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Average mortgage rates had another good day yesterday. It was the fifth consecutive business day on which they’ve fallen. And that’s taken them to their second-lowest level over the last month. (This morning, Freddie Mac’s weekly survey was out of date before it was published.)
But don’t assume this run of good days means the Federal Reserve’s interventions in the mortgage-bond market (more on those below) have created a one-way street for these rates. It would be surprising if we didn’t see some rises sometime soon, possibly even today.
Find and lock current rates. (Apr 9th, 2020)| Program | Rate | APR* | Change |
|---|---|---|---|
| Conventional 30 yr Fixed | 3.625 | 3.625 | -0.13% |
| Conventional 15 yr Fixed | 3.563 | 3.563 | -0.13% |
| Conventional 5 yr ARM | 3.5 | 3.5 | Unchanged |
| 30 year fixed FHA | 3.625 | 4.612 | Unchanged |
| 15 year fixed FHA | 4 | 4.953 | Unchanged |
| 5 year ARM FHA | 3.875 | 3.791 | Unchanged |
| 30 year fixed VA | 3.125 | 3.305 | Unchanged |
| 15 year fixed VA | 3.625 | 3.959 | Unchanged |
| 5 year ARM VA | 3.625 | 2.867 | +0.03% |
| 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
* Source:
http://www.freddiemac.com/research/insight/20180417_consumers_leaving_money.page
1. Source: Freddie Mac
2. Advertising disclosure: we receive advertising revenue from some partners.