Estimated Mortgage Rate
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This is an estimate based on general market conditions as of -- and your selected credit band. Actual rates, fees, and approval depend on full lender review, loan details, and current market movement. APR will vary by lender and the fees they charge.
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Get Matched with LendersHow mortgage rates are estimated
Mortgage interest rates are tied to broader economic benchmarks, primarily the 10-year US Treasury yield and Federal Reserve policy decisions. Lenders set their own rates by adding a spread on top of these benchmarks, adjusted for loan type and borrower risk profile.
A mortgage rate checker uses general market pricing as a baseline and adjusts estimates by loan type and credit band. This gives you a working estimate for planning and comparison, not a locked rate or lender commitment. Use this alongside the mortgage affordability calculator to understand how estimated rates affect your home buying budget.
Mortgage rates by credit score
Credit score is one of the most significant factors in mortgage rate pricing. Lenders use your score to estimate repayment risk. A higher score signals lower risk and typically results in a lower interest rate offer.
This tool uses four broad credit bands. The adjustments reflect general market trends, not specific lender underwriting models. A borrower with excellent credit (760 and above) typically qualifies near the best available market rate. A borrower with fair credit (640-699) may see estimates that are 0.50% to 1.00% higher. Over a 30-year loan, that difference can add tens of thousands of dollars in total interest paid.
For more on how credit scores work and how to improve yours, see our credit score guide.
What affects your mortgage rate
Several factors influence the rate a lender will offer:
- Credit score and history. Score, payment history, and utilization all affect pricing. This is typically the single largest individual factor.
- Loan type. Conventional, FHA, VA, and jumbo loans carry different risk profiles. VA loans, available to eligible veterans, often offer competitive rates. FHA loans allow lower scores and down payments but include mortgage insurance premiums.
- Down payment or equity. A larger down payment reduces lender exposure and often produces a better rate. Conventional loans with less than 20% down typically require private mortgage insurance.
- Loan term. Shorter terms (15 years) typically carry lower rates than longer terms (30 years). Monthly payments are higher on a shorter term, but you pay considerably less total interest.
- Market conditions. Economic data, inflation trends, and Federal Reserve decisions move mortgage rates regularly.
- Property type and location. Investment properties and some property types carry higher rates than primary residences. Rates also vary by state and lender availability.
Use our home buying readiness quiz to assess your financial position, or the refinance calculator to estimate savings from a rate reduction on an existing mortgage.
Current mortgage rates for purchase and refinance
Mortgage rates change daily. The baseline rates in this tool reflect general market conditions as of April 2026. When you receive a quote from a lender, it may be higher or lower depending on current rate movement and your specific application details.
Purchase and refinance rates are generally similar. Some lenders price refinance loans slightly differently based on current demand. If you are considering a refinance, enter your details into the refinance calculator to estimate savings. For full monthly cost planning, the mortgage payment calculator includes principal, interest, property tax, insurance, and PMI.