Today's Mortgage Rates & What Affects Your Pricing
Rates Are Scenario-Specific
Current Mortgage Rate Snapshot
Manual update status: This rate section is maintained manually by Ménage Mortgage. Until today’s pricing is entered, request current pricing for your specific scenario rather than relying on an outdated published rate.
When rates are posted, each example should include the interest rate, APR when applicable, points or lender credits, loan term, and the assumptions used to produce the example.
Interest Rate vs APR
The interest rate is the rate used to calculate interest on the loan balance. APR is designed to reflect the interest rate plus certain finance charges and costs expressed as an annual rate.
Two loans can show similar interest rates while carrying different APRs because points, lender fees, or other finance charges differ. Compare both figures together with the Loan Estimate and total cash required.
What Affects Your Mortgage Rate?
Your quoted mortgage rate can be affected by market conditions, credit profile, loan-to-value, property type, occupancy, loan amount, loan program, points or credits, lock period, and other lender-specific pricing factors.
That is why a national average or a rate shown on a website may not match the pricing available for a specific borrower and property.
Points, Lender Credits & Rate Trade-Offs
Mortgage pricing can involve trade-offs between the interest rate and upfront costs. Paying discount points may reduce the rate in some scenarios, while lender credits may reduce certain closing costs in exchange for different pricing.
The useful comparison is not simply the lowest advertised rate. Review the expected time in the loan, cash required, monthly payment, and break-even period.
Mortgage Rate Questions
How often do mortgage rates change?
Mortgage pricing can change as financial markets move and lenders update pricing. Rates may change more than once during a volatile day.
Why is my mortgage rate different from a rate I saw online?
Online rates may use different assumptions for credit, down payment, loan amount, property, occupancy, points, or lock period. Your actual scenario determines available pricing.
Should I choose the lowest interest rate?
Not automatically. Compare APR, points, lender credits, closing costs, monthly payment, and how long you expect to keep the financing.
Can I lock a mortgage rate?
Eligible transactions may allow a rate lock for a specified period under lender terms. Lock options, extensions, and pricing vary by lender and transaction.