Today’s Mortgage Rate

Exclusive low rates for first-time home buyers. Skip the weeks-long wait; now, you can secure a rate today.

6.375%

Homebuyer Rate

6.971%

Competitor Average

Save with Homebuyer.com

With our low rates, you can save big on a 30-year mortgage.

Home Price

$400,000

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Mortgage Rate Assumptions

The mortgage rates shown on this page make assumptions about you, your home and location, and are accurate as of . Mortgage rates change without notice based on mortgage bond market activity. NMLS 423065.

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Today’s Mortgage Rates News

Watch our daily, real-time recap of the U.S. mortgage market and what's driving today's mortgage rates. Get insightful takes on the latest news, mortgage statistics, and updates on first-time home buyer grants and assistance.


Conventional Mortgage Rates

A conventional mortgage is a mortgage backed by Fannie Mae or Freddie Mac. Three conventional mortgage programs allow eligible first-time home buyers to make a 3 percent downpayment - HomeReady, Home Possible, and the Conventional 97.

Our Conventional Rate vs the National Average

Homebuyer.com 30-year fixed-rate mortgage rates are currently 0.596 percentage points below the average rate of all U.S. lenders.

Data: Homebuyer.com, Federal Reserve Bank of St. Louis. See assumptions and disclosures above.
       

Current Conventional Mortgage Rates

Our conventional mortgage interest rate is currently 6.375% (6.538%).

Conventional Mortgage Rate History

Rate Comparison Rate Change
Change From Yesterday +0.000%
Change From Last Week +0.000%
Change From Last Month -0.250%

How Much Home Can You Buy With A Conventional Mortgage?

At today's conventional mortgage rates, a $1,250 mortgage payment can afford a $206,600 home.

Notes: Assumes a three percent downpayment using a Fannie Mae Home Ready or Freddie Mac Home Possible mortgage. Does not account for real estate taxes, homeowners insurance, and mortgage insurance which typically comprise between 30-35% of a payment's PITI . Data: Homebuyer.com

FHA Mortgage Rates

FHA mortgages are mortgages insured by the Federal Housing Administration. FHA loans are the most lenient mortgage type with respect to income sources and credit scores. FHA loans home buyers to make a 3.5 percent down payment.

Our FHA Rate vs the National Average

Homebuyer.com 30-year fixed-rate mortgage rates are currently 0.226 percentage points below the average rate of all U.S. lenders.

Data: Homebuyer.com, Federal Reserve Bank of St. Louis. See assumptions and disclosures above.

Current FHA Mortgage Rates

Our FHA mortgage interest rate is currently 6.500% (7.375%).

FHA Mortgage Rate History

Rate Comparison Rate Change
Change From Yesterday +0.000%
Change From Last Week +0.125%
Change From Last Month -0.250%

How Much Home Can You Buy With A FHA Mortgage?

At today's FHA mortgage rates, a $1,250 mortgage payment can afford a $204,900 home.

Notes: Assumes a 3.5 percent downpayment using a standard FHA mortgage. Does not account for real estate taxes, homeowners insurance, and mortgage insurance which typically comprise between 30-35% of a payment's PITI . Data: Homebuyer.com

VA Mortgage Rates

A VA mortgage is a mortgage guaranteed by the Department of Veterans Affairs. VA loans are available to veterans, active duty military, and surviving spouses. Down payments are optional for eligible buyers.

Our VA Rate vs the National Average

Homebuyer.com 30-year fixed-rate mortgage rates are currently 0.075 percentage points below the average rate of all U.S. lenders.

Data: Homebuyer.com, Federal Reserve Bank of St. Louis. See assumptions and disclosures above.

Current VA Mortgage Rates

Our VA mortgage interest rate is currently 6.500% (6.894%).

VA Mortgage Rate History

Rate Comparison Rate Change
Change From Yesterday +0.000%
Change From Last Week +0.000%
Change From Last Month -0.250%

How Much Home Can You Buy With A VA Mortgage?

At today's VA mortgage rates, a $1,250 mortgage payment can afford a $197,800 home.

Notes: Assumes a 0% downpayment using a VA mortgage. Does not account for real estate taxes, homeowners insurance, and mortgage insurance which typically comprise between 30-35% of a payment's PITI . Data: Homebuyer.com

USDA Mortgage Rates

USDA mortgages are mortgages guaranteed by the U.S. Department of Agriculture. USDA loans are available in non-urban areas, which can be verified via the USDA eligibility map. Down payments are optional for eligible home buyers.

