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The median interest rate on a 30-year fixed-rate mortgage is 6.99% as of November 19, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.25%, which is also unchanged from yesterday.

The Federal Reserve has reduced its benchmark rate twice this year, but mortgage interest rates have stayed stubbornly high. Rates for 30-year loans climbed for six straight weeks, finally ending the streak and settling just under 7% last week.

An additional cut is still possible in December, though not certain. Last week, Federal Reserve Chair Jerome Powell indicated the central bank will proceed cautiously. “The economy is not sending any signals that we need to be in a hurry to lower rates,” he said, adding that the economy’s strength would allow policymakers to “ approach our decisions carefully .” Looking ahead to 2025, the Fed will need to weigh how inflation responds to President-elect Donald Trump’s trade policies, including possible tariffs.

With mortgage rates changing daily, it's a good idea to check today's rate before applying for a loan. It's also important to compare different lenders' current interest rates, terms, and fees to ensure you get the best deal.

Median mortgage interest rates are calculated based on rates from over 500 mortgage lenders in all 50 states. The data collected daily by Credible is based on a $400,000 purchase price, $80,000 down payment, single-family primary residence, and a 740+ FICO score.

Current interest rate for 30-year mortgage: 6.99%

Today’s 30-year fixed-rate mortgage interest rate is 6.99%, unchanged from yesterday.

While mortgage rates can vary, it’s essential to recognize their effect on your monthly payment. For instance, a $350,000 mortgage with a 30-year term at a 5.5% fixed interest rate would result in a monthly payment of $1,987.26. In comparison, the same mortgage with a 6.5% fixed rate would raise the monthly payment to $2,212.24.

Current interest rate for 20-year mortgage: 6.75%

Today’s 20-year fixed-rate mortgage interest rate is 6.75%, 0.13 percentage points lower than yesterday.

Interest rates on mortgages fluctuate, so it’s crucial to understand how they impact your monthly payment. For example, a $350,000 mortgage with a 20-year term at a 5.25% fixed interest rate would result in a monthly payment of $2,065.88. The same mortgage with a 6.25% interest rate would raise the monthly payment to $2,558.25.

Current interest rate for 15-year mortgage: 6.25%

Today’s 15-year fixed-rate mortgage interest rate is 6.25%, unchanged from yesterday.

It’s important to understand how interest rates influence your monthly payment before you take out a home loan. For instance, a $350,000 mortgage with a 15-year term at a 4.75% fixed interest rate would result in a monthly payment of $2,722.41. In contrast, the same mortgage with a 5.75% fixed interest rate would have a monthly payment of $2,906.44.

Current interest rate for 10-year mortgage: 6.13%

Today’s 10-year fixed-rate mortgage interest rate is 6.13%, unchanged from yesterday.

While mortgage interest rates can vary, it’s important to understand how they can influence your monthly payment. For example, a $350,000 mortgage with a 10-year term at a 4.5% fixed interest rate would result in a monthly payment of $3,627.34. In comparison, the same mortgage with a 5.5% fixed interest rate would raise the monthly payment to $3,798.42.

How do mortgage rates work?

When you take out a mortgage loan to purchase a home, you’re borrowing money from a lender. The lender will charge interest on the amount you borrowed to compensate for that risk.

Expressed as a percentage, a mortgage interest rate is the cost of borrowing money. It can vary based on several factors, such as your credit score , debt-to-income ratio (DTI), down payment , loan amount, and repayment term.

When you get a mortgage, you’ll typically receive an amortization schedule, which shows your payment schedule for the life of the loan. It also indicates how much of each payment goes to reduce the principal balance versus the interest.

A mortgage’s interest rate is not the same as its annual percentage rate (APR) — an APR includes both the interest rate and any other lender fees or charges.

You'll spend more money on interest and less on the principal balance at the beginning of your loan term. Over time, as the amount you owe decreases, you'll pay more toward the principal and less toward interest.

