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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30-year fixed mortgage rates are averaging: 7.52%

Current 15-year fixed mortgage rates are averaging: 6.83%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
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Current mortgage rates by loan type

Loan Product
Interest Rate
APR
30-year fixed rate
7.52%
7.73%
20-year fixed rate
6.68%
6.90%
15-year fixed rate
6.83%
7.16%
10-year fixed rate
7.12%
7.85%
FHA 30-year fixed rate
6.46%
7.16%
30-year 5/1 ARM
6.48%
7.87%
VA 30-year 5/1 ARM
6.32%
7.02%
VA 30-year fixed rate
6.30%
6.51%
VA 15-year fixed rate
5.91%
6.34%
Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan type, loan program, and loan term. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Written by Rene Bermudez | Edited by Crissinda Ponder | Updated May 17, 2024

Mortgage rates forecast: Will home loan interest rates go down?

The current national mortgage rates forecast indicates that rates are likely to remain high compared to recent years, but could trend closer to 6% if inflation continues to decrease in 2024. Rates fell for a second week in a row this week, with 30-year mortgage rates going down by 0.07% and 15-year rates decreasing by 0.10%.

Here are the U.S. weekly average rates from Freddie Mac’s Primary Mortgage Market Survey, as of May 16, 2024:

  • 30-year fixed-rate mortgage: 7.02%
  • 15-year fixed-rate mortgage: 6.28%

Average 30-year fixed mortgage rates nearly reached 8% in the second half of 2023, but finally fell below 7% in mid-December. This year mortgage rates remained consistently below 7% until late April, when they crept up to 7.17%.

The Federal Reserve has shown signs that it’s unlikely to raise rates again soon, and investors and market watchers are waiting expectantly for the first cut of 2024. However, a cut likely won’t materialize until summer, at the earliest.

Expert insights on mortgage rates in 2024


Jacob Channel, Senior economist

If inflation growth does start to slow, the Fed may still choose to cut rates in the second half of the year. If they do, mortgage rates should drop.” 

If you’re interested in taking out a mortgage, Channel’s advice is to focus on what you can afford in the current market. Don’t wait to get the “perfect” rate. It’s impossible to time the market but, ultimately, if you take on a mortgage with affordable payments, you can succeed in any market.

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How to compare mortgage rates

As you comparison shop, you have two options for how to compare mortgage rates:

  • Use an online rate-comparison site. Sites like LendingTree allow you to enter your information into one form and send it off to multiple lenders. That’s important because mortgage rates change daily and you’ll need rates gathered on the same day to make a good comparison.
  • Reach out to lenders yourself. You can call lenders, go to a bank near you, or get rates online at many lenders’ websites. But if you’re a first-time homebuyer with a lot of questions, or you have a complicated or unique financial situation, it may make the most sense to speak to someone.

Compare our picks for the best mortgage lenders

Lender
User ratings
LendingTree rating
Min. credit score

(1,389)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.


Read review


Best mortgage lender for refinance loans
Not disclosed

(2,613)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.


Read review


Best mortgage lender for VA loans
580

(36)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.


Read review


Best mortgage lender for jumbo loans
Not disclosed

(952)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.


Read review


Best lender for online mortgage experience
620

(14,161)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.


Read review


Best mortgage lender for FHA loans
600

User reviews coming soon

Read review


Best lender for home equity loans
580 to 620

(77,064)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.


Read review


Best lender for overall mortgage loan variety
580 to 620
 Learn more about how we chose our list of the best mortgage lenders.

How to choose the best mortgage lender for you

The key to choosing a mortgage lender is to comparison shop. That means getting quotes from at least three to five lenders. It may sound like a hassle but it could save you tens of thousands of dollars.

Be sure to shop for those quotes on the same day, since mortgage interest rates change on a daily basis. And don’t forget to look at the annual percentage rate (APR) for each offer — this will show you the true cost of a given loan, including interest and fees.

 Ready to get started? Learn how to apply for a mortgage today.

 If you skip the crucial step of shopping around, you miss out on the opportunity to:

  • Learn about special deals mortgage lenders may be offering on specific loan programs.
  • Use the knowledge to negotiate for a better mortgage rate. You can use your offers as leverage to ask lenders about matching the lowest mortgage rate you were quoted.
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How are mortgage rates determined?

There are nine primary factors that determine your mortgage rate:

  1. Your credit score. The higher your score, the lower your interest rate.
  2. Your down payment amount. Lenders may offer lower home loan rates with a higher down payment.
  3. Your loan amount. You may get a better mortgage rate for a higher loan amount.
  4. Your loan program. Interest rates on Federal Housing Administration (FHA) loans and the U.S. Department of Veterans Affairs (VA) loans tend to be lower than conventional loan rates.
  5. Your loan term. Shorter terms usually equal lower mortgage interest rates.
  6. Your location. Home loan rates vary based on where you live.
  7. Your occupancy. You’ll get the best mortgage rates financing a home you plan to live in as your primary residence.
  8. Your property type. Lenders offer the most favorable mortgage rates for single-family homes. You’ll pay a higher rate for a mortgage on a condo, manufactured home or multifamily home.
  9. Economic factors. Inflation, the Federal Reserve’s monetary policy and U.S. Treasury bond yields can influence whether mortgage rates go up or down.

 Read more about how interest rates are determined.

How to get the lowest mortgage rates

There are many ways you can get your lowest home loan interest rates:

 Boost your credit score to 780 or higher. You’ll need to aim for a 780 credit score to qualify for the lowest conventional loan interest rates. Need help getting started? Learn how to improve your credit score.

