Answers · Rates
Is my mortgage rate good right now?
Updated November 2026 · No rate is printed here on purpose; the live number is on Rate WatchCompare it to this week's national average for the same loan type, then ask whether the gap is explained by your credit score, your down payment, any points, the loan type and the lock length. A quote within about a quarter of a percent of the average with no points is ordinary. A quote half a percent or more above it is worth a second Loan Estimate, because half a percent on a $380,000 loan is about $124 a month.
Step 1: find this week's average
The reference most people use is Freddie Mac's weekly survey of the 30-year fixed rate. It is a national average, published every Thursday, and it moves every week, which is why this page does not print a number. Rate Watch shows this week's figure and the last two years on one chart.
Two things to know about that average. It is for a 30-year fixed loan on a home the borrower lives in, so a 15-year loan, a government-backed loan or a jumbo loan will sit somewhere else. And the survey's typical borrower has a strong credit score and a good-sized down payment. A rate a little above the average is not a bad rate; it may just be a rate for a different borrower. The question is whether the gap is explained.
Step 2: what moves your rate
Lenders start from a base price and adjust it for risk. The adjustments are the same at every lender in kind, though not in size. These are the big ones:
| Factor | What it does to the rate |
|---|---|
| Credit score | The biggest single lever. Higher scores get the base price; each step down adds to it, and the steps get bigger below the mid-700s. |
| Down payment or equity | More of your own money in the home means a lower rate. Under 20% down usually also adds mortgage insurance, which is a separate cost, not part of the rate. |
| Points | Interest paid up front to buy the rate down. One point is 1% of the loan. A quote "at 6.125%" with two points is not the same price as 6.125% with none; Section A of the Loan Estimate shows which you have. |
| Loan type and term | A 15-year fixed runs below a 30-year. Government-backed loans (FHA, VA) often show lower rates but carry their own fees and insurance. Adjustable rates start lower and can change later. Jumbo loans price on their own scale. |
| Lock length | A rate lock is the lender's promise to hold the rate until a date. A 30-day lock is the standard price; 45, 60 or 90 days cost a little more each, because the lender carries the risk longer. |
| Property and purpose | A condo, a second home, a rental, or a refinance that takes cash out all price a bit higher than a house you live in. |
Line your own situation up against the table. If you have a mid-600s score and 5% down, a rate well above the survey average may be the fair price for that profile. If you have a 780 score, 25% down, a plain 30-year fixed and no points, and your quote is half a percent above the average, something is off, and that something is usually just the lender.
Step 3: the rate is only half the price
Two lenders can quote the same rate and charge very different fees for it. The lender's own fees are in Section A of the Loan Estimate, the three-page form you get within three business days of applying. The APR (annual percentage rate) on page 3 folds most of those fees into the rate, so it is a useful second number: same rate, higher APR, higher fees. How to compare two Loan Estimates goes line by line.
What half a percent is worth (illustrative)
A $380,000, 30-year fixed loan. The rates are made up to show the math.
| Quote | Rate | Monthly P&I | Difference | Over five years |
|---|---|---|---|---|
| First quote | 6.625% | $2,433 | — | — |
| Second quote | 6.125% | $2,309 | $124/mo less | about $7,440 less |
$2,433 − $2,309 = $124 a month · × 60 months ≈ $7,440
That is the whole case for a second quote. Most people only ever get one, and the first lender knows it. If the second quote carries higher fees for its lower rate, the breakeven calculator tells you how many months the lower rate needs to pay those fees back.
Things that do not make a rate "good"
- A rate that is not locked. A quote is a quote until the lender locks it. Page 1 of the Loan Estimate has a Rate Lock box that says yes or no and until when. We do not lock rates; only your lender can.
- A rate bought with points you did not notice. Check Section A before you compare the headline number.
- A rate below the average with fees far above it. The "In 5 Years" box on page 3 catches this.
- A rate from last month. Rates move daily. Compare quotes from the same day or two.
Questions people ask
Why is my rate higher than the rates I see advertised?
Advertised rates usually assume the best case: a high credit score, a large down payment, a plain 30-year fixed on a house you live in, and often a point or two paid up front. Each step away from that nudges the rate up. Your Loan Estimate shows the rate you were actually offered and whether points are in it.
Does getting a second quote hurt my credit?
Checking rates or prequalifying uses a soft inquiry, which does not touch your score. A full application uses a hard inquiry, but scoring models count every mortgage inquiry inside a 14 to 45 day window as one. More in Does shopping rates hurt my credit?
Should I wait for rates to drop?
Nobody can tell you where rates go next, and this page will not try. What you can do is make sure the rate in front of you is a fair price for today, and know the number at which a future refinance would pay off. What is a refinance breakeven point? explains that number.
Find out in minutes, not by applying three more times
Tell us the rate and points you were quoted. It is free, there is no credit pull, and nobody calls you. We check your quote against current market pricing and give you a straight answer: it holds up, or another lender beats it. The free Loan Estimate checker reads your estimate first and flags what to look at.
Check my quoteFigures are illustrative principal-and-interest math at the stated rates and terms; they exclude taxes, insurance, and PMI, and are not a loan offer, approval, commitment to lend, or Loan Estimate. The factors above are general; each lender sets its own adjustments, and your actual rates and fees depend on qualification with lenders. comparemyloan does not negotiate with lenders, lock rates, or take loan applications.