National weekly averages - Freddie Mac Primary Mortgage Market Survey
| Loan Type | Rate | Week Change | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.48% | ↓ -0.05% | Buyers wanting lower monthly payments |
| 15-Year Fixed | 5.79% | ↓ -0.08% | Buyers wanting to pay less interest overall |
| FHA 30-Year | 6.28% | ↓ -0.05% | First-time buyers with lower credit scores |
| Conventional 30-Year | 6.53% | ↓ -0.05% | Buyers with strong credit and 20%+ down |
Rates are national weekly averages. Your actual rate depends on credit score, down payment, loan size, and lender.
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Rates shown are national weekly averages sourced from the Freddie Mac Primary Mortgage Market Survey, distributed via the Federal Reserve Bank of St. Louis (FRED). These are not lender quotes and do not represent rates available to any individual borrower. Actual rates vary based on credit score, loan-to-value ratio, property type, loan size, and lender. Data is updated weekly, typically every Thursday.
Mortgage Rates by Credit Score
The national average rate shown above applies to well-qualified borrowers. Your actual rate depends heavily on your credit score. Lenders use credit score tiers to price risk, and the difference between a 620 and a 760 score can mean a rate 1.0% to 1.5% higher, adding hundreds of dollars to your monthly payment.
| Credit Score Range | Rate vs National Average | Monthly Payment Impact* |
|---|---|---|
| 760 and above | At or below average | Base payment |
| 720 – 759 | +0.25% above average | +$55/mo |
| 680 – 719 | +0.50% above average | +$110/mo |
| 640 – 679 | +1.00% above average | +$220/mo |
| 580 – 639 | +1.50% or more above average | +$340/mo |
*Estimated on a $350,000 30-year fixed loan. Actual adjustments vary by lender and loan program.
If your score is below 680, improving it before applying is one of the best financial moves you can make before buying. Each 20-point improvement can meaningfully reduce your rate. Paying down credit card balances and removing errors from your credit report are the two fastest ways to raise your score before a mortgage application.
Mortgage Rates by Loan Type
Different loan programs carry different rates and qualification requirements. The right loan depends on your credit score, down payment amount, military status, and where the property is located.
| Loan Type | Min. Down Payment | Min. Credit Score | Best For |
|---|---|---|---|
| Conventional 30-Year | 3% (first-time buyers) | 620 | Buyers with good credit and stable income |
| Conventional 15-Year | 3% | 620 | Buyers who want to pay off faster and save on interest |
| FHA 30-Year | 3.5% | 580 | First-time buyers or those with lower credit scores |
| VA Loan | 0% | No official minimum | Eligible veterans and active-duty military |
| USDA Loan | 0% | 640 recommended | Buyers in eligible rural and suburban areas |
| Jumbo Loan | 10-20% | 700+ | Homes above the conforming loan limit (varies by county and year) |
VA loans typically carry rates 0.25% to 0.5% below conventional rates. USDA rates are competitive with FHA. Jumbo rates vary significantly by lender.
First-Time Home Buyer Mortgage Rates
First-time buyers have access to loan programs designed to lower the barrier to homeownership. The most widely used are FHA loans, Fannie Mae HomeReady, and Freddie Mac Home Possible. Each offers a low down payment and more flexible qualification criteria than standard conventional loans.
FHA loans are the most common choice for first-time buyers with credit scores below 680. The rate is competitive but the loan requires both an upfront mortgage insurance premium of 1.75% of the loan amount and an annual premium of 0.55% to 1.05%. On a $350,000 loan with 3.5% down, this adds roughly $190 per month to the payment.
Buyers with scores above 680 and stable income are often better served by a HomeReady loan, which allows 3% down, requires private mortgage insurance that can be cancelled once equity reaches 20%, and typically carries a lower total cost than FHA for well-qualified borrowers.
Many states also offer down payment assistance programs that can be layered on top of these loan types. Programs vary by state and county. A HUD-approved housing counselor can help identify programs available in your area at no cost.
Types of Mortgage Rates Explained
30-Year Fixed Mortgage Rate
The 30-year fixed is the most popular home loan in the United States. Your interest rate stays the same for the entire loan term, making monthly payments predictable. The longer repayment period means lower monthly payments compared to a 15-year loan, though you pay more total interest over the life of the loan. This is the right choice for buyers who want payment stability and plan to stay in the home long-term.
15-Year Fixed Mortgage Rate
The 15-year fixed carries a lower rate than the 30-year, typically 0.5% to 0.75% lower, because lenders take on less risk over a shorter term. Monthly payments are higher, but you build equity faster and pay far less total interest. A $350,000 loan at a typical 30-year rate costs roughly $456,000 in interest over the loan life. The same loan on a 15-year term pays around $175,000 in interest, a difference of over $280,000.