Your mortgage interest rate can be either fixed or adjustable. With a fixed-rate mortgage , the rate will be consistent for the duration of the loan. With an adjustable-rate mortgage (ARM), the interest rate can fluctuate with the market.

With nearly 30 years of experience in the mortgage industry, Allied Mortgage Group offers purchase loans for just about any buyer. The lender offers conventional loans, jumbo loans, VA loans, FHA loans, USDA loans, and several niche mortgage options. For instance, Allied Mortgage Group offers manufactured-home loans and flexible “non-agency” loan options for borrowers with unique financial situations, such as self-employed borrowers. However, the lender only offers mortgages in 35 states — so you’ll have to check whether you can apply.

Who it's best for: Home loans from Allied Mortgage Group are best for borrowers who want a lender with decades of industry experience.

Ally Bank offers conventional and jumbo loans with low down payment requirements. The company is best known for its extensive online offerings, including rate quotes, customer support, and convenient pre-approval in under an hour.

Bank of America has a wide reach, serving customers on its website, mobile app, or in person at one of its many branches. It offers conventional, FHA, VA, and jumbo loans, and borrowers can get pre-approval in as soon as an hour.

Better.com Mortgage is an online lender that offers conventional mortgages, jumbo loans, VA loans, and FHA loans in all 50 states and Washington, D.C. The lender says you’ll never pay lender fees and offers a competitor price-match program, which can help you save money right out of the gate. While the loan process is completely online, you can get live customer service help any time of the day or night. Borrowers can also get pre-approved in just minutes and close on a loan in three weeks, which is faster than the industry average.

Who it's best for: Home loans from Better.com Mortgage are best for borrowers who want to apply with an online application.

Chase Bank serves customers nationwide, offering conventional and jumbo loans, as well as FHA and VA loans. The lender also offers help via live chat, email, phone, or in-person at one of its many branches.

Farmers Bank of Kansas City provides conventional, FHA, VA, and jumbo mortgage loans. Though its physical branches are in Kansas, it has a user-friendly website with a lot of resources, including online prequalification.

Filo Mortgage offers conventional and government-backed loan options. Though the lender doesn't offer mortgages in all states, it does tout its low rate guarantee, promising competitive total lender costs for its conventional loans.

Flagstar Bank has home loan service centers in nine states in addition to providing online assistance to customers. It offers conventional, FHA, VA, USDA, and jumbo loans, and some of its mortgage programs allow for a down payment as low as 3.5%.

Rate provides online and in-person mortgage services in all 50 states. Its online support and digital tools are designed to help borrowers who want to go through the loan process fully online.

Homefinity offers a wide variety of mortgage products in nearly all 50 states. It has loans available for borrowers who have a credit score as low as 580, you can get a pre-approval in as quickly as an hour.

Mutual of Omaha, based in Nebraska, has been selling insurance since 1909 and started funding home loans in 2016. The lender offers conventional mortgages, jumbo loans, VA loans, FHA loans, and USDA loans in 48 states and Washington, D.C. Borrowers can get help via the mobile app, an online chat feature, and branch locations in 31 states and Puerto Rico.

Who it's best for: Home loans from Mutual of Omaha are best for those who want a mortgage lender with a great reputation.

NBKC Bank is based in Kansas City, Missouri, but lends in all 50 states. The bank offers conventional loans, FHA loans, VA loans, and jumbo loans for up to $1.5 million. When you want to get a rate quote, ask questions, or apply for a home loan, you can get help via phone, email, online chat, and mobile app. There’s even in-person assistance at a few local branches in Kansas and Missouri.

Who it's best for : Home loans from NBKC are best for borrowers who want a guaranteed closing cost estimate.

New American Funding began with the goal of serving Spanish-speaking communities and has since branched out to provide mortgages in all 50 states. Its website hosts a variety of options and resources for first-time buyers. It also boasts low credit score and low down payment requirements for some of its mortgages.

Northpointe Bank boasts a wide range of loan products for borrowers in all 50 states. It also provides information and support on its user-friendly website, and borrowers can get pre-approved in as little as a day.

