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Mortgage Interest Rates

Today's Mortgage Rates

Get today's mortgage rates and APR on Conventional 30-Year and 15-Year Fixed, FHA, and VA.

Mortgage Product Interest Rate APR Apply
30 Year Fixed 2.990% 3.180% APR GET QUOTE
15 Year Fixed 2.250% 2.606% APR GET QUOTE
FHA 30 Year Fixed 2.625% 3.487% APR GET QUOTE
VA 30 Year Fixed 2.625% 3.094% APR GET QUOTE
Rates are current as of 9:00AM PST on 04/12/2021.

A mortgage rate is the interest rate you pay on your mortgage loan. Mortgage rates change daily and are based on fluctuations in the market, but they're at historical lows currently. Depending on your loan type, your interest rate could be a fixed interest rate or an adjustable interest rate throughout your mortgage term.

If you're in the market for a mortgage, you may want to lock in your rate sooner rather than later as they do change every day and could potentially increase.

30 Year Fixed Mortgage Rates

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In a 30 year fixed mortgage, your interest rate stays the same over the 30 year period while you repay the loan, assuming you continue to own the home during this period. Such mortgages tend to be some of the most popular type of home loan thanks to the stability and lower monthly payments they offer borrowers compared to 15 year fixed mortgages.

Take a look at our Mortgage Payment Calculator to find mortgage rates today and learn how much home you can afford!

With a 30 year fixed mortgage, borrowers have the advantage of knowing the mortgage payments they make each month will never increase, allowing them to budget accordingly.

Each monthly payment goes towards paying off the interest and principal, to be paid in 30 years, thus these monthly mortgage payments are quite lower than a shorter-term loan.  You will, however, end up paying considerably more in interest this way.

Qualifying for a 30 Year Fixed Mortgage

Those applying for a 30 year or 15 year fixed mortgage will first be required to be preapproved.

Why you should have a credit preapproval:

  1. Save time by only looking for properties that fall in your price range
  2. Build credibility with sellers by demonstrating you are serious about buying and are qualified to do so
  3. Get faster funding for your loan by accelerating the closing process
  4. Have a better home buying experience

"What do I need to refinance my mortgage with a fixed rate loan?"

  1. Proof of income
  2. Copy of your homeowner's insurance to demonstrate you have proper coverage
  3. Information regarding assets such as bank statements, 401K, and other investments

A 30 year mortgage could be very beneficial, but you need to consider how long you plan to stay in your new home.  If what matters most to you is having lower mortgage payments each month, you should consider a 30 year fixed rate mortgage with the help of a loan officer.

15 Year Fixed Mortgage Rates

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The interest rate is lower than a 30 year fixed mortgage. However, your monthly payment is higher than a 30 year mortgage because your repayment period is shorter.

Common reasons given for pursuing a 15 year fixed mortgage include wanting to pay off your home before having to begin paying tuition or wanting to retire early.

As with 30 year fixed rate mortgages, you are afforded the security of knowing your monthly mortgage payments will not increase regardless of what the market does, and thus you can better budget for said payments.

A 15 year fixed mortgage is often the first choice for first-time home buyers or those looking to refinance their existing mortgage.

Options for a 15 year fixed include:

  1. Purchase and refinance
  2. Government insured (FHA, VA, USDA)
  3. Conventional (Fannie Mae, Freddie Mac)

Take a look at mortgage rates today and contact a loan officer to see if a 15 year fixed mortgage is right for you!

FHA 30 Year Fixed Mortgage Rates

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With an FHA 30 year fixed mortgage, you can purchase a home with a lower down payment and flexible lending guidelines or streamline refinance with less documentation than a traditional loan.

FHA loans are backed by the Federal Housing Administration, that is, the federal government insures them.  Rather than issuing mortgages, the FHA offers insurance on mortgage payments so that more people can get the financing they need to buy a house or refinance.  However, borrowers are required to pay Upfront Mortgage Insurance and monthly mortgage insurance when obtaining an FHA loan.

Do I qualify for an FHA loan?