FHA Mortgage Rate
FHA loans are insured by the Federal Housing Administration and designed for buyers with lower credit scores or smaller down payments. They allow down payments as low as 3.5% and accept credit scores starting at 580. The interest rate is often competitive with conventional loans, but FHA loans require mortgage insurance premiums for the life of the loan in most cases, which adds to the monthly cost.
Conventional Conforming Mortgage Rate
Conventional loans are not government-backed and must meet guidelines set by Fannie Mae and Freddie Mac. The conforming loan limit varies by year and county. Check the latest FHFA guidelines for the current limit in your area. Borrowers with good credit and a 20% down payment avoid private mortgage insurance, making conventional loans cost-effective for well-qualified buyers.
What Drives Mortgage Rate Changes
Mortgage rates do not follow the Federal Reserve’s short-term rate directly. They track more closely with the 10-year U.S. Treasury bond yield. When bond yields rise, mortgage rates tend to rise. When yields fall, mortgage rates typically follow. Several factors push rates up or down week to week:
- Inflation data: Higher inflation pushes rates up. When inflation falls toward the Fed’s 2% target, rates tend to ease.
- Federal Reserve policy: Fed decisions influence short-term borrowing costs and signal the direction of longer-term rates.
- Employment reports: Strong job growth often pushes rates higher. Weak employment data can bring rates down.
- Bond market activity: When investors buy more Treasury bonds, yields drop and mortgage rates follow. When they sell, rates rise.
- Housing demand: High demand for mortgages can push rates up. Slow demand gives lenders reason to offer lower rates to attract borrowers.
Mortgage Rate Outlook
Mortgage rate forecasts carry significant uncertainty. Rates are driven by economic data, Federal Reserve decisions, and bond market sentiment, all of which can shift quickly in response to unexpected events.
For practical purposes, waiting for rates to reach a specific target before buying is hard to execute. Home prices in many markets have increased enough during past rate-drop cycles to offset the rate benefit for buyers who waited. The right time to buy is when your finances are ready, not when rates hit a particular number.
If rates fall after you buy, refinancing is a straightforward option. Most lenders allow refinancing once your equity and payment history qualify. Use the Refinance Decision Engine below to see what a rate drop would save you on your specific loan.
Frequently Asked Questions About Mortgage Rates
How often do mortgage rates change?
Mortgage rates can change every business day as lenders adjust pricing based on bond market activity. The Freddie Mac survey average shown on this page is updated once per week, every Thursday. For day-to-day rates from specific lenders, contact lenders directly or use a rate comparison tool.
What is a good mortgage rate right now?
A rate at or below the current national average shown in the widget above is generally competitive. Borrowers with credit scores above 740 and 20% down may qualify for rates 0.25% to 0.5% below the average. The live rates at the top of this page are updated every Thursday with the latest Freddie Mac survey data.
Should I lock my mortgage rate now or wait?
Rate predictions are unreliable. If you can afford the payment at today’s rate and the home meets your needs, locking removes uncertainty. Many lenders offer a one-time float-down if rates drop after you lock. Waiting for rates to drop to a specific level is speculation, not strategy.
How much does a 0.5% difference in rate matter?
On a $350,000 loan over 30 years, a 0.5% rate difference means about $115 less per month and roughly $41,000 less in total interest. Even a 0.25% difference is worth shopping for across multiple lenders.
Do I need 20% down to get a good rate?
No. A 20% down payment eliminates PMI and signals lower risk to lenders, which can help your rate. But FHA allows 3.5% down and some conventional programs allow 3% for first-time buyers. The trade-off is mortgage insurance cost, not necessarily a dramatically higher rate.
What credit score do I need to buy a house?
FHA accepts scores as low as 580 with 3.5% down. Conventional loans typically require 620 minimum, though your rate improves significantly above 680 and again above 740. VA and USDA loans have more flexible requirements but have eligibility restrictions.
Are these rates available to me personally?
The rates shown are national weekly averages, not quotes from specific lenders. Your actual rate depends on your credit score, down payment, loan size, property type, and which lender you choose. Use the payment estimator in the widget above to see what current average rates would cost you monthly, then get quotes from lenders directly.
What is the difference between interest rate and APR?
The interest rate is the base cost of borrowing. APR includes the interest rate plus lender fees expressed as a yearly rate. When comparing lenders, comparing APR gives a more accurate picture of total loan cost than comparing interest rates alone.
Free Mortgage Tools
Knowing the current rate is only part of the picture. Use these free tools to understand what you qualify for and whether your numbers work.
Rate data sourced from the Freddie Mac Primary Mortgage Market Survey via the Federal Reserve Bank of St. Louis (FRED). Updated weekly every Thursday. Rates shown are national averages, not lender quotes. Actual rates vary by borrower profile, lender, and market conditions. This page is for informational purposes only and does not constitute financial advice.
