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 Drop Modestly

Following the largest single-week increase of the year, mortgage rates took a step the other way, easing fears of skyrocketing mortgage rates.

This quick drop in rates is something that timely home buyers can try and take advantage of.

Over the past week, mortgage rates dropped to 4.85%, down five basis points (0.05%) from the previous week. The decrease was modest in comparison to last week’s jump where rates rose by 19 basis points (0.19%).

Higher mortgage rates are the new reality for home buyers and mortgage rate shoppers. Rates at this time last year were nearly an entire percentage point off what they currently are.

Of course, it’s important to put things in perspective. Mortgage rates were at ultra-low levels for a few years, and they had to begin to move toward higher, more normal levels at some point.

The increased mortgage rates are the result of a strong economy, as well as rising rates in just about every other market. The housing market, which has been one of the strongest sectors of the economy for a few years now, was bound to see mortgage rate increases as well.

While rates decreased this past week, home buyers shouldn’t expect them to continue decreasing. As the economy continues to grow, rates are bound to increase as well.

But there will always be times like this past week where rates see quick, helpful drop.

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 4.85%, keeping rates from trending higher.

The previous week’s rates were the highest seen in years. Rates may have decreased this past week, but record highs are bound to be broken later this year.

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 also decreased this past week. Currently, the 15-year fixed rate mortgage averages 4.26%, down just three basis points (0.03%) from the previous week.

Breaking away from the 30-year and 15-year fixed rates, the five-year ARM increased over the past week, also by three basis points.

In comparison to recent rate changes, this past week’s changes seem relatively small. However, when looking at the life of a 30-year or 15-year mortgage, even the slightest change in rates can have an impact on how much you pay each month.

Check current mortgage rates.

Your Mortgage Strategy

Just because mortgage rates decreased this past week doesn’t mean that they’ll keep dropping. Instead, home buyers should keep planning for higher rates.

It’s a tough time to be a home buyer, but it’s slowly becoming better. Demand for housing has gradually been decreasing, taking some of the power away from home sellers.

Unfortunately, this has been caused primarily by rising mortgage rates and home prices.

The good news is that the economy continues to grow, and real wages are increasing. This means homes will become more affordable relative to how much potential home buyers are earning.

Patient home buyers may have more options when shopping, but they’ll have to deal with higher mortgage rates down the road.

On the other hand, buyers that purchase a home now will likely get lower mortgage rates, but the competition for homes is still stiff.

There is no “perfect time” to buy a home, so home buyers will need to find the best time for their personal situation.

Check current mortgage 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.