us home loan interest rates explained for today

What drives the rate you see

Mortgage pricing in the United States moves with inflation expectations, Federal Reserve policy, and investor demand for mortgage-backed securities. Your personal rate reflects credit score, debt-to-income, loan-to-value, property type, and whether you pay points. Lenders quote a note rate and an APR that blends interest with fees; compare both. Daily quotes can shift quickly, so a rate lock for 30–60 days protects you while the loan is processed.

Fixed vs adjustable

Choose a fixed-rate mortgage for predictable payments over 15 or 30 years; it typically prices higher but resists market swings. An adjustable-rate loan starts lower, then resets based on an index and margin, with caps limiting changes. Shorter terms often carry lower rates and far less total interest, while larger down payments and clean documentation can earn better offers.

• Check at least three lenders and a broker.
• Improve credit utilization and pay on time.
• Consider buying points if you’ll keep the loan.
• Compare APR, not just teaser quotes and fees.
• Lock strategically when market data is released.

Rates change daily; run scenarios and read disclosures carefully before committing.