Where to find today's mortgage rates

Mortgage rates change daily, sometimes multiple times a day, and you can see the current rates without calling a lender. The most reliable sources are Freddie Mac, Fannie Mae, and the Mortgage Bankers Association, all of which publish rates on their websites. Freddie Mac updates its Primary Mortgage Market Survey each Thursday morning and posts historical data going back decades, so you can compare today's rate to last week's or last year's.

If you need rates right now rather than waiting for Thursday, Bankrate, LendingTree, and Zillow collect rates from multiple lenders throughout the day and display them by loan type—30-year fixed, 15-year fixed, adjustable-rate mortgages, and others. These sites also show the average rate across lenders, which helps you spot whether your own lender's quote is in line with the market or higher.

Your own lender's website will show their current rates, though those may not update as frequently as the aggregator sites. If you are shopping for a mortgage, getting quotes from at least three lenders lets you see whether rates have moved since yesterday and whether one lender is pricing higher than others.

Key Takeaways

  • Freddie Mac publishes official mortgage rates every Thursday, and Bankrate and LendingTree update rates throughout the day from multiple lenders.
  • Rates can move up or down based on Federal Reserve decisions, inflation data, and bond market activity, not on daily news alone.
  • A rate change of 0.25 percent (one quarter point) costs roughly $50 per month on a $300,000 loan, so small moves matter over time.
  • Lenders lock your rate for a set number of days once you submit a formal application, so the rate you see today may not be the rate you close with.

What moves mortgage rates up and down

Mortgage rates are tied to the 10-year Treasury bond yield, not directly to the Federal Reserve's interest rate. When the Treasury yield rises, mortgage rates usually rise with it. When it falls, mortgage rates typically fall. The Treasury yield moves based on what investors think inflation will be, what the Fed might do next, and global economic conditions—not on a single day's news.

The Federal Reserve does influence rates indirectly. When the Fed raises its benchmark rate, it signals that borrowing will be more expensive, which pushes Treasury yields up and mortgage rates up with them. When the Fed cuts rates, the opposite usually happens. But the connection is not immediate or one-to-one: mortgage rates can rise even when the Fed holds steady, or fall when the Fed is still in a hiking cycle, because bond markets are pricing in what they expect to happen months ahead.

Economic data—jobs reports, inflation numbers, consumer spending—also move rates. A strong jobs report can push rates up because it suggests the economy is healthy and inflation may stay elevated. Weak data can push rates down. This is why mortgage rates sometimes move before the Fed does anything at all.

How much a rate change actually costs you

A 0.25 percent (one quarter point) increase on a $300,000 mortgage costs roughly $50 more per month on a 30-year loan. A full 1 percent increase costs roughly $200 more per month. Over the life of the loan, that 1 percent difference adds up to tens of thousands of dollars in extra interest.

The exact cost depends on your loan amount, loan term, and whether you have a fixed or adjustable rate. A mortgage calculator on Bankrate or your lender's website will show you the payment difference for any rate change. Plugging in your numbers takes two minutes and shows you whether a 0.5 percent move is worth waiting for or whether locking in today makes sense.

Why your rate quote today may not be your closing rate

When you get a rate quote from a lender, that rate is locked for a set number of days—usually 30, 45, or 60 days depending on what you choose. If rates fall during that lock period, you keep the lower rate. If rates rise, you keep the locked rate and do not pay more. Once the lock expires, the lender can offer you a new rate based on current market conditions.

If you are still shopping and have not submitted a formal application, the rate you see is just a snapshot—it is not locked to you. Rates can move before you apply, and they will almost certainly move between the day you apply and the day you close. This is why lenders ask how long a lock you want: longer locks (60 days) cost more in points or a slightly higher rate, but they protect you if rates spike before closing.

Reading rate tables and understanding points

When you see a rate quote, it usually comes with a number called points. One point equals 1 percent of your loan amount. Paying points upfront lowers your interest rate; not paying points means you accept a slightly higher rate. A quote showing "3.5% with 1 point" means you pay 1 percent of the loan amount at closing to get that 3.5% rate. A quote showing "3.75% with 0 points" means no upfront cost but a higher rate.

Different lenders quote different combinations of rates and points, which is why comparing quotes side by side is important. A lender quoting 3.5% with 2 points is not necessarily better than one quoting 3.75% with 0 points—it depends on how long you plan to stay in the home. If you are selling in five years, the lower rate might not save you enough to justify the upfront cost. A mortgage calculator can show you the break-even point.

When to lock your rate and when to wait

Locking your rate makes sense when you are ready to close and rates are at a level you are comfortable with. If you lock too early—more than 60 days before closing—you may pay extra for the extended lock, and rates could fall before you close, leaving you stuck with a higher rate. If you wait too long and rates spike, you may have to accept a higher rate or pay more points to buy it back down.

There is no way to predict whether rates will go up or down tomorrow. Some borrowers lock as soon as they find a rate they like. Others watch the market for a few days and lock when they see a dip. Both approaches are reasonable. What matters is locking before you are within 30 days of your closing date, because most lenders will not lock longer than that without charging extra.

How to track rate trends over time

Freddie Mac's historical data shows the average 30-year fixed rate going back to 1971. You can see that rates were above 7 percent in 2022 and 2023, around 3 percent in 2021, and near 2.7 percent in 2012. Comparing today's rate to the average over the past month, past year, or past decade helps you understand whether today's rate is high or low in context.

If you are not ready to buy yet, tracking rates over a few weeks or months can help you spot patterns. Rates often dip on Mondays and spike on Fridays. They tend to move less on days with no economic data releases. Watching for a few weeks gives you a feel for the range, which helps you decide whether to lock or wait when you do apply.

Frequently Asked Questions

Do mortgage rates change on weekends?

Mortgage rates are based on the 10-year Treasury bond, which trades Monday through Friday during market hours. Rates do not officially change on weekends, but lenders may adjust their quotes on Monday morning based on what happened in global markets over the weekend. If you are locking a rate on Friday, confirm whether the lock covers the weekend or starts fresh on Monday.

Why is my lender's rate higher than the rate I see online?

Lenders quote different rates based on their costs, profit margins, and the loan details you provide. A rate quote online is usually for a borrower with excellent credit, a large down payment, and a straightforward loan. Your actual quote may be higher if your credit score is lower, your down payment is smaller, or your property is unusual. Always get a formal quote from your lender to see the rate you actually may have access to for.

Can I lock a rate before I have an offer on a house?

Most lenders will not lock a rate until you have a signed purchase agreement and have submitted a formal application. Some lenders offer "rate locks" or "rate holds" for a short period (usually 7 to 14 days) without a full application, but these are not binding and may expire before you are ready to close. Once you have an offer, you can apply and lock for 30 to 60 days.

What happens if rates drop after I lock?

If rates fall after you lock, you keep your locked rate—you do not get the lower rate automatically. Some lenders offer a "float down" option that lets you lower your rate once during the lock period if rates fall, but this usually costs extra or requires you to pay a fee. Read your lock agreement to see whether float down is included or available.

How often do mortgage rates change?

Mortgage rates can change multiple times per day as the bond market moves. Freddie Mac publishes an official average once per week (Thursday mornings), but individual lenders update their quotes throughout the day. If you are watching rates closely, check multiple sources—Freddie Mac for the official weekly number, and Bankrate or LendingTree for intraday movement.