 Make a bigger down payment or borrow less. You’ll snag the best mortgage rates with a 780 credit score and at least a 25% down payment. A lower loan-to-value (LTV) ratio (how much of your home’s value you need to borrow) means lower home loan rate offers.

Reduce your total monthly debt load. Lenders measure your debt-to-income (DTI) ratio by dividing your total monthly debt by your before-tax income. A 43% maximum DTI ratio is a common limit. A debt consolidation calculator can estimate how much a debt consolidation loan could lower your monthly payments.

 Consider an adjustable-rate mortgage (ARM). If you plan to move in a few years, an ARM loan starts with lower mortgage interest rates for a period of time. If you sell the home before that lower rate expires, you could save a lot of money in interest compared to a fixed-rate home loan.

 Pick a shorter loan term. Lenders usually charge lower interest rates for shorter terms like 15-year loans. If you can afford a higher monthly payment, you’ll save thousands of dollars over the life of the loan, according to a LendingTree study. A mortgage calculator can estimate how much you might save.

 Pay mortgage points. A mortgage point is an upfront fee equal to 1% of your total loan amount. (For example, if you borrowing $300,000, one point costs $3,000.) Paying for points buys you a lower home loan interest rate. Each point can usually lower your rate by 0.125% to 0.25%. For the exact cost of your mortgage point, you can check Page 2, Section A of your lender loan estimate.

 Compare mortgage lenders. Comparing offers from several mortgage lenders saves you money — and not just a few dollars. A LendingTree study found that homebuyers in the nation’s largest metro areas saved an average of $84,301 over the life of their loans by comparing offers from different lenders.

 How to get the lowest monthly mortgage payment

If you are purchasing your home, there are a few ways to get a lower monthly home loan payment:

  • Make a larger down payment. This reduces your total loan amount, which lowers the amount of interest you’ll pay. Plus, if you put down at least 20%, you can avoid private mortgage insurance (PMI).
  • Pay mortgage points. You can reduce your mortgage rate by purchasing points, which can save you quite a bit in interest charges over the long term.
  • Ask for a temporary mortgage rate buydown. This financing plan gives you a lower mortgage rate for a set time period. The rate increases by an agreed amount each year until the final interest rate is reached, and then your home loan rate remains fixed.

If you already own your home, there are other ways you can lower your monthly home loan payment:

  • Refinance. The most common way homeowners reduce their existing mortgage payment is to refinance. A mortgage refinance calculator can help you decide whether a refinance makes sense for you.
  • Ask your lender for a mortgage recast. You may be able to use some extra cash to pay down your loan balance, allowing your lender to update your monthly payment to a lower amount.
  • Ask about a mortgage loan modification. If you’re having trouble keeping up with payments, ask your lender if you’re eligible for a loan modification. If the lender is willing to extend your loan term or lower your interest rate, it will help make your payments more affordable.

 Interested in refinancing? Check out current refinance mortgage rates today.

 Ready to estimate how much your monthly payment could be? Calculate your mortgage payment and get custom offers below.

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Frequently asked questions

A mortgage rate shows you the amount of money you’ll have to pay as a fee for borrowing funds to purchase a home, and is typically expressed as a percentage of the total amount you’ve borrowed.

Be careful not to confuse interest rates and APR — both are expressed as a percentage, but they’re very different. A typical interest rate accounts only for the fees you’re paying a lender for borrowing money. An APR, on the other hand, captures a broader view of the costs you’ll pay to take out a loan, including the interest rate plus closing costs and fees.

Still confused? Read our guide to better understand an APR versus interest rate.

Once you’ve selected your lender, you should ask your loan officer about the options you have to lock in a rate. Mortgage rate locks usually last between 30 and 60 days, and they exist to give you a guarantee that the rate your lender offered you will still be available when you actually close on the loan. If your loan doesn’t close before your rate lock expires, you should expect to pay a rate lock extension fee.

You need to apply for mortgage preapproval to find out how much you could qualify for. Lenders use the preapproval process to review your overall financial picture — including your assets, credit history, debt and income — and calculate how much they’d be willing to lend you for a mortgage.

Use the loan amount printed on your preapproval letter as a guide for your house-hunting journey, but avoid borrowing the maximum. Our mortgage calculator can help you determine whether your mortgage payment leaves enough room in your budget to comfortably cover your other monthly bills.

The best type of mortgage loan will depend on your financial goals — while some loan types consistently offer lower rates, they may do so at the expense of higher monthly payments or complicated repayment terms. Weigh the pros and cons of a 15- versus 30-year loan and take time to understand ARM rates and how they differ from traditional fixed mortgage rates before signing on the dotted line.

If you’re considering an FHA loan because its interest rate is lower than a conventional loan rate, make sure you understand why to look at annual percentage rates (APRs), not just interest rates, when comparing FHA and conventional loans.

A teaser rate is a lower initial rate offered on a mortgage loan for a set time period before the actual fixed mortgage rate goes into effect. Teaser rates are often obtained through an adjustable-rate mortgage (ARM) loan, that have 3-, 5- or 7-year options.

Mortgage closing costs usually range anywhere from 2% to 6% of your total home loan amount. The cost can vary depending on many factors, including your lender and how much you’re borrowing. It’s possible to get the seller or lender to pay a portion or all of these costs.

About the author: Rene Bermudez

Staff Writer, Mortgages

Expertise: Mortgages, personal finance
Education: Reed College

Rene Bermudez is a staff writer at LendingTree, where she covers mortgages and personal finance. She researches both current and historical trends in the mortgage industry in order to give the best analysis and guidance to readers grappling with these complex financial products.