Buyer guide · Reviewed
Mortgage Rates Today
Looking for mortgage rates today? Check the date on the latest Freddie Mac weekly release, then compare lender offers for your own circumstances. HomeScore does not provide a live rate feed or a loan quote.
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Check the source date before using a rate
See Freddie Mac's latest weekly mortgage rates and read the release date. PMMS reports weekly averages from qualifying loan applications, not a personalized offer or a guaranteed rate available today. Keep the release date with any average you use for comparison.
Get lender offers for the same loan amount and type, then run my payment with the rate you were actually quoted.
Compare the loan, not just the headline rate
The CFPB Loan Estimate explainer shows how to review loan terms, payments and closing costs. Compare interest rate and APR alongside origination charges, points, lender credits and cash to close. APR is one cost measure; different loan terms and how long you keep the loan also matter.
| Loan option | Questions to compare |
|---|---|
| 30-year fixed | What are the monthly principal and interest payment and total interest over the term? |
| 15-year fixed | Can the budget support the payment, and how does total borrowing cost compare? |
| Adjustable-rate mortgage | When can the rate change, what limits apply, and can you afford the payment after an adjustment? |
| FHA | What eligibility requirements, upfront charges and mortgage insurance apply? |
| VA | Are you eligible, and what fees and loan terms apply to your circumstances? |
| Jumbo | Does the amount exceed the applicable local conforming limit, and how do lender requirements differ? |
Rate locks: ask about the terms
A rate lock generally holds the agreed rate until closing within its specified period and conditions. An extension may cost money, and changes in the application can affect a locked rate. There is no single lock-or-wait answer for every buyer.
Ask your lender about the expiration date, delayed-closing costs, conditions that could change the rate, and any float-down option and fee. Use the CFPB rate-lock questions to guide that conversation.
Refinancing: compare costs and the remaining term
A lower rate alone does not prove a refinance saves money. Compare lender fees, the new balance and term, monthly payments, mortgage insurance and total interest with your existing loan. Extending repayment can lower the payment while increasing the total interest cost.
For a straightforward refinance intended to reduce the payment, dividing refinancing costs by monthly savings gives an initial break-even estimate. Compare that with how long you expect to keep the loan. Freddie Mac's refinancing guide explains why this shortcut does not work for cash-out refinancing or shortening the loan term. Ask your lender to compare those scenarios separately.
Build a budget beyond principal and interest
Property taxes, homeowners insurance, mortgage insurance and association charges may add to the monthly cost. Keep room for repairs, replacements and other ownership expenses rather than treating a principal-and-interest estimate as your full budget.
Run your own numbers using the lender's quote and property-specific expenses. Calculator results are planning estimates, not approval or a lender offer.
Follow official releases without predicting the next move
For scheduled policy meetings, check the Federal Reserve FOMC calendar. For a current market comparison, check the dated PMMS release. Neither tells you the exact rate a lender will offer at closing.
Explore the mortgage rates reference hub; check the date and original source before relying on any historical figures or forecasts there.
Frequently asked questions
What are mortgage rates today?
Check Freddie Mac's latest dated PMMS release for weekly market averages. Those averages are not a same-day offer to you. Ask lenders for Loan Estimates based on your credit, loan amount, down payment and loan type.
Are mortgage rates going up or down this week?
This guide does not publish a live market forecast. Compare the dates and figures in the latest official weekly releases, and confirm any offer directly with the lender. A weekly change does not predict your next quote.
Should I lock my rate today or wait?
Discuss your closing date, budget and tolerance for payment changes with your lender. Ask how long the lock lasts, what an extension costs, which application changes can affect it and whether any float-down option is available and has a fee.
When does the Fed meet next?
Use the Federal Reserve's official FOMC calendar for scheduled meeting dates. A meeting date is not a prediction of a policy decision or of the mortgage rate a lender will offer.
Why is my quote different from a published average?
A market average describes a group of loan applications. Your loan type, credit profile, property, down payment, fees and lock terms can differ. Compare offers for the same kind of loan, including costs as well as the interest rate.
Can a mortgage rate change before closing?
An unlocked rate can change. A lock generally protects the agreed rate for a specified period, subject to its conditions. Changes to the application or a delayed closing can affect the terms; get the lender's policy in writing.
How much can shopping multiple lenders save?
There is no guaranteed saving for an individual borrower. Request multiple Loan Estimates and compare the rate, loan term, origination charges, points, credits and cash to close before deciding.
How should I evaluate a refinance?
Compare the new loan's costs, monthly payment and total interest with the remaining costs of your current loan. For a straightforward payment-reducing refinance, costs divided by monthly savings is an initial break-even check. That shortcut does not evaluate cash-out or a shorter loan term.
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