How to find out whether rates have moved since you last checked
Mortgage interest rates change every business day, sometimes multiple times within a single day. Whether rates have dropped depends on which day you're comparing to and which type of mortgage you're looking at. The only way to know for certain is to check the current rates from lenders today and compare them to the rates you saw on a specific earlier date.
If you saw a rate quote last week or last month, you can call the same lender and ask what their rate is today. If you want to compare across multiple lenders, sites like Bankrate, LendingTree, and Mortgage News Daily publish daily rate surveys. These show what major lenders are offering on 30-year fixed, 15-year fixed, and adjustable-rate mortgages. The rates listed are averages, so your actual rate will depend on your credit score, down payment, loan amount, and the specific property.
Keep in mind that a rate quote is only good for a set number of days—usually 30 to 45 days. After that period expires, you'll need a new quote if you haven't locked in the rate with your lender.
Key Takeaways
- Mortgage rates move daily and sometimes intraday, so you need to check current quotes from lenders to know if rates have dropped since you last looked.
- Rate comparison sites publish daily surveys showing what major lenders are offering, but your actual rate will vary based on your credit, down payment, and loan details.
- A rate quote expires after 30 to 45 days, so if you received a quote weeks ago, you'll need a fresh one to see the current market.
- Rates for 30-year fixed mortgages, 15-year fixed mortgages, and adjustable-rate mortgages all move independently, so the direction of one doesn't tell you about the others.
What moves mortgage rates up and down
Mortgage rates are tied to the 10-year Treasury bond yield, which reflects what investors think about the economy and inflation. When the Federal Reserve raises its benchmark interest rate, Treasury yields typically rise, and mortgage rates follow. When the Fed cuts rates or when economic data suggests inflation is cooling, Treasury yields often fall, and mortgage rates may drop.
Other factors also matter: the spread a lender adds on top of the base rate, the type of mortgage you choose, and broader market conditions. A lender might offer a lower rate on a 30-year fixed mortgage one day and a higher rate the next day, even if the Treasury yield hasn't moved, because the lender's own costs or risk appetite have shifted.
This is why two lenders can quote you different rates on the same day for the same loan type. It's also why a rate you saw advertised last month may not be available today, even if the market hasn't moved much.
The difference between checking rates and locking in a rate
Checking a rate is free and doesn't commit you to anything. Most lenders will give you a rate quote over the phone or online without a hard credit pull. This quote shows you what you might pay, but it's not binding.
Locking in a rate is different. Once you formally lock a rate with a lender, that rate is may provide for the number of days specified in your lock agreement—typically 30, 45, or 60 days. During that time, even if rates rise, your rate stays the same. If rates drop, you're stuck with the higher locked rate unless your lender offers a rate-lock extension or a one-time float-down option.
You usually lock a rate after your offer on a home is accepted and you've ordered an appraisal. Locking too early means paying for a long lock period you might not need. Locking too late means rates could rise before you close, and you'd be forced to accept a higher rate or pay a fee to extend your lock.
Where to check current rates
Major banks publish their mortgage rates on their own websites. You can visit Chase, Bank of America, Wells Fargo, or your local bank's mortgage page and see what they're offering today. These rates are usually updated daily.
Mortgage brokers and online lenders like Rocket Mortgage, Better.com, and LoanDepot also publish rates on their sites. Rates from online lenders are sometimes lower than rates from traditional banks because they have lower overhead, though not always.
Rate comparison and news sites aggregate rates from multiple lenders. Bankrate publishes a daily mortgage rate survey. Mortgage News Daily tracks rates and historical trends. The Mortgage Bankers Association publishes weekly data on average rates. These sources are useful for seeing the broader market picture, but they don't replace getting a direct quote from a lender you're actually considering.
Why your rate might be different from the advertised rate
The rate you see advertised or published is usually the best rate available to borrowers with excellent credit, a large down payment, and a straightforward loan. If your credit score is lower, your down payment is smaller, or your financial situation is more complex, your rate will be higher.
Lenders also adjust rates based on the loan amount, the property type, and whether you're buying or refinancing. A jumbo loan (over $766,550 in most of the country) typically carries a higher rate than a conforming loan. A cash-out refinance usually has a higher rate than a rate-and-term refinance. A second home or investment property usually costs more than a primary residence.
The only way to know what rate you'll actually receive is to get a quote from a lender with your real financial information. Even then, that quote is only valid for the number of days stated in the quote letter.
How to compare rates across lenders
Get rate quotes from at least three lenders on the same day. Ask each one for the same loan type—for example, a 30-year fixed-rate mortgage with 20 percent down on a primary residence. This makes the quotes comparable.
Don't just look at the interest rate. Ask for the annual percentage rate (APR), which includes the interest rate plus fees and points. A lender might quote a lower interest rate but charge higher fees, making the APR higher than a competitor's. Also ask about origination fees, appraisal fees, title insurance, and any discount points you can buy to lower the rate.
Request a Loan Estimate from each lender. This is a standardized form that shows the interest rate, APR, estimated monthly payment, and all closing costs. By law, lenders must provide this within three business days of receiving your application. Comparing Loan Estimates side by side is the clearest way to see which lender is offering the best deal.
Frequently Asked Questions
How often do mortgage rates change?
Mortgage rates change daily, sometimes multiple times per day. They move based on changes in the 10-year Treasury yield, which responds to economic data, Federal Reserve decisions, and investor sentiment. A rate you see in the morning might be different by afternoon.
If I saw a rate quote two weeks ago, is it still valid?
No. Rate quotes expire after 30 to 45 days, depending on the lender. If you received a quote more than a few days ago, you'll need a new one to see what the lender is actually offering today. The market may have moved, or the lender's rates may have changed.
Can I lock in a rate before I make an offer on a home?
You can get a rate quote before making an offer, but most lenders won't let you formally lock a rate until you have a signed purchase agreement and have ordered an appraisal. Some lenders offer "rate locks" on quotes, but these are usually short—7 to 10 days—and may come with a fee.
What's the difference between a rate drop and a rate lock extension?
A rate drop means the market rate has fallen below your locked rate. A rate lock extension lets you keep your locked rate for longer if you haven't closed yet. A float-down option, offered by some lenders, lets you lower your rate if the market drops before you close, though this usually comes with a fee or a shorter lock period.
Do all mortgage types move in the same direction at the same time?
Usually, but not always. Rates for 30-year fixed mortgages, 15-year fixed mortgages, and adjustable-rate mortgages are all influenced by the Treasury yield, but they don't move in lockstep. A 30-year rate might drop while a 15-year rate stays flat, or vice versa, because investors view the different loan terms differently.