Where to find today's mortgage rates

Mortgage rates change daily, sometimes multiple times a day, but you cannot find out whether they dropped today by checking a single source. Different lenders quote different rates for the same loan type, and rates vary based on your credit score, down payment size, and loan term. You need to check multiple places to see the actual range.

The most useful free sources are Freddie Mac (freddiemac.com), Bankrate (bankrate.com), and Mortgage News Daily (mortgagenewsdaily.com). Freddie Mac publishes a weekly average every Thursday morning based on loans closed the previous week—this is the number you see in news headlines. Bankrate and Mortgage News Daily update daily rates from actual lenders, so they show you what banks are quoting right now, not what closed last week.

Your own lender's website or a call to their loan officer will show you the rate they are offering you specifically. That rate depends on your financial profile, so it will not match the national average or what another borrower sees.

Key Takeaways

  • Freddie Mac publishes a weekly average every Thursday that represents rates from the previous week, not today's rates.
  • Daily rate trackers like Bankrate and Mortgage News Daily show what lenders are quoting now, but your actual rate depends on your credit, down payment, and loan details.
  • A rate drop of 0.25% or less usually does not change your monthly payment enough to refinance, but larger drops may be worth exploring.
  • Rates move based on the 10-year Treasury yield, Federal Reserve decisions, and economic data, not on daily news alone.

Why rates move and what moves them

Mortgage rates are tied to the 10-year Treasury yield, which changes whenever investors buy or sell Treasury bonds. When the Treasury yield rises, mortgage rates usually rise. When it falls, mortgage rates usually fall. You can watch the 10-year yield on financial sites like Yahoo Finance or CNBC to get a sense of which direction rates are heading.

The Federal Reserve also influences rates indirectly. When the Fed raises its benchmark interest rate, banks charge each other more to borrow, and mortgage rates tend to rise. When the Fed cuts rates, mortgage rates often fall, though not always by the same amount. Economic data—inflation reports, job numbers, GDP growth—also move the Treasury yield and therefore mortgage rates.

A single day's rate movement is often noise. Rates might tick up 0.05% one day and down 0.08% the next. What matters more is the direction over weeks or months.

When a rate drop is worth acting on

If you are shopping for a mortgage, a rate drop of 0.25% or more is usually significant enough to compare offers again. A 0.25% drop on a $400,000 loan saves roughly $50 per month. If you are considering refinancing an existing mortgage, the math is different: you have to subtract closing costs (typically $2,000 to $5,000) from your monthly savings to see how long it takes to break even.

If you locked in a rate with a lender and rates have dropped since then, you cannot change your locked rate unless your lender offers a rate-lock extension or a float-down option. Some lenders allow you to float down to a lower rate if rates drop before closing, but this is not standard and usually costs a fee. Ask your loan officer whether your loan has this option.

How to track rates over time

Rather than checking daily, it is more useful to track rates weekly or when major economic news breaks. Set a calendar reminder to check Freddie Mac's weekly average every Thursday, or sign up for email alerts from Bankrate or your lender. This gives you a clearer picture of the trend without the noise of daily fluctuations.

Keep a simple spreadsheet with the date, the rate you saw, and the source. After a few weeks, you will see whether rates are trending up or down, which is what actually matters for your decision.

The difference between the rate you see and the rate you get

National average rates published by Freddie Mac or Bankrate assume a borrower with a 20% down payment, a credit score around 740 or higher, and a 30-year fixed loan. If your down payment is smaller, your credit score is lower, or you want a 15-year loan, your rate will be higher. If your credit is excellent and your down payment is large, your rate may be lower.

Lenders also adjust rates based on the loan type: a conventional loan, an FHA loan, and a VA loan all have different rate structures. Points (prepaid interest you pay upfront to lower your rate) also change the equation. A lender quoting a lower rate might require you to pay more points, which means higher upfront costs.

What to do if you see rates have dropped

If you have not locked a rate yet, contact your lender and ask for a new quote. Provide the same information (down payment amount, credit score range, loan type, loan term) so the quote is comparable to what you saw before. Ask whether the rate includes points and what the closing costs are.

If you have already locked a rate and rates have dropped, check your loan documents to see whether you have a float-down option. If you do not, you can ask your lender whether they will match a competitor's lower rate—some will, though they are not required to. If they will not, your only option is to refinance after closing, which means paying closing costs again.

If you are thinking about refinancing an existing mortgage, get quotes from at least three lenders. Calculate the break-even point by dividing your closing costs by your monthly savings. If you plan to stay in the home longer than the break-even period, refinancing makes sense.

Frequently Asked Questions

Do mortgage rates drop on weekends?

Mortgage rates are quoted during business hours when the bond market is open. On weekends and holidays, the market is closed and rates do not change. Your lender may quote you a rate on Friday that is still valid on Monday, but that rate was set Friday afternoon, not over the weekend.

Can I lock a rate and then unlock it if rates drop further?

Once you lock a rate, you are committed to that rate for the lock period (usually 30 to 60 days). You cannot unlock it to chase a lower rate unless your lender offers a float-down option, which is rare and usually costs a fee. If you have not locked yet, you can wait to see whether rates drop, but you risk rates rising instead.

What time of day do mortgage rates change?

Mortgage rates change throughout the day as the bond market moves, but most lenders update their posted rates once per morning. Your lender may quote you a rate early in the day that changes by afternoon. Always ask when the quote expires and whether you can lock it immediately.

Should I refinance if rates dropped 0.1%?

A 0.1% drop saves roughly $20 per month on a $400,000 loan. After closing costs of $2,000 to $5,000, it would take 100 to 250 months (8 to 21 years) to break even. Unless you plan to stay in the home that long, refinancing is not worth it at a 0.1% drop.

Why do different lenders quote different rates on the same day?

Lenders have different costs, profit margins, and risk appetites. Some lenders specialize in borrowers with lower credit scores and charge higher rates. Others compete on volume and offer lower rates. Your credit score, down payment, and loan details also affect what each lender will quote you.