What Are Mortgage Rates Today?

Whether you’re a first time homebuyer, an experienced buyer, or someone looking to take advantage of better loan terms through a refinance, it’s important to understand how mortgage rates are determined for your unique situation. Everyday we speak with clients looking for answers about rates, so we know how confusing and intimating it can be. That’s why we make it easy for you to find the best rates.

Today's Mortgage Rates

30 Yr. Fixed 7.000% APR 7.503%
15 Yr. Fixed 6.375% APR 6.893%
30 Yr. Fixed FHA 6.125% APR 7.111%
30 Yr. Fixed VA 6.250% APR 6.676%
Mortgage Rates as of May, 28 2024 See All Rates | See Rate Assumptions

Our goal is to be 100% transparent, so once you have all the facts, you can make an informed decision on the best loan product, rate, and terms for your personal situation.

 What factors affect the mortgage rates?

Conventional and government lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded, all day long, in real time. Because of the effects of the political and economical events, mortgage rates and fees move throughout the day. Mortgage rates and pricing goes down when MBS pricing goes up, and vice versa. Some of these factors you can control and others you can’t, which is a big reason why rates change daily. Here is a list of a few things that affect mortgage rates:

  • Economy – The global economy drives all interest rates, including mortgage rates
  • Income – Your debt-to-income ratio can affect your rate
  • Property location – Different state laws can change lender costs.
  • Home use – Primary or secondary residence, vacation home, or rental?
  • Property type – Single or multi-family, condo, mobile, etc.
  • Loan-to-value – Borrowing less (and putting more down) can get you a better rate
  • Credit score – Better credit means a better interest rate. Lower credit can mean a higher rate
  • Loan features – Term (30, 20 or 15), documentation type, adjustable rate, etc.
  • Points – Paying extra up front for “discount points” lowers your rate
  • Loan amount – Very high or very low loan amounts can mean higher rates

How do you get the best possible mortgage rate?

To get the advertised mortgage rate , you will have to have a low loan-to-value ratio, high income/low debt and perfect credit. Anything less and you will be subject to risk-based pricing, which means the rate you qualify for will reflect your risk level.

The best way to find out your rate is by getting a personal mortgage quick quote, based on your unique borrower profile, from a licensed mortgage advisor.

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Need help figuring out your mortgage rate options?

We’ve built tools to help you run the numbers on different scenarios, so that you can easily see a breakdown of monthly payments and down payments for different rates/terms. You can get started below…

Purchase Affordability Calculator

  • Purchase
  • Refinance

Annual Salary

Interest Rate

Loan Term

10 15 20 25 30

Monthly Debt

Property Taxes

Home Insurance

Maximum Monthly Payment (P&I Only)


Maximum Monthly Payment (Total Payment)


Max Mortgage Amount


Of course, we’re always here to help guide you. You can call now, schedule a call, text, or request a rate quote. Connect with a licensed mortgage advisor today to walk through your options and a get a custom mortgage based on your unique situation.

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