Today’s Mortgage Rates

As of Friday, February 23, 2024, at 10:01 AM EST, the 30-year fixed conventional mortgage rate is 6.375% (6.544%) for eligible first-time home buyers. Our mortgage rates are currently lower than the national average.

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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.

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Mortgage Rates Chart Mortgage Rates vs National Average

Data:, Federal Reserve Bank of St. Louis

Current Mortgage Rates

30-year fixed 6.375%

National Average

30-year fixed 6.904% mortgage rates are 0.529 percentage points below the national average mortgage rate.

Changes in Mortgage Rates

From Yesterday:


From Last Week:


From Last Month:


Popular Mortgage Rate Comparisons

Mortgage rates are derived from mortgage-backed securities and are subject to change without notice. The interest rates shown below are accurate as of Friday, February 23, 2024, at 10:01 AM EST. is a mortgage company for first-time home buyers and these interest rates may not be available or apply to all mortgage applicants. Mortgage rates and loan terms are subject to change prior to making a mortgage rate lock.

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Conventional Mortgage Rates

Our 30-year fixed-rate conventional mortgage is available to eligible home buyers at 6.375% (6.544% APR). Today's conventional mortgage rate is 0.000 percentage points higher compared to yesterday, and 0.125 percentage points higher compared to last week. Our conventional interest rates are now 0.529 percentage points below the national average.

FHA Mortgage Rates

Our 30-year fixed-rate FHA mortgage is available to eligible home buyers at 6.375% (7.287% APR). Today's FHA mortgage rate is 0.000 percentage points higher compared to yesterday, and 0.000 percentage points higher compared to last week. Our FHA interest rates are now 0.249 percentage points below the national average.

VA Mortgage Rates

Our 30-year fixed-rate VA mortgage is available to eligible home buyers at 6.625% (7.007% APR). Today's VA mortgage rate is 0.000 percentage points higher compared to yesterday, and 0.000 percentage points higher compared to last week. Our VA interest rates are now 0.074 percentage points above the national average.

USDA Mortgage Rates

Our 30-year fixed-rate USDA mortgage is available to eligible home buyers at 6.375% (6.982% APR). Today's USDA mortgage rate is 0.000 percentage points higher compared to yesterday, and 0.000 percentage points higher compared to last week. Our USDA interest rates are now 0.404 percentage points below the national average.


Important Mortgage Terms

Mortgage Rate

The interest rate charged on a mortgage loan, which determines the home buyer's cost of borrowing.

Loan Term

The length of a mortgage loan, in months or years. A 30-year mortgage has a 360-month loan term.

Principal Balance

Commonly called loan size, it's the starting balance or amount of money owned on a mortgage.


The ratio that describes how much equity is in a home. Loan-to-value is typically abbreviated as LTV. It's calculated as loan size divided by home value.


An acronym for Payment, Interest, Taxes, and Insurance, PITI is a home buyer's combined monthly housing payment.

Fixed-Rate Mortgage

A mortgage where the interest rate remains constant throughout the life of the loan. The opposite of a fixed-rate mortgage is an adjustable-rate mortgage.

Annual Percentage Rate (APR)

A measure of the 30-year cost of borrowing money to buy a home, reflecting the mortgage interest rate and selected closing costs.

Discount Points

A form of prepaid mortgage interest where the home buyer pay an upfront fee to access a lower mortgage rate.

Credit Score

A probability figure that predicts whether a home buyer will make on-time payments on their mortgage. Mortgage lenders typically use the median credit score from the three major credit bureaus - Experian, Equifax, and TransUnion.


The percentage of a home buyer's income that's allocated to debt. Debt-to-income is typically abbreviated as DTI. It's calculated as monthly recurring debts divided by monthly household income.


First-Time Home Buyer Mortgages

The definiton of first-time home buyer is any person who has not owned their main home in the last three years.

Most first-time home buyers use a conventional mortgage to buy their first home. Conventional mortgages are backed by government mortgage agencies Fannie Mae or Freddie Mac.

The next most popular mortgage type for first-time home buyers is the FHA loan, which is backed by the Federal Housing Administration, followed by the VA mortgage and the USDA mortgage.

For a complete suite of first-time home buyer data and statistics, visit our mortgage statistics and home buyer statistics pages.

What mortgage types do home buyers use?

Data: Home Mortgage Disclosure Act

Conventional Mortgages

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.

FHA Mortgages

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.

VA Mortgages

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.

USDA Mortgages

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.

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 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 Friday, February 23, 2024, at 10:01 AM EST.

  • Conventional mortgage: 6.375% (6.544% APR), 1.748 points
  • FHA mortgage: 6.375% (7.287% APR), 1.901 points
  • VA mortgage: 6.625% (7.007% APR), 1.716 points
  • USDA mortgage: 6.375% (6.982% APR), 1.565 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?

Stay within your budget using these three tips:

  1. Want a smaller down payment? Improve your credit score while you still have time.
  2. Want to save on home repairs? Don't skip your home inspection.
  3. Want a lower mortgage rate? Get two or more quotes for your mortgage.

Get more first-time home buyer advice. Read our helpful first-time home buyer tips.

How do I lock a mortgage rate?

Use the online mortgage approval to get pre-approved and lock your mortgage rate. Most people finish in 5 minutes or fewer.

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