Compare current mortgage rates
Current mortgage and refinance rates
|30-year fixed-rate FHA||4.694%||5.501%|
|30-year fixed-rate VA||4.623%||4.993%|
Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
On Tuesday, July 5th, 2022, the average APR on a 30-year fixed-rate mortgage fell 4 basis points to 5.375%. The average APR on a 15-year fixed-rate mortgage fell 9 basis points to 4.513% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 2 basis points to 4.282%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 39 basis points lower than one week ago and 246 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
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- Your credit score. Mortgage lenders use credit scores to evaluate risk. Higher scores are seen as safer. In other words, the lender is more confident that you'll successfully make your mortgage payments.
- Your down payment. Paying a larger percentage of the home's price upfront reduces the amount you're borrowing and makes you seem less risky to lenders. You can calculate your loan-to-value ratio to check this out. A LTV of 80% or more is considered high.
- Your loan type. The kind of loan you're applying for can influence the mortgage rate you're offered. For example, jumbo loans tend to have higher interest rates.
- How you're using the home. Mortgages for primary residences — a place you're actually going to live — generally get lower interest rates than home loans for vacation properties, second homes or investment properties.
- The U.S. economy. Sure, this means Wall Street, but non-market forces (for example, elections) can also influence mortgage rates. Changes in inflation and unemployment rates tend to put pressure on interest rates.
- The global economy. What's happening around the world will influence U.S. markets. Global political worries can move mortgage rates lower. Good news may push rates higher.
- The Federal Reserve. The nation’s central bank attempts to guide the economy with the twin goals of encouraging job growth while keeping inflation under control. Decisions made by the Federal Open Market Committee to raise or cut short-term interest rates can sometimes cause lenders to raise or cut mortgage rates.
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