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Displaying Today's Mortgage Rates for a $200000 Purchase loan in MD.
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Updated: 5/29/2020
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Featured lenders
Updated: 8/20/2019
Quicken Loans
  • We close our loans FAST - many in 30 days or less!
  • Rates are still low, but they may rise. Lock your rate today.
  • We have the right loans for first-time and experienced home buyers.

30 year fixed mortgage rates today from 2.875%

Updated: 5/27/2020
30 Yr. Fixed
30 Yr. Fixed
Rate as low as
Rate as low as
$ 830
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Updated: 5/27/2020
Magnolia Bank
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Updated: 5/29/2020
Amerisave NMLS #1168
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  • LOW Refinance Rates
Updated: 5/29/2020
Veterans United
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  • 97.9% rating from Veterans on 190,000+ verified reviews
Updated: 5/29/2020
Spice Media Group
  • Lower Your Monthly Payment ASAP.
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Updated: 5/29/2020
  • Rates at Beyond Historic Lows
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Today's Mortgage Rates

Mortgage rates set new record lows this week, as sections of the economy begin a slow re-opening process. Getting the economy back on track ultimately reduces the risk of making new mortgage loans to borrowers, who would be less likely to have difficulties making payments or even defaulting in the near future.

<p.As reported by Freddie Mac, the average offered interest rate for a conforming 30-year fixed-rate mortgage declined by nine basis points (0.09%) to 3.15% and setting a new "all-time" low for the most popular mortgage product. Fifteen-year FRMs followed its longer-term sibling down, too, posting a 8 basis point fall to land at 2.62% for the week. The initial fixed interest rate for a hybrid 5/1 posted a smaller dip, easing by four one-hundredths of a percentage point to 3.13% for the week.

Risks of making mortgage loans to new borrowers hasn't much improved, but it appears as though risks are now rising at a much slower rate. The incidence of homeowners entering into mortgage payment forbearance plans has slowed markedly in recent weeks, as has the number of people filing for unemployment benefits. Coupled this with what is likely fairly soft demand for mortgage credit -- refinancing requests have now fallen for six straight weeks, although home purchases (a much smaller number of requests for funds) has improved a bit -- lenders seem to be starting to pass along somewhat lower mortgage rates into the market in order to attract a bit more business again.

The economy remains soft, inflation fading, and the Fed is buying up as much low-rate mortgage paper as needed. If risks of lending continue to improve, lower rates are likely ahead, if only incrementally over time.

We track and discuss the economic conditions that affect mortgage rates and their impact on mortgage and housing markets and consumers in each week's MarketTrends newsletter. Read the most recent edition on or subscribe for email delivery.

05/28 3.150% 2.620% 3.130%
05/21 3.240% 2.700% 3.170%
05/14 3.280% 2.720% 3.180%
05/07 3.260% 2.730% 3.170%
04/30 3.230% 2.770% 3.140%
04/23 3.330% 2.860% 3.280%
04/16 3.310% 2.800% 3.340%
04/09 3.330% 2.770% 3.400%
04/02 3.330% 2.820% 3.400%
03/26 3.500% 2.920% 3.340%
03/19 3.650% 3.060% 3.110%
03/12 3.360% 2.770% 3.010%

Mortgage Choices at a Glance

Loan type/termsFixed 30 yearsFixed 15 years/
20 Years
Hybrid ARMTraditional ARMBalloon Mortgage
Rate changes
  • Never; Fully fixed for entire term
  • Never; Fully fixed for entire term
  • Usually after fixed period of 3, 5, 7 or 10 years
  • After that, annual change typical
  • Fully variable
  • Typically changing at one-year intervals
  • Some have shorter change intervals
  • Never; Fully fixed for entire term
  • Low, stable payment
  • Usually easiest qualification
  • Stable payments
  • Builds equity faster
  • Lower total interest costs than 30-year term
  • Lower rates than fully fixed-rate mortgage
  • Can sometimes borrow larger loan amount for same income
  • Can have lowest interest rates
  • Qualification may not depend upon today's interest rate
  • Often has lower interest rate/monthly payment over balloon period than fixed rate
  • Similar to hybrid ARM
  • Can have highest total interest cost over time
  • User may "buy" more rate stability than actually needed, increasing cost
  • Requires higher income to qualify
  • Less affordable monthly payment
  • Funds commited to payment cannot be used elsewhere
  • Stable payment for a number of years, then unpredictable
  • Rates can jump by as much as 6 percentage points at first adjustment
  • Payments fluctuate at each rate change
  • Unpredictable, rates can change as much as 2 percentage points at each adjustment
  • Loan fully due and payable when balloon period ends
  • Must be paid off or refinanced in unknown market conditions
Alternative strategy
  • Consider Hybrid ARM with appropriate fixed period
  • Consider 30-year term and prepaying loan to preserve cash-flow flexibility
  • Consider Fixed rate mortgage or longest possible fixed period, if loan hold period not known
  • Consider Hybrid ARM to ameliorate rate and payment risks for a given period
  • Consider Hybrid ARM to ensure continued loan availability
These may be useful for...
  • Purchasing a home
  • First-time homebuyers
  • Refinancing to improve cash flow/lower payment
  • Refinancing to lower total interest cost
  • Retiring mortgage more quickly
  • Building or rebuilding equity more quickly
  • Purchasing or refinancing when time horizon is seven years or shorter, and where borrower can handle increase in monthly payments
  • Purchasing or refinancing when interest rates are near top of cycle, and are likely to fall, or sale or refinance is anticipated within three years
  • Purchasing or refinancing when time horizon is three years or longer and home will be sold prior to end of balloon period
Consider if
  • Buying or refinancing a home and planning on owning for longer than 10 years
  • Buying second home
  • Refinancing to build equity
  • Paying off mortgage before life event (retirement, etc)
  • Buying a home and expect to move before fixed period ends, or know income will rise to offset payment risk, even in worst-case scenario
  • Buying or refinancing when income can handle frequent payment changes and worst-case scenario for rates over a four-year period
  • Buying a home and expect to move before balloon period ends, or have resources to pay off mortgage if refinance not available
When shopping, ask about
  • "Full cost" vs. "No cost" refinances, prepaying loan to shorten term if desired
  • If 20-year term makes payment too high, whether 25-year term is available
  • Interest rate caps, for first and subsequent adjustments, worst-case scenario
  • A history of the Index the loan is keyed off, margin and caps
  • Whether or not there is any built-in refinancing option when the balloon period ends
Useful tools & resources

Latest Mortgage Rate Analysis

HSH's longer-range outlook for mortgage rates, where we review our last forecast,discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.

Mortgage Calculators

Mortgage rates and more

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