Our USDA Rate vs the National Average

Homebuyer.com 30-year fixed-rate mortgage rates are currently 0.367 percentage points below the average rate of all U.S. lenders.

Data: Homebuyer.com, Federal Reserve Bank of St. Louis. See assumptions and disclosures above.

Current USDA Mortgage Rate

Our USDA mortgage interest rate is currently 6.375% (7.004%).

USDA Mortgage Rate History

Rate Comparison Rate Change
Change From Yesterday +0.000%
Change From Last Week +0.125%
Change From Last Month -0.250%

How Much Home Can You Buy With A USDA Mortgage?

At today's USDA mortgage rates, a $1,250 mortgage payment can afford a $200,400 home.

Notes: Assumes a 0% down payment using a USDA mortgage. Does not account for real estate taxes, homeowners insurance, and mortgage insurance which typically comprise between 30-35% of a payment's PITI . Data: Homebuyer.com

Most Common Mortgage Questions

How often do mortgage rates change?

Mortgage rates change every business morning when markets open, and again up to five times daily based on stock and bond market activity. Mortgage rates may also change in the evenings and on weekends when lenders want to protect against unforeseen market risk. Until you and your mortgage lender make a mortgage rate lock, your interest rate is subject to change.

How are mortgage rates determined?

The starting point for mortgage rates is the mortgage-backed securities market, which moves in response to the U.S. and world economies. Mortgage-backed securities establish a market base rate for mortgages. From there, two factors affect the mortgage rate you get: your choice of lender, and you.

Your mortgage lender will adjust the market's base rate to balance risk and profit, which is why mortgage rates vary between banks. Then, as a home buyer, your down payment and loan-to-value, credit history, income, location, and discount point preference come together to make final mortgage interest rate.

Who has the best mortgage rates?

There is no such thing as “the lender with the best mortgage rates” because mortgage companies adjust interest rates daily to balance staying competitive with managing risk. However, over extended periods of time, lenders such as Homebuyer.com emerge as consistent low-rate options compared to banks and other lenders.

Are mortgage rates negotiable?

In a general sense, mortgage rates are non-negotiable because it's unfair (and a violation of federal lending laws) for a mortgage company to offer different mortgage rates to home buyers with otherwise similar mortgage applications. However, home buyers can get a lower mortgage rate by asking for discount points, temporary buy-downs, and a shorter mortgage rate lock.

What are current mortgage rates?

The current mortgage rates for the four most popular mortgages for first-time home buyers are, as of Tuesday, May 28, 2024, at 11:01 AM EDT.

  • Conventional mortgage: 6.375% (6.538% APR), 1.682 points
  • FHA mortgage: 6.500% (7.375% APR), 1.527 points
  • VA mortgage: 6.500% (6.894% APR), 1.868 points
  • USDA mortgage: 6.375% (7.004% APR), 1.781 points

These rates assume a 30-year fixed-rate mortgage rate for an eligible first-time home buyer meeting minimum down payment and credit score requirements, and program income requirements. For a complete list of assumptions, click here.

Are mortgage rates going down?

Mortgage rates are based on the price of mortgage-backed securities which, like stock prices, are unpredictable over long periods of time. From even just yesterday, conventional 30-year fixed-rate mortgage rates are 0.000 percentage points higher. Tomorrow, rates will do something different. Nobody knows what will happen.

If you're interested in mortgages and mortgage rates, subscribe to our email newsletter for advice, insights, and predictions.

Will mortgage rates go down tomorrow?

¯\_(ツ)_/¯ Let's find out together tomorrow!

What's your best advice for a first-time home buyer?

Use these tips to be a better buyers:

  1. Want a smaller down payment? Improve your credit score.
  2. Want to save on home repairs? Do the home inspection.
  3. Want a lower mortgage rate? Get multiple mortgage rate quotes.

For more practical advice, read these first-time home buyer tips.

How do I lock a mortgage rate?

Use the Homebuyer.com Immediate Mortgage Approval to approve your loan and lock your rate. Most people finish in 5 minutes or fewer.

Find out what you can purchase today

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