PNC Bank is a national commercial bank offering a variety of home mortgage products. While the minimum credit score requirements are toward the higher end, the lender also offers some loan programs with a down payment as low as 3% and special loan programs that allow for a down payment of 0%. If you make a down payment that’s less than 20%, PNC Bank might require PMI, which you could pay as part of your closing costs in a lump sum or with your monthly mortgage payments.

PenFed Credit Union is available nationwide, offering a variety of loan options to its members. Assistance is readily available via phone, email, live chat, or app.

Rocket Mortgage offers conventional loans, jumbo loans, FHA loans, and VA loans in all 50 states and Washington, D.C. Most borrowers can complete the mortgage application and close on the loan completely online, but help is available via phone call, live chat, and mobile app. Rocket is both a mortgage originator and servicer — so when you take out a home loan, you know which company will collect your monthly payments and answer your questions for the life of the loan. The lender routinely takes the No. 1 spot in customer-satisfaction surveys, for originating and servicing mortgages.

Who it's best for: Home loans from Rocket Mortgage are best for borrowers with low or bad credit.

Veterans United specializes in mortgage purchase and mortgage refinancing loans for military service members and veterans.

With nearly 30 years of experience in the mortgage industry, Allied Mortgage Group offers purchase loans for just about any buyer. The lender offers conventional loans, jumbo loans, VA loans, FHA loans, USDA loans, and several niche mortgage options. For instance, Allied Mortgage Group offers manufactured-home loans and flexible “non-agency” loan options for borrowers with unique financial situations, such as self-employed borrowers. However, the lender only offers mortgages in 35 states — so you’ll have to check whether you can apply.

Who it's best for: Home loans from Allied Mortgage Group are best for borrowers who want a lender with decades of industry experience.

Ally Bank offers conventional and jumbo loans with low down payment requirements. The company is best known for its extensive online offerings, including rate quotes, customer support, and convenient pre-approval in under an hour.

Bank of America has a wide reach, serving customers on its website, mobile app, or in person at one of its many branches. It offers conventional, FHA, VA, and jumbo loans, and borrowers can get pre-approval in as soon as an hour.

Better.com Mortgage is an online lender that offers conventional mortgages, jumbo loans, VA loans, and FHA loans in all 50 states and Washington, D.C. The lender says you’ll never pay lender fees and offers a competitor price-match program, which can help you save money right out of the gate. While the loan process is completely online, you can get live customer service help any time of the day or night. Borrowers can also get pre-approved in just minutes and close on a loan in three weeks, which is faster than the industry average.

Who it's best for: Home loans from Better.com Mortgage are best for borrowers who want to apply with an online application.

Chase Bank serves customers nationwide, offering conventional and jumbo loans, as well as FHA and VA loans. The lender also offers help via live chat, email, phone, or in-person at one of its many branches.

Farmers Bank of Kansas City provides conventional, FHA, VA, and jumbo mortgage loans. Though its physical branches are in Kansas, it has a user-friendly website with a lot of resources, including online prequalification.

Filo Mortgage offers conventional and government-backed loan options. Though the lender doesn't offer mortgages in all states, it does tout its low rate guarantee, promising competitive total lender costs for its conventional loans.

Flagstar Bank has home loan service centers in nine states in addition to providing online assistance to customers. It offers conventional, FHA, VA, USDA, and jumbo loans, and some of its mortgage programs allow for a down payment as low as 3.5%.

Rate provides online and in-person mortgage services in all 50 states. Its online support and digital tools are designed to help borrowers who want to go through the loan process fully online.

Homefinity offers a wide variety of mortgage products in nearly all 50 states. It has loans available for borrowers who have a credit score as low as 580, you can get a pre-approval in as quickly as an hour.

Mutual of Omaha, based in Nebraska, has been selling insurance since 1909 and started funding home loans in 2016. The lender offers conventional mortgages, jumbo loans, VA loans, FHA loans, and USDA loans in 48 states and Washington, D.C. Borrowers can get help via the mobile app, an online chat feature, and branch locations in 31 states and Puerto Rico.

