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Frequently Asked Questions

What is today's 30-year fixed mortgage rate?

Today's average 30-year fixed mortgage rate is sourced from Freddie Mac's Primary Mortgage Market Survey (PMMS) and updated daily via AI-powered web search. The rate reflects what lenders are advertising for well-qualified borrowers — your actual rate will depend on your credit score, down payment, and loan size. Use the filter bar above to view 30-year rates side by side from all major US lenders and click any tile to pre-fill the mortgage calculator with that rate.

What is the current Federal Funds Rate?

The Federal Funds Rate is the target interest rate set by the Federal Open Market Committee (FOMC) at meetings held approximately eight times per year. It is the rate at which banks lend money to each other overnight, and it serves as the foundation for all other borrowing costs in the economy. While the Fed doesn't set mortgage rates directly, the 10-year US Treasury yield — which closely tracks mortgage rates — responds quickly to changes in Fed policy. The current Federal Funds Rate is displayed in the banner at the top of this page, sourced from the Federal Reserve via AI web search.

How do I calculate my monthly mortgage payment?

Use the free mortgage calculator on this page. Enter your home price, down payment amount, loan term (10, 15, 20, or 30 years), interest rate, estimated property tax rate, and annual home insurance cost. The calculator instantly shows your estimated total monthly payment broken down into principal and interest, property tax, and insurance. You can also click any lender's rate card to automatically populate the interest rate field. Remember, this is an estimate — your actual payment may also include HOA fees, PMI (if your down payment is under 20%), and flood insurance.

What is the difference between a 15-year and 30-year mortgage?

A 15-year fixed mortgage has a lower interest rate (typically 0.50–0.75% below a 30-year) but requires higher monthly payments because you're repaying the loan in half the time. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you'll pay significantly more total interest over the life of the loan. For example, on a $400,000 loan at today's rates, a 15-year mortgage might save you over $120,000 in interest compared to a 30-year — but your monthly payment will be roughly 40–50% higher. Use the calculator above and switch the loan term to compare both scenarios for your specific situation.

Which bank has the lowest mortgage rate today?

Mortgage rates change daily and the lowest rate varies by lender, loan type, and borrower profile. MortgageRate.live compares advertised rates from 14 major lenders including Chase, Wells Fargo, Bank of America, Rocket Mortgage, Navy Federal, PenFed, Citi, Truist, Better Mortgage, USAA, loanDepot, U.S. Bank, PNC Bank, and TD Bank. Use the "Sort by Lowest Rate" option in the filter bar to see today's ranking. Credit unions like Navy Federal and PenFed sometimes offer the most competitive rates but may require membership eligibility. Always compare APR in addition to the interest rate, as fees can significantly impact the true cost of a loan.

What credit score do I need to get the best mortgage rate?

To qualify for the most competitive mortgage rates advertised by major lenders, you generally need a FICO credit score of 740 or higher. Borrowers in the 700–739 range typically see rates 0.10–0.25% higher, while scores between 660–699 may result in rates 0.25–0.50% above the best available. Scores below 660 can still qualify for conventional loans but often at significantly higher rates, and FHA loans (with a minimum score of 580) may be worth considering. A single percentage point difference in your rate on a $400,000 loan translates to roughly $250 per month and over $90,000 in extra interest over 30 years — making it worth improving your credit score before applying if possible. Use our Rate Advisor to see which lenders are best matched to your credit profile.

How does the Federal Reserve affect mortgage rates?

The Federal Reserve does not set mortgage rates directly, but its monetary policy is the most powerful force acting on them. When the Fed raises its Federal Funds Rate to combat inflation, the yields on 10-year US Treasury bonds — which 30-year fixed mortgage rates track closely — tend to rise as well, pushing mortgage rates up. When the Fed cuts rates to stimulate growth, mortgage rates typically fall. However, the relationship isn't always immediate or 1-to-1: lender competition, secondary mortgage market conditions, and economic uncertainty also play significant roles. MortgageRate.live displays the current Federal Funds Rate alongside live lender rates so you can monitor this relationship in real time.

What is an ARM and when does it make sense?

An adjustable-rate mortgage (ARM) has an interest rate that stays fixed for an initial period — typically 5, 7, or 10 years — and then adjusts annually based on a market index (such as SOFR) plus a lender margin. For example, a 7/1 ARM is fixed for 7 years, then adjusts every year. ARMs typically start with a rate 0.50–1.0% below a comparable 30-year fixed, which can save thousands in the early years. They make the most financial sense if you plan to sell or refinance before the fixed period ends, or if you're confident rates will be lower when your loan adjusts. The main risk is that your monthly payment can increase substantially after the fixed period. Rate caps limit how much your rate can change per adjustment and over the life of the loan — always ask your lender for the cap details.

Should I lock my mortgage rate now or wait for rates to drop?

Rate timing is one of the hardest decisions in home buying, and even professional economists rarely get it right consistently. Mortgage rates are driven by inflation data, Fed policy signals, Treasury yields, and global economic conditions — all of which are difficult to predict. A general rule of thumb: if the payment at today's rate is affordable and you've found the right home, locking eliminates the risk of rates rising before your closing date. If you believe rates are likely to fall in the near term — for example, because of expected Fed rate cuts — some lenders offer float-down provisions that allow you to capture a lower rate if rates drop before closing. Most standard rate locks are 30–60 days. MortgageRate.live shows daily rate trends to help you make an informed decision, but always consult a licensed mortgage professional before locking.

What is the difference between APR and interest rate on a mortgage?

The interest rate is the annual cost of borrowing the principal loan amount, expressed as a percentage. The Annual Percentage Rate (APR) is a broader measure that includes the interest rate plus other loan costs — such as origination fees, discount points, broker fees, and certain closing costs — expressed as a yearly rate spread over the full loan term. Because APR accounts for fees, it is always equal to or higher than the stated interest rate. When comparing loan offers from different lenders, comparing APRs gives you a more apples-to-apples view of true cost. A loan with a 6.75% rate and 1.5 points in fees could easily have a higher APR than a loan at 6.90% with no points, making the lower-rate loan actually more expensive if you hold it long-term. Rates on MortgageRate.live represent advertised interest rates — always confirm the APR, fees, and closing costs directly with each lender before making a decision.