What is the best mortgage rate as of today?

The average 15-year fixed mortgage APR is 4.890%, according to Bankrate's latest survey of the nation's largest mortgage lenders, 30-Year · 15-Year Mortgage · Maine Mortgage and. First, choose between buy rates or refinance rates by alternating between the two options at the top of the table. Even if you stay in the same home for the rest of your life, you can refinance your mortgage to take advantage of better terms or rates. These rates are different from Freddie Mac rates, which represent a weekly average based on a survey of quoted rates offered to borrowers with strong credit, a 20% down payment, and discounts for points paid.

Mortgage rates have risen steadily since the beginning of March, reaching a 12-year high of 5.11% in mid-April.

Mortgage rates

rose 1.5 percentage points during the first three months of the year, the largest quarterly increase in 28 years. A good mortgage rate is one where you can comfortably pay monthly payments and where the other loan details fit your needs. The Federal Reserve has been buying MBS and Treasury bonds, and this increase in demand has led to the lowest mortgage rates on record.

The housing market remains healthy, says Robert Heck, vice president of mortgages at online mortgage broker Morty. If your interest rate is locked, your rate will not change as a result of market fluctuations, but you can still change if there are changes to your application, such as loan amount, credit rating, or verified income. If that happens, fixed mortgage rates could fall back from the range close to the 6 percent we've seen lately. Mortgage bonds and 10-year Treasury bonds are similar investments and compete for the same buyers, so rates for both go up or down at the same time.

Finding the best mortgage rate is a matter of knowing your goals and choosing the right tool to do the job. In the past, there have been larger movements in mortgage rates, but they took much longer to develop. Adjust the graph below to see historical mortgage rates adapted to your loan program, credit rating, down payment, and location. APR stands for annual percentage rate and includes the interest rate plus other charges associated with the mortgage.

Ronda Huskin
Ronda Huskin

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