Compare Today's Mortgage Rates
Explore the best mortgage rates available today and find the one that fits your financial needs. Use the filters and sorting options to narrow down your choices.
Better: NMLS#330511
Pros and Cons ▼
Pros:
- Low APR
- Great digital experience
- No lender fees
Cons:
- Limited physical locations
- No in-person support
APR: 6.181%
Interest Rate: 6.125%
Central Bank: NMLS#407985
Pros and Cons ▼
Pros:
- Low fees
- Solid reputation
- Excellent customer service
Cons:
- Higher APR than competitors
- Less competitive interest rates
APR: 6.501%
Interest Rate: 6.49%
NBKC Bank: NMLS#409631
Pros and Cons ▼
Pros:
- Great for first-time homebuyers
- Low fees
- Flexible loan options
Cons:
- Limited physical branches
- Average online experience
APR: 6.502%
Interest Rate: 6.49%
First Federal Bank: NMLS#408902
Pros and Cons ▼
Pros:
- Flexible loan terms
- Competitive interest rates
- Good customer service
Cons:
- High fees
- Limited online tools
APR: 6.519%
Interest Rate: 6.5%
New American Funding: NMLS#6606
Pros and Cons ▼
Pros:
- Excellent for first-time homebuyers
- Great customer service
- Low down payment options
Cons:
- Higher than average fees
- Limited branch locations
APR: 6.529%
Interest Rate: 6.49%
Simplist: NMLS#1764611
Pros and Cons ▼
Pros:
- Quick loan approval
- Simple online application process
- Competitive rates
Cons:
- Limited loan products
- Less personal customer service
APR: 6.625%
Interest Rate: 6.625%
HSBC Bank: NMLS#399799
Pros and Cons ▼
Pros:
- Global banking network
- Strong online banking features
- Wide range of loan products
Cons:
- Higher fees
- Less personal customer service
APR: 7.007%
Interest Rate: 7%
Bethpage Federal Credit Union: NMLS#449104
Pros and Cons ▼
Pros:
- Low fees for members
- Strong community focus
- Competitive rates
Cons:
- Limited nationwide availability
- Higher interest rates
APR: 7.163%
Interest Rate: 7.125%
Rocket Mortgage, LLC: NMLS#3030
Pros and Cons ▼
Pros:
- Great digital convenience
- Strong customer service
- Fast approval process Fast approval process
Cons:
- Higher than average APR
- Limited physical locations
APR: 7.407%
Interest Rate: 7.375%
Trends and Insights: Mortgage Rate Overview
Current Mortgage Rates (As of August 23, 2024)
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.306% | 6.383% |
| 20-year fixed-rate | 5.990% | 6.077% |
| 15-year fixed-rate | 5.401% | 5.525% |
| 10-year fixed-rate | 5.273% | 5.411% |
| 7-year ARM | 6.630% | 7.442% |
| 5-year ARM | 6.551% | 7.562% |
| 3-year ARM | 8.125% | 8.355% |
| 30-year fixed-rate FHA | 4.997% | 5.806% |
| 30-year fixed-rate VA | 5.365% | 5.730% |
These rates are current as of August 23, 2024, and reflect the average interest rates for various mortgage products.
Mortgage Rate Trends (May to August 2024)
May 31
5.0%
5.0%
Jun 15
6.0%
6.0%
Jul 16
7.0%
7.0%
Aug 12
6.383%
6.383%
Over the past few months, mortgage rates have seen significant fluctuations, particularly in the 30-year fixed-rate category. Starting at 5.0% in late May, rates climbed to a peak of 7.0% by mid-July before slightly dropping to 6.383% in August. Understanding these trends is crucial for potential homeowners and investors looking to secure the best mortgage rates available today.
The recent trends in mortgage rates reflect broader economic conditions, including inflation and changes in the Federal Reserve's policies. As a borrower, staying informed about these trends can help you make smarter financial decisions when choosing between a fixed-rate mortgage, an adjustable-rate mortgage (ARM), or other loan options.
For the most current mortgage rates and personalized advice, consider speaking with a financial advisor or using our mortgage rate comparison tools available on The Bullish Capital.
Frequently Asked Questions About Mortgage Rates
Get answers to the most common questions about mortgage rates, how they work, and what you need to know before securing a home. Whether you're a first-time homebuyer or refinancing an existing mortgage, our FAQs cover everything from rate trends to loan types and approval processes, helping you make informed decisions.
What are mortgage rates and how are they determined?
Mortgage rates are the interest rates charged on a mortgage loan. They are influenced by various factors including the Federal Reserve's monetary policy, the borrower's credit score, loan amount, and broader economic conditions. Understanding how these rates are set can help you secure the best possible rate for your mortgage.
What is the difference between fixed-rate and adjustable-rate
A fixed-rate mortgage has a stable interest rate that doesn’t change over the life of the loan, offering predictable payments. An adjustable-rate mortgage (ARM), however, starts with a lower fixed rate that can adjust after an initial period based on market conditions, potentially leading to higher or lower payments over time.
How can I secure the best mortgage rate?
To secure the best mortgage rate, start by improving your credit score, saving for a larger down payment, and shopping around for the best offers from different lenders. Compare the rates, fees, and terms offered by each lender to ensure you're getting the best deal.
How do mortgage rates affect my monthly payments?
Mortgage rates directly impact your monthly payments. A higher interest rate means higher monthly payments and more paid in interest over the life of the loan, while a lower rate reduces your monthly payments and total interest paid. It's important to consider how different rates will affect your budget when choosing a mortgage.
Is it better to refinance when mortgage rates drop?
Refinancing can be a smart move when mortgage rates drop, as it can lower your monthly payments, reduce the total interest paid, or allow you to pay off your mortgage faster. However, consider the closing costs and how long you plan to stay in your home to determine if refinancing is the best option for you.
mortgage rate lock, locking in mortgage rates, secure mortgage rate
A mortgage rate lock guarantees your interest rate for a certain period, typically from the time you apply for a mortgage until closing. It's advisable to lock in a rate if you believe rates will rise before your loan closes, ensuring your interest rate and monthly payments remain stable despite market changes.
