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 Hit Three Month Low

Continuing their recent trend of dropping, mortgage rates have moved even lower, hitting their lowest levels in months.

Low rates have fueled home buyers, and applications to purchase have increased as a result.

Over the past week, mortgage rates moved to 4.63%, a sizeable drop of 12 basis points (0.12%) from the previous weeks. This is the second time in the past four weeks that mortgage rates have dropped by double digit basis points.

The recent slide in rates has been a result of a shaky stock market. But with the lowest unemployment levels in years and steadily increasing wages, home buyers have plenty be happy about.

As rates continue to decrease, home buyers will be galvanized and will likely pick up the pace in the housing market. There has been a recent slowdown, largely caused by higher rates and the winter season.

With rates moving lower, it’s hard not to try and take advantage.

Generally speaking, winter is a slow time for the housing market. But with the sudden surge in buyer interest, more homeowners looking to sell may want to take advantage of the hot market. This could mean more homes on the market.

Of course, the same obstacles that home buyers have faced all year still exist. There is still a shortage of housing, and home prices continue to increase.

But with lower mortgage rates the total cost of a home decreases, making higher home prices easier to match.

Click to check 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 4.63%, down from 4.75% the previous week.

Just one month ago, rates were pushing near the five percent level. Now home buyers are enjoying near the same rates they were back in May. If this trend continues, rates could start the new year at favorable levels.

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 over the past week. Currently, the 15-year fixed rate mortgage averages 4.07%, down 14 basis points from the previous week.

The five-year ARM also decreased, but by a smaller margin. Down three basis points from the previous week, the five-year ARM currently averages 4.04%.

Rates dropped across the board which is a good sign for home buyers. But rates aren’t bound to stay low forever, and mortgage rate shoppers will have to decide if this winter is a good time for them to buy a home.

Check current mortgage rates.

Your Mortgage Strategy

It’s difficult to pass up mortgage rates when they’re low, so current rates will likely bump up buyer demand.

However, prospective home buyers should think before they lock in on rates. Rates could end up going lower over the coming weeks, especially if you take the recent slide into account.

But mortgage rates are unpredictable, and a strong stock market over the next few weeks could end up pushing rates even higher.

Home buyers should always act when it works best for them. Winter is a busy time, so many people are going to wait until after the holidays to continue their home search.

Other buyers are going to take advantage of the reduced competition and become more aggressive in the coming weeks.

The best bet for those who think rates might move lower is to keep track of rate changes. Mortgage rates are changing throughout the day, and any news could move them higher or lower.

With rates trending downward, patience could be a smarter move.

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.