Where to find today's mortgage rates

Mortgage rates change daily, sometimes multiple times per day, and no single source publishes a definitive "official" rate for the whole country. Instead, different lenders post their own rates based on market conditions, and those rates vary by lender, loan type, and your credit profile.

To see what rates moved today, check these sources directly: Freddie Mac publishes a weekly Primary Mortgage Market Survey (released Thursdays, based on the previous week's data); Bankrate, LendingTree, and Mortgage News Daily update daily rate tables from multiple lenders; and your own bank or mortgage lender will show you their current rates if you visit their website or call.

The catch is that rates you see quoted online are typically for borrowers with strong credit (usually 740 or above) and a 20 percent down payment. Your actual rate will depend on your credit score, down payment size, loan term, property type, and whether you lock in a rate or let it float.

Key Takeaways

  • Mortgage rates are set by individual lenders and change daily based on bond markets and economic data, not by a central authority.
  • Freddie Mac's weekly survey is the most widely cited benchmark, but it reflects the previous week's average, not today's rates.
  • Rates you see quoted online assume excellent credit and a substantial down payment; your rate will be higher if either is weaker.
  • The same lender may quote different rates to different borrowers on the same day depending on credit score, down payment, and loan details.

What moves mortgage rates day to day

Mortgage rates follow the 10-year Treasury bond yield more closely than any other single factor. When the bond yield rises, mortgage rates typically rise; when it falls, mortgage rates usually fall. You can watch the 10-year yield in real time on financial websites like CNBC, Yahoo Finance, or the U.S. Treasury website to get a sense of whether rates are likely to move up or down on any given day.

Beyond the bond market, rates respond to economic data released during the week: inflation reports, employment numbers, Federal Reserve statements, and housing data all influence how lenders price mortgages. A stronger-than-expected jobs report, for example, often pushes rates up because it suggests the economy is heating up. Weaker inflation data often pushes rates down.

Individual lenders also adjust rates based on their own pipeline — how many loans they have pending — and their appetite for new business. One lender might drop rates to attract borrowers while another raises them because they have enough loans in process.

How to track rate changes over time

If you want to see whether rates have actually fallen compared to last week or last month, keep a simple record. Write down the rate you see quoted (for a 30-year fixed loan, 20 percent down, your credit tier) on the same day each week from the same source. After two or three weeks, you will have a clear picture of the direction.

Freddie Mac's historical data is useful for longer-term comparison. Their Primary Mortgage Market Survey goes back decades and shows weekly averages. You can see on their website what the average 30-year fixed rate was a month ago, a year ago, or five years ago. This helps you understand whether today's rate is actually low in a broader context.

Be aware that comparing rates across different websites on the same day can be misleading because each site may be pulling from different lenders or updating at different times. Stick with one source for week-to-week comparison so you are measuring the same thing.

Why your rate may differ from the rates you see quoted

Advertised rates assume a borrower with a 740+ credit score, a 20 percent down payment, a primary residence, and a standard 30-year fixed loan. If any of those conditions change, your rate changes too.

A borrower with a 680 credit score on the same day might see a rate 0.5 to 1 percentage point higher. A borrower putting down 10 percent instead of 20 percent might see 0.25 to 0.5 percentage points added. A cash-out refinance or an investment property typically carries a higher rate than a primary residence purchase. An adjustable-rate mortgage (ARM) will be quoted lower than a fixed rate, but the rate adjusts after the initial period.

Points (fees you pay upfront to lower your rate) also change the picture. A lender might quote you a rate of 6.5 percent with no points, or 6.2 percent if you pay 1 point (1 percent of the loan amount). The "best" choice depends on how long you plan to stay in the home.

When to lock in a rate versus waiting

Once you have a rate quote from a lender, you can lock it in — meaning the lender guarantees that rate for a set period, usually 30 to 60 days. If rates fall after you lock, you keep your locked rate. If rates rise, you keep your locked rate. If rates fall significantly, some lenders allow you to float down, but this varies by lender and loan program.

Locking makes sense when you are close to closing and rates feel reasonable to you. Floating (not locking) makes sense only if you have time and you believe rates will fall. The risk of floating is that rates rise and you end up with a higher rate than you could have locked today.

Most borrowers lock as soon as they have a rate they are comfortable with, rather than trying to time the market. Mortgage rates are difficult to predict day to day, and the cost of guessing wrong is often larger than the savings from waiting for a slightly better rate.

How to compare rates from multiple lenders

Get quotes from at least three lenders — your bank, an online lender, and a mortgage broker — on the same day. Ask each one for the same loan type (30-year fixed, your down payment amount, your approximate credit score) so you are comparing apples to apples.

Write down not just the interest rate but also the points, origination fees, processing fees, appraisal costs, and any other charges. A lender quoting 6.2 percent with 1.5 points and $2,000 in fees is not the same deal as a lender quoting 6.4 percent with no points and $500 in fees. Calculate the total cost over the life of the loan or at your expected payoff date to see which is actually cheaper.

Rate quotes are typically good for 24 to 48 hours, so do your shopping in a compressed timeframe. Shopping across multiple lenders within a short period (a few days) counts as a single inquiry on your credit report, so it will not hurt your credit score.

Frequently Asked Questions

Do mortgage rates go down on weekends?

Mortgage rates are set during business hours when the bond market is open. On weekends, lenders do not update their rates, so the rate you see quoted on Saturday is the same as Friday's closing rate. Rates can move sharply on Monday morning when markets reopen, especially if economic data was released over the weekend.

Can I get a better rate if I wait a few days?

Possibly, but you cannot predict it. Rates could fall, rise, or stay flat over the next few days depending on bond market moves and economic news. If you have found a rate you are comfortable with and you are ready to move forward, locking it in removes the risk of rates rising before you close. Waiting for a potentially better rate means risking a worse one.

Why do different websites show different rates for the same day?

Different websites pull from different lenders, update at different times, and may quote different loan products. One site might show rates from five major banks; another might show rates from online lenders. Rates also vary by the time of day the quote was pulled. For the most accurate comparison, get quotes directly from lenders rather than relying on aggregator sites.

What does it mean when a lender says rates are "locked in"?

A rate lock is a may provide from the lender that your interest rate will not change between the time you lock and the time you close, usually 30 to 60 days. If rates fall after you lock, you keep your locked rate (unless the lender offers a float-down option). If rates rise, you still keep your locked rate. This protects you from rate increases while you are in the closing process.

Should I refinance if rates dropped 0.25 percent?

A 0.25 percent drop usually does not justify refinancing because closing costs (appraisal, title, origination fees) typically run $2,000 to $5,000. You would need to stay in the home long enough for the monthly savings to cover those costs. A 0.5 percent or larger drop is more likely to make refinancing worthwhile, but run the math with your lender to see the break-even point.