Average mortgage rates inched lower by the smallest measurable amount yesterday. The drop may have been tiny, but it was enough to set a new all-time low. Today’s rate for a 30-year, fixed-rate, conventional loan is starting as low as 3.125% (3.125% APR). And other types of mortgages offer even lower rates.
These rates have had a remarkable run, with not a single rise in more than two weeks. But that can’t last for ever. And continuing to float means playing chicken with a force nobody can predict. Still, it’s a gamble that just might pay off for those with nerves of steel. But, personally, I’d lock now.Find and lock current rates. (Jul 10th, 2020)
|Conventional 30 yr Fixed||3.125||3.125||Unchanged|
|Conventional 15 yr Fixed||2.75||2.75||Unchanged|
|Conventional 5 yr ARM||4.25||3.267||Unchanged|
|30 year fixed FHA||2.938||3.919||Unchanged|
|15 year fixed FHA||2.375||3.317||Unchanged|
|5 year ARM FHA||3.25||3.545||Unchanged|
|30 year fixed VA||2.5||2.674||Unchanged|
|15 year fixed VA||2.5||2.824||Unchanged|
|5 year ARM VA||3||2.612||Unchanged|
|Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.|
* See our rate assumptions here.
A mortgage rate is the rate of interest charged by a mortgage lender. Mortgage rates can be either fixed (it stays the same for the term of the loan) or variable (the rate will adjust at some point during the term of the loan). Mortgage rates are determined by the lender and can vary depending on your unique situation — your credit score, loan term, and downpayment can all affect your mortgage rate.1
The more lenders you compare when shopping for mortgage rates, the more likely you are to get the lowest interest rate available for you. Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the loan. Yes, it definitely pays to shop around.2
1. Source: Freddie Mac
2. Advertising disclosure: we receive advertising revenue from some partners.