Compare Today's Mortgage Rates

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How to compare mortgage rates and home loan offers

There's more to scoring a sweet mortgage deal than just chasing the lowest rate. Here's what money-smart buyers (like you) need to look out for when comparing mortgage offers.

Annual percentage rate (APR)

While the base mortgage rates might look appealing, the APR tells the true story. It includes both your interest rate and other loan costs, giving you the most accurate picture of your total borrowing expense.

Loan terms & type

A 30-year fixed-rate mortgage means stable, lower monthly payments, but you'll pay more in interest over time. A 15-year term means higher monthly payments but significant interest savings. Make sure you're comparing similar loan types when looking at current home interest rates.

Lender fees

Watch out for origination fees, application fees, and points. Some lenders offer lower mortgage rates but make up for it with higher fees. Our comparison tool shows you the full cost breakdown so there are no surprises.

Rate lock period

Your rate isn't guaranteed until it's locked in. Mortgage rates can shift depending on broader economic forces and your own profile. If you're happy with the rate you received, it's best to lock it in. If you think you could do better, focus on improving your credit score, saving up for a larger downpayment, or downsizing your home spend.

For new construction homes, ask about extended rate locks - these can protect your rate for up to 12 months. Many lenders also offer "float down" protection, meaning if rates drop during your lock period, you can secure the lower rate.

Factors that can influence your mortgage rate

Credit score: Your credit score is one of the biggest influences on your mortgage rates today. Generally, scores above 740 qualify for the most competitive rates, while lower scores might mean slightly higher rates.

Down payment size: A larger down payment often leads to better mortgage rates. Why? You're borrowing less and showing lenders you're financially prepared. Most buyers put down between 3.5% and 20%. But you could save if you put down more.

Property type & location: The type of property you're buying (single-family home, condo, etc.) and its location can affect your rate. Some areas and property types are considered lower risk for lenders.

Loan amount: The size of your house loan influences your rate. Conforming loans (under $726,200 in most areas for 2024) typically offer better mortgage rates than jumbo loans.

Employment & income: Stable employment and a strong income relative to your debt help you qualify for better mortgage rates. Lenders want to see that you can comfortably manage your monthly payments.

Factors that can influence your mortgage rate

While the Fed doesn't directly set mortgage rates, their decisions ripple through the lending market. When the Federal Reserve adjusts its federal funds rate to manage inflation or economic growth, it influences the broader environment that determines current home interest rates.

But remember - your personal financial profile matters most in determining your rate, which is why it's important to get personalized mortgage offers rather than just watching market trends.

Types of mortgages

Let's dive into different mortgage types because choosing the right one could be the difference between just making it work and living your best homeowner life.

Conventional mortgages: Traditional home loans not backed by government agencies, requiring good credit and typically a 3% minimum down payment. Most suited for borrowers with strong credit profiles.

FHA loans: Government-backed mortgages designed for buyers with lower credit scores or limited down payments, requiring as little as 3.5% down. Perfect for first-time homebuyers.

VA loans: Special mortgages exclusively for veterans, active military, and eligible spouses offering 100% financing with no down payment required. Often feature some of the best mortgage rates available.

Fixed-rate mortgages: A loan with an interest rate that stays the same for the entire term, providing predictable monthly payments. The most popular choice for homebuyers seeking payment stability.

Variable-rate mortgages: Loans where the interest rate can change periodically based on market conditions. They typically start with lower rates but carry the potential for future increases.

Adjustable-rate mortgages (ARMs): Hybrid loans starting with a fixed rate for a set period before switching to a variable rate. Offer attractive initial rates but include the uncertainty of future adjustments.

USDA loans: Government-backed mortgages for homes in eligible rural areas, offering 100% financing with no down payment for qualified buyers. Include reduced mortgage insurance requirements compared to other loan types.

Get personalized mortgage quotes with MoneyLion

We make finding the right mortgage loans simple and stress-free. Compare multiple offers from our network of trusted home mortgage lenders in minutes – all without affecting your credit score. Our service is completely free, with no obligation to commit.