How are mortgage interest rates determined?
Mortgage interest rates are largely influenced by economic factors, such as inflation, economic growth indicators, Federal Reserve policies, the housing market and the bond market. Consumers, in many ways, have little to do with the average interest rates lenders offer.
However, borrowers can improve their chances of getting the best mortgage rate available by working toward an excellent credit score, making sure income is well-documented and keeping debt-to-income ratios low.
Borrowers with excellent credit scores will get the best rates. You can boost your credit score by lowering the amount of debt you have, making sure your accounts are in good standing and paying your monthly bills on time.
What are today’s mortgage rates?
On November 21, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.72 percent with an APR of 3.84 percent. The average 15-year fixed mortgage rate is 3.15 percent with an APR of 3.35 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 4.01 percent with an APR of 7.10 percent.
Compare Current Mortgage Rates
Bankrate brings together a comprehensive national survey of mortgage lenders to help you find the most competitive interest rate. The interest rate table below is updated daily, Monday through Friday, to give you the most current purchase rates when choosing a home loan.
Although rate shopping can be time-consuming, it’s well worth the effort. Freddie Mac released a report showing that consumers who don’t shop for a mortgage with multiple lenders are leaving money on the table. For example, a homebuyer who wants to borrow $250,000, can save:
- An average of $1,435, over the life of the loan, with one extra rate quote, or
- An average of $2,914, over the life of the loan, with five extra rate quotes
Today’s Mortgage Interest Rates for Purchase
|30-Year Fixed Rate||3.72%||3.84%|
|20-Year Fixed Rate||3.65%||3.81%|
|15-Year Fixed Rate||3.15%||3.35%|
|5/1 ARM Rate||4.01%||7.10%|
|5/1 ARM Jumbo Rate||3.84%||6.96%|
|7/1 ARM Rate||3.95%||6.35%|
|7/1 ARM Jumbo Rate||3.82%||6.22%|
|10/1 ARM Rate||4.02%||5.78%|
|30-Year VA Rate||3.32%||3.39%|
|30-Year FHA Rate||3.25%||3.32%|
|30-Year Fixed Jumbo Rate||4.07%||4.18%|
|15-Year Fixed Jumbo Rate||3.85%||4.05%|
Rates as of November 22nd, 2019 at 6:30 AM