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Today's mortgage rates

Latest Mortgage Rate Analysis

Mortgage rates eased gently for a third consecutive week, leaving popular fixed-rate mortgages at better than one-year lows.

As reported by Freddie Mac, the average offered rate for a 30-year fixed-rate mortgage declined by two basis points (0.02%), slipping to 4.35% for the week of February 21. Fifteen-year FRMs were available at an average offered interest rate of 3.78%, three basis points (0.3%) lower than a week prior. Hybrid 5/1 ARMs recorded a decline of four one-hundredths of a percentage point (0.04%), leaving the most common alternative to a 30-year FRM with an average initial rate of 3.84%.

Despite this week's small declines, mortgage rates are mostly bouncing along what seems to be a firm (if malleable) bottom at the moment. As the rates that influence mortgages have firmed a bit since Freddie Mac's survey closed, odds favor no decline (and perhaps a small increase) in mortgage rates in the coming days.

For a more detailed review of what's influencing mortgage rates, read or subscribe to our weekly MarketTrends newsletter.

30 Year Fixed
15 Year Fixed
5/1 Year ARM
Source: Freddie Mac

Current Mortgage Rates

Week12/0612/1312/2012/2701/0301/1001/1701/2401/3102/0702/1402/21
30-year-Fixed 4.750% 4.630% 4.620% 4.550% 4.510% 4.450% 4.450% 4.450% 4.460% 4.410% 4.370% 4.350%
15-year-Fixed 4.210% 4.070% 4.070% 4.010% 3.990% 3.890% 3.880% 3.880% 3.890% 3.840% 3.810% 3.780%
5-year-ARM 4.070% 4.040% 3.980% 4.000% 3.980% 3.830% 3.870% 3.900% 3.960% 3.910% 3.880% 3.840%
Source: Freddie Mac
Updated 02/21/2019
Summary

Here are Today's Mortgage Rates

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    Showing today's mortgage rates for a $150,000 loan in . See rates personalized
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    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
    Benefits
    • 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
    Drawbacks/Risks
    • 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

    Current Interest Rates Analysis

    Mortgage calculators
     

    HSH.com’s mortgage amortization calculation allows you to calculate your monthly payment as well as your long-term mortgage costs.

     

    Plug in your numbers and find out the best way to pay for your refinance – find out how to save the most money.

     

    Qualify yourself for a mortgage amount and maximum home price just like the professionals do.

     

    Wish you refinanced at the very bottom for mortgage rates? Pick the rate you want and prepay your mortgage to the same savings!

    Mortgage rates and more
     

    Our annual outlook and mid-year review of mortgage rates, housing and real estate markets and more.

     

    HSH.com has surveyed lenders and produced mortgage statistics for over 30 years.

     

    The latest available index values for Adjustable Rate Mortgages (ARMs). These values are used by lenders and mortgage servicers to calculate the new ARM interest rate.

     

    After each FOMC meeting, HSH.com details the latest changes to Fed policy and how it will impact mortgage borrowers.

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