Who it's best for: Home loans from Mutual of Omaha are best for those who want a mortgage lender with a great reputation.

NBKC Bank is based in Kansas City, Missouri, but lends in all 50 states. The bank offers conventional loans, FHA loans, VA loans, and jumbo loans for up to $1.5 million. When you want to get a rate quote, ask questions, or apply for a home loan, you can get help via phone, email, online chat, and mobile app. There’s even in-person assistance at a few local branches in Kansas and Missouri.

Who it's best for : Home loans from NBKC are best for borrowers who want a guaranteed closing cost estimate.

New American Funding began with the goal of serving Spanish-speaking communities and has since branched out to provide mortgages in all 50 states. Its website hosts a variety of options and resources for first-time buyers. It also boasts low credit score and low down payment requirements for some of its mortgages.

Northpointe Bank boasts a wide range of loan products for borrowers in all 50 states. It also provides information and support on its user-friendly website, and borrowers can get pre-approved in as little as a day.

PNC Bank is a national commercial bank offering a variety of home mortgage products. While the minimum credit score requirements are toward the higher end, the lender also offers some loan programs with a down payment as low as 3% and special loan programs that allow for a down payment of 0%. If you make a down payment that’s less than 20%, PNC Bank might require PMI, which you could pay as part of your closing costs in a lump sum or with your monthly mortgage payments.

PenFed Credit Union is available nationwide, offering a variety of loan options to its members. Assistance is readily available via phone, email, live chat, or app.

Rocket Mortgage offers conventional loans, jumbo loans, FHA loans, and VA loans in all 50 states and Washington, D.C. Most borrowers can complete the mortgage application and close on the loan completely online, but help is available via phone call, live chat, and mobile app. Rocket is both a mortgage originator and servicer — so when you take out a home loan, you know which company will collect your monthly payments and answer your questions for the life of the loan. The lender routinely takes the No. 1 spot in customer-satisfaction surveys, for originating and servicing mortgages.

Who it's best for: Home loans from Rocket Mortgage are best for borrowers with low or bad credit.

Veterans United specializes in mortgage purchase and mortgage refinancing loans for military service members and veterans.

Fox Business does not make or arrange loans.

Mortgage rates change frequently - sometimes on a daily basis - in response to economic factors. Inflation plays a significant role in these fluctuations. Interest rates tend to rise in periods of high inflation, and drop or remain roughly the same in times of low inflation. Other factors, like the economic climate, demand, and inventory can also impact the current average mortgage rates.

What determines the mortgage rate?

How to compare mortgage rates

The lender you choose can also affect your mortgage rate. Some lenders have higher average mortgage rates than others, regardless of your credit or financial situation. That's why it's important to compare lenders and loan offers.

Use a mortgage calculator to see how different interest rates impact your monthly payment amount and the total cost of the loan. Just remember, certain fees like homeowners insurance or taxes might not be included in the calculations.

15-year fixed-rate

30-year fixed-rate

Pros and cons of mortgages

How to qualify for a mortgage

How to apply for a mortgage

How to refinance a mortgage

Refinancing your mortgage lets you replace your current loan with a new one. It does not mean taking out a second loan.

How to access your home's equity

If you need to tap into your home's equity to pay off debt, fund a renovation, or cover an emergency expense, there are two popular options to choose from: a home equity loan and a home equity line of credit (HELOC) . Both a home equity loan and a HELOC allow you to borrow against your home's equity but a home equity loan comes in the form of a lump sum payment and a HELOC is a revolving line of credit.

FAQ

What is a rate lock?

Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in the rate a lender offers you for a set amount of time. This ensures you get the rate you want as you complete the homebuying process .

What are mortgage points?

Mortgage points are a type of prepaid interest that you can pay upfront - often as part of your closing costs - for a lower overall interest rate. This can lower your APR and monthly payments.

What are closing costs?

Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.