  1. You do not need perfect credit
  2. Down payments are generally low
  3. 30% housing ratio
  4. Higher standards when it comes to home inspection
  5. You can obtain max financing with a 580 FICO credit score
  6. Gifts are permitted towards the down payment
  7. Some of the closing costs can be covered by sellers, builders, or lenders

For FHA 30 year fixed rate loans, there are low down payment options, gifts are allowed, Streamline Refinances are permitted and there are no penalties for repayment.

VA 30 Year Fixed Mortgage Rates

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Since VA loans are guaranteed by the government, VA loans provide access to special benefits, including:

  1. No down payment required: For many service members, this is the most attractive feature of a VA loan. You can become a homeowner without having to save for a down payment.
  2. Lower interest rates: VA loans typically offer interest rates well below those of conventional loans.
  3. No monthly mortgage insurance premiums: MI payments can costs borrowers hundreds every month, an expense you'll never have with a VA loan.
  4. No prepayment penalty: With a VA loan, you can sell or refinance at any time without having to pay a penalty.
  5. Reduced funding fees: You may qualify for a reduced VA funding fee or exemption from VA funding fees for Veterans receiving service-connected disability compensation.
  6. Ability to finance the VA funding fee: The funding fee can be rolled into the entire loan amount.
  7. Less than perfect credit usually accepted: You don't need to have perfect credit to qualify for a VA loan.
  8. 100% cash out refinance, including the funding fee: Use your home's value and pull cash out to pay off debt, make repairs to your home, remodel, or spend any way you wish.


The Driving Force Behind Mortgage Rates

Mortgage rates are a substantial element of the home buying process. While you likely know what a mortgage rate is if you have begun your home purchase journey, understanding what drives those rates may not be familiar territory.

The average interest rates affixed to home mortgages often fluctuate based on a few different factors. Understanding these can help you better comprehend when your chances increase for a lower interest rate.

Employment Patterns

The number of jobs available and the rate businesses and operations hire new employees impact the average interest rates seen across the nation. The Mortgage Reporter noted strong employment growth will likely also drive up interest rates while a weak job report will keep rates low.

The Stock Market

In 2008 the U.S. experienced a financial crisis. In conjunction with the recession, the housing market bubble burst forcing many homeowners to foreclose on their properties.The stock markets will impact both the Bond and real estate markets directly. Interest rates will reflect the condition of the stock market, according to The Truth About Mortgage.

The Federal Reserve

When money is pulled out of the monetary system, the Fed likely anticipates inflation and interest rates will increase as a result. If cash is added to the monetary system to help stimulate the economy, interest rates will likely decrease.

Global Impact

The average interest rate will also fluctuate in tandem with geopolitics and other events that occur globally, according to an infographic from Vantage Production.

Rates will increase if current tensions in the Middle East subside and China improves its gross domestic product. However, rates will fall if the volume of terrorist acts increase or the European economy worsens.

Mortgage rates will also decrease if natural disasters, such as hurricanes and earthquakes, occur anywhere across the globe.

Scoring a Low Interest Rate

If you are looking to purchase a home, applying for a home mortgage now might be a good idea. Currently, interest rates are historically low, but as the employment situation and economy improve, you can expect those rates to spike soon.

While the aforementioned factors impact the average interest rate, you can control certain elements and help secure a lower interest rate for a home loan.

Credit Score Control

According to the Consumer Financial Protection Bureau, low interest rates go to individuals who provide more favorable borrower qualifications. For example, a credit score demonstrates your track record for paying back bills. This can help a lending organization determine whether you will be reliable when it comes to paying your monthly mortgage bills. Try improving your credit score as much as you can prior to sending in your home loan application.

Down Payments

While there are plenty of low down payment options available to qualified borrowers, providing a more substantial down payment can help you secure a lower interest rate and ultimately save you more money over the life of the loan.

Size of the Loan and Location of Home

The amount you ask for when applying for a home mortgage can impact the interest rate. A larger loan will usually also be accompanied by a higher interest rate. This is because paying back the loan will likely take longer and there is more at stake for the lending organization.

Mortgage Rates Infographic

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