Current Mortgage Interest Rates

Mortgage interest rates change daily. Keep up with current rates to make the best decision on your home mortgage.

*Average rates from a lender survey of 100+ lenders as reported by Freddie Mac PMMS. Fees and points vary. These are average rates only and intended to give a snapshot of overall market movements, not specifically available rates. For a personalized rate quote click here.

Mortgage Rates Dip Lower

Continuing their current trend of moving up and down, mortgage rates dropped lower over the past week. This could be a sign that rates are leveling out – for now.

Over the past week, mortgage rates decreased to 4.57%. This nearly erases last week’s increase in mortgage rates, and it’s the third time in four weeks that mortgage rates have dropped.

Even though the Fed raised their rate recently, rates ended up moving in the opposite direction. Not even the Fed’s announcement that they’re planning on raising rates at least two more times before the end of the year could force mortgage rates higher.

There are two likely reasons for this. The first is that the housing shortage across the nation has made it too difficult for many home buyers to buy a home. The problem isn’t necessarily the cost or the rates, but the fact that there just aren’t enough houses for sale.

When home sales are low, lenders will lower their rates to make them more attractive to home buyers.

The second likely reason rates dropped is that the market may have hit a “rate ceiling.” This means that rates have gone as high as they can under current conditions, and while they could fluctuate week over week, they’re unlikely to trend up or down for a long, consistent period.

This seems possible when looking at the data; two months ago, mortgage rates averaged 4.58%, practically the same as current rates.

Whichever of the two is moving rates – if either – home buyers should anticipate rates to remain near their current levels until something big changes.

Unfortunately, the national housing shortage is unlikely to get solved this summer, and possibly even year. If any home buyers have found a home that fits their needs and their budget, they may want to consider jumping on the opportunity.

Click to see today’s rates.

Freddie Mac Reports Current Rates

Each week, Freddie Mac surveys over 100 lenders across the nation to determine a rate average. Because their reported rate is an average, rates that are available to you may end up being lower than those reported.

Over the past week, Freddie Mac reported that the 30-year fixed rate mortgage decreased to 4.57%, a drop of five basis points (0.05%) from the previous week.

Rates have been hovering around their current levels for a few months now, so any small changes shouldn’t surprise home buyers. However, rate drops are always welcomed by mortgage rates shoppers.

Along with the 30-year fixed rate mortgage, Freddie Mac reports on the 15-year fixed rate mortgage and the 5-year adjustable rate mortgage (ARM).

Freddie Mac reported that the 15-year fixed rate decreased over the past week. Currently, the 15-year fixed rate mortgage averages 4.04%, a decrease of three basis points (0.03%) from the previous week.

The five-year ARM remained steady over the past week. Currently, the five-year ARM is averaging 3.83%.

Rates have been rising and dropping for a few months now, but they’re higher than they were to start the year. If the economy continues to grow at its current pace, mortgage rates may end up jumping even higher at some point in 2018.

Check current mortgage rates.

Your Mortgage Strategy

No matter how high or low rates get, the strategy is the same as it has been all year long: find available housing.

While not all areas are experiencing a housing shortage, many major areas are, and it’s putting pressure on home buyers.

The unfortunate reality is that supply just can’t keep up with demand. Even with new homes being built at a quicker pace than over previous years, demand is too high to match.

That doesn’t mean it’s impossible to get a home, however. Home sales are strong, and that means that home buyers are purchasing houses.

Anyone who is looking to get into a new home this summer just needs to be persistent with their search. It would also help to widen any home searches to more suburban or rural areas.

Click to check today’s rates.

Current Rates

Because Freddie Mac’s report covers mortgage rates from the previous week, mortgage rates today could be different.

Rates change every day, and they change throughout the day. The best way to find out what current rates are is to see what rates are available to you.

Click/ to see current mortgage rates.