Current Mortgage Rates 2024
Compare today's mortgage rates from top lenders. Find the best rates for conventional, FHA, VA, and jumbo loans with real-time updates and expert analysis.
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Mortgage CalculatorToday's Mortgage Rates
Conventional Loans
| Loan Type | Rate | APR | Points | Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.875% | 6.95% | 0.25 | +0.125% |
| 15-Year Fixed | 6.25% | 6.31% | 0.125 | +0.100% |
| 10-Year Fixed | 6.125% | 6.18% | 0 | +0.063% |
Government-Backed Loan Rates
FHA Loans
Down payment as low as 3.5%
- • Credit scores as low as 580
- • 3.5% down payment minimum
- • Flexible debt-to-income ratios
VA Loans
For eligible veterans and service members
- • No down payment required
- • No private mortgage insurance
- • Competitive interest rates
Top Mortgage Lenders Comparison
Quicken Loans
Specialties:
Pros:
- Industry leader
- Excellent technology
- Fast processing
Cons:
- Higher rates
- Limited branch locations
Wells Fargo
Specialties:
Pros:
- Nationwide branches
- Relationship benefits
- Diverse programs
Cons:
- Slower digital experience
- Stricter requirements
Better.com
Specialties:
Pros:
- No origination fees
- Fast digital process
- Competitive rates
Cons:
- Limited loan officers
- Less personal service
Chase Bank
Specialties:
Pros:
- Large branch network
- Strong reputation
- Good customer service
Cons:
- Higher rates for some
- Strict income requirements
Caliber Home Loans
Specialties:
Pros:
- Flexible qualification
- Specialized programs
- Good rates
Cons:
- Limited brand recognition
- Regional focus
Mortgage Rate Trends & Predictions
2024 Rate History
Rate Factors
- Federal Reserve policy and interest rate decisions
- Economic indicators like inflation and employment
- Bond market performance and investor demand
- Housing market conditions and mortgage demand
2025 Outlook
Expert Predictions
Economists predict rates may stabilize in the mid-6% range through 2025, with potential decreases if inflation continues to moderate.
Key Variables
Watch Federal Reserve meetings, inflation data, and employment reports for signals about future rate direction.
Mortgage Rates FAQ
What are current mortgage rates today?
As of 2024-12-30, 30-year conventional mortgage rates are around 6.875%, while 15-year rates are approximately 6.25%. FHA rates are slightly lower at 6.5% for 30-year loans. Rates vary by lender, credit score, and loan program.
How do I get the best mortgage rate?
To get the best mortgage rate: maintain a credit score above 740, save for a 20% down payment, compare multiple lenders, consider shorter loan terms, buy mortgage points if beneficial, and get pre-approved to lock rates. Shopping with 3-5 lenders can save thousands over the loan term.
What factors affect mortgage rates?
Mortgage rates are influenced by Federal Reserve policy, economic conditions, inflation, your credit score, loan-to-value ratio, loan type, term length, and current market demand for mortgages. Personal factors like income, debt-to-income ratio, and employment history also matter.
Should I wait for rates to drop?
Timing the market is difficult and rates can be unpredictable. If you find a home you love and can afford the payments, it may be better to buy now and refinance later if rates drop significantly. Focus on the total cost of ownership rather than just the rate.
Related Mortgage Tools
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