The two benchmarks lenders and the news actually quote, Freddie Mac’s weekly survey and the Mortgage Bankers Association’s application survey, with what each rate means for your monthly payment.
| Loan type | Rate | Points | vs. last week |
|---|
Points include the origination fee, for loans with 20% down. One point equals 1% of the loan amount paid at closing to buy a lower rate.
Freddie Mac weekly average, last 7 weeks.
Averages move every week. These are the habits we suggest so you are ready when the numbers work for you.
Many loans approve borrowers with scores in the 600s, at a higher rate or cost.
In Dollars & Sense, we suggest reaching at least a 720 FICO before you apply. Keep card balances under 10% of the limit and pay them in full.
Lenders can pre-qualify you with a quick estimate based on what you tell them, before verifying income or credit.
In Dollars & Sense, we suggest getting properly pre-approved before falling in love with a home. Know your interest rate and understand the payment.
Lenders can refinance your loan whenever you qualify, and offers are usually built around a lower rate.
In Dollars & Sense, we suggest comparing rate, closing costs, remaining term and payment first. Paying your current loan on a 15-year schedule may get you there too.
These are educational targets from the Dollars & Sense Money Rules, Pat Collins’ financial education program. They are not lending requirements and not individual financial advice. Your loan approval is based on the program guidelines shown on this page. Learn about Dollars & Sense →
Both surveys describe a borrower with 20% down and strong credit buying a single-family home. Move any of these levers and the rate you’re quoted moves with it.
Pricing adjusts in tiers. A 760+ score typically gets the best pricing, while scores under 680 can add a meaningful rate premium or cost in points.
Loan-to-value changes both the rate and whether you pay mortgage insurance. Crossing 20%, 10% or 5% down can each shift the price.
FHA and VA rates often sit below conventional because of the government guarantee, but carry MIP or a funding fee. Jumbo pricing follows its own market.
Paying discount points lowers the rate. Lender credits raise it but reduce closing costs. Always compare quotes at the same points.
Condos, 2 to 4 units, second homes and investment properties price higher than a primary single-family home.
Rates change daily with the bond market. Longer locks (45 to 60 days) cost slightly more than a 30-day lock.
Freddie Mac’s Primary Mortgage Market Survey averages rates on conventional purchase applications submitted to Freddie Mac through Thursday of each week. The MBA survey averages contract rates on applications at participating lenders for the prior week and reports the points paid. Different samples and timing mean they rarely match exactly, but they move together.
Lenders reprice daily, sometimes more than once a day, based on the mortgage bond market. The surveys on this page are weekly averages: Freddie Mac publishes Thursdays at noon Eastern and MBA publishes Wednesday mornings.
A 15-year loan usually carries a lower rate and builds equity much faster, which can save six figures of interest. The trade-off is a payment that is often 40% or more higher than a 30-year. Compare both in the payment estimator above.
No one can reliably predict short-term rate moves. If the payment works for your budget today, locking removes the risk. If you are early in your search, focus on getting preapproved so you can lock quickly when you find the right home.
The interest rate sets your monthly principal and interest payment. APR adds points and certain lender fees spread over the loan term, so it shows the total cost of borrowing. Compare APRs on Loan Estimates from different lenders for the same loan type.
Get a quote based on your credit, down payment, loan program and property, plus a clear plan for when to lock.
Rates shown are national survey averages published by Freddie Mac and the Mortgage Bankers Association, displayed for educational purposes. They are not rates offered by Let’s Talk Home Mortgage or E Mortgage Capital, Inc., are not a loan offer or rate lock, and do not reflect APR. Payment examples show principal and interest only. Your rate, APR and terms depend on credit, loan amount, down payment, property type, occupancy and market conditions. All loans are subject to credit, income, property and underwriting approval. Patrick Collins, NMLS #1628553. E Mortgage Capital, Inc., NMLS #1416824. Equal Housing Opportunity.
