgage Rates - Current Rates from Lenders
30 Yr. Fixed
$1,123 / month (est)
30 Yr. Fixed
$1,158 / month (est)
30 Yr. Fixed
$1,054 / month (est)
The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
Get FREE Mortgage Quotes Now
Choosing the right mortgage
When it comes to mortgages, the length of the agreement and the sum of money involved make it vital that you do your homework. More so than almost any other financial transaction, it pays to get the details right on your mortgage. Your home may be the biggest purchase of your life, and the type of mortgage you choose significantly influences how long and how much you pay for it.
There are many factors to consider when shopping for a mortgage, but mortgage rates fall into one of two categories: fixed rate and adjustable rate. Knowing the difference between the two is key, as which you choose can make a big difference to your bottom line.
Fixed-rate mortgages are the most common type of mortgage loan. They use a static interest rate that locks in an unchanging monthly payment for the life of the mortgage. Fixed-rate loans most often come in 15-, 20- or 30-year terms.
- Short-term fixed loans, such as 15-year loans, typically have lower interest rates than 30-year loans, but higher payments, as the amount is spread out over fewer years.
- Long-term fixed loans, such as 30-year mortgages, have lower monthly payments, yet tend to have higher interest rates, and you will pay more interest over time.
- Because they're not susceptible to market forces, fixed-rate mortgages guard you against payment increases from interest rate spikes.
- If interest rates decline, your mortgage payment won't go down. But you can consider refinancing if rates drop low enough to offset the transaction costs.
Adjustable-rate mortgages (ARMs)
Adjustable-rate mortgages feature interest rates that fluctuate according to market conditions throughout the life of the loan. You may start with a lower monthly interest rate than the prevailing fixed interest rate, but you will likely end up with a higher rate after the initial loan adjustment period, which can last from 6 months to 10 years.
- ARM interest rates typically move up within three, five or seven years, and even if interest rates don't increase, your payment may still rise.
- When interest rates drop, your payment may not lower much, if at all.
- Early payoff penalties exist on some ARMs, making it impossible to avoid higher payments due to interest rate increases.
- After the interest adjusts initially, it may continue to change throughout the life of the loan.
Fees and closing costs
Other factors to consider when choosing a mortgage are the fees and closing costs. These can vary between lenders, so it pays to examine how these charges will affect your mortgage's overall price.
Typical fees include appraisal and application fees, origination/underwriting fees, broker fees and settlement/closing costs. The variety of fees can seem dizzying (and costly) to borrowers, but they are often negotiable. No-cost loans also exist, but they usually feature higher interest rates.
Buying a home can be a complex and tiring process. But by thoroughly examining your options, you can better your chances of finding the home loan that best suits your long-term needs.
Featured Stories and Latest News
Amid historically low rates, is real estate a good investment?
Recent declines in mortgage rates may generate enthusiasm for real estate investments, but there are reasons to be skeptical of this. Go »
When it makes sense to bet the house
Shifting your debt burden into a mortgage can save you money, but it can also put your home at risk. Learn when this approach makes sense. Go »
Playing the spread in today's interest rates
Rising long-term interest rates should impact how you shop for income vehicles and loans. Go »
Is the housing bubble rising again?
Home prices may be the same as in 2004, but other conditions have changed since then. Is history ready to repeat itself? Go »
5 things to know before investing in real estate
Real estate investments can provide growth and income, but they also carry some special risks. Go »
4 financial lessons from 'Downton Abbey'
Though "Downton Abbey" is set in a distinctly different era, its plot holds some financial lessons that are relevant today. Go »
Is retirement too late for refinancing?
Retirees often don't think of refinancing, but current conditions make refinancing worth a fresh look to older Americans. Go »
The mortgage loan for fixer-uppers
If you need to finance a home renovation, an FHA 203(k) loan may be your solution. Go »
Can't refinance? Consider a 'recast' instead
Recasting is another way to lower your monthly mortgage payments, but there is one catch. Go »
Could new FHA rules help you refinance?
If you are a homeowner with a mortgage insured by the Federal Housing Administration (FHA), you may soon be eligible for an streamline refinance at a lower cost. Go »