Today’s 15-year fixed mortgage rates remain below 3%

For months, 15-year fixed rate mortgages had the lowest average rate available, and today is no exception.

The following lower rates are for government guaranteed loans (FHA and VA), followed by 30 year fixed rate loans. ARM loan rates are the highest whether you buy or refinance. Mortgage and refinance rates are still low overall, so this could be a good day to lock in a low rate.

We show the national average mortgage rates. Your exact rate will depend on where you live, so take a look at our state-by-state guide below.

Your mortgage rate will also depend on your finances and the type of mortgage you get. But overall, mortgage rates are at historically low levels.

Money.com conventional rates; RedVentures government guaranteed rates.

Money.com conventional rates; RedVentures government guaranteed rates.

Mortgage and refinancing rates by state

Check out the latest rates for your state at the links below.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
new York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Caroline from the south
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming

Mortgage rates are largely determined by the economy. Rates are higher when the US economy is booming and lower when it is struggling.

Employment and inflation are the two main economic factors influencing mortgage rates. When the number of jobs and inflation increase, mortgage rates tend to follow.

However, you have some power over your mortgage rate. Here are the factors you can control:

  • Credit score. The higher your credit rating, the lower your mortgage rate should be. To improve your score, focus on paying all of your bills on time and paying off your debts.
  • Debt-to-income ratio. Your DTI ratio is the amount you pay for your debts each month divided by your gross monthly income. The lower your DTI ratio, the better. The minimum DTI ratio depends on the lender and the type of mortgage you get, but it typically ranges from 36% to 50%. If your ratio is still below the lender’s minimum, you might get a better interest rate.
  • Advance payment. Depending on the type of mortgage you get, you may need 0% to 20% for a down payment. If you can place more than the minimum down payment, you will likely get a lower rate.
  • Type of mortgage. Compliant mortgage rates (which you probably call “regular mortgages”) are already low right now. You will pay less on a mortgage loan guaranteed by the government through the FHA, VA or USDA. You will pay a higher rate on a jumbo mortgage.
  • Duration of the mortgage. The shorter the term of your mortgage, the lower your rate will be. For example, you will pay less on a 15-year term than on a 30-year term. Keep in mind that your monthly payments will be higher in the shorter term, however.

It’s usually a good idea to lock in your mortgage rate when you’re ready to start shopping for a home.

To lock in your rate, apply for pre-approval from a lender. After you receive your pre-approval letter, your rate is typically blocked for 60-90 days.

It helps to get a pre-approval letter before you bid on a home. Showing the seller a pre-approval letter indicates that you are a competitive buyer who is in good financial health, and it could give your application a leg up on other offers.

About the authors

Laura Grace Tarpley is a writer at Personal Finance Insider, covering mortgages, refinancing and loans. She is also a Certified Personal Finance Educator (CEPF). During her five years of personal finance coverage, she has written extensively on how to navigate loans.

Ryan Wangman is an Examination Officer at Personal Finance Insider. During his past personal finance experience, he wrote on credit scores, financial literacy, and homeownership.


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