Mortgage Rates
Refinance Rates
FHA Rates
VA Rates
Jumbo Rates
Adjustable Rate Mortgage Rates
Interest Only Mortgage Rates
Non-Owner Occupied Rates
Home Equity Loan Rates
Interest Rates

Current Mortgage Rates

Review current mortgage rates for December 11, 2018. The table below enables you to compare interest rates and closing costs for leading lenders in your area. Use the refine your search menu to view mortgage rates based on your individual criteria including loan amount, loan-to-value ratio and other inputs. The lender table shows you the APR, loan type, mortgage rate, monthly loan payment and fees, including discount points, for different lenders and mortgage programs including 15 and 30 year fixed rate loans.
In addition to comparing rates and closing costs, it can be helpful to use the APR to compare lenders because this figure reflects both the mortgage rate and certain fees. So you can use one number to compare multiple mortgage items. We recommend shopping at least five lenders to find the loan with the lowest mortgage rate and closing costs. Additionally, market conditions fluctuate constantly so we advise you to check our lender tables frequently for the most current mortgage rates.

Interest Rates Current Mortgage Rates
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

How to Compare Mortgage Rates on FREEandCLEAR


Customize Your Mortgage Search.

Personalize your mortgage search by selecting numerous options in the "Refine Your Search" menu including your location, loan amount, mortgage program, credit score and discount points.  Understand the difference in mortgage rates and monthly payments between a 15 and 30 year loan.  Select the boxes for FHA and VA loans to review rates and fees for these no or low down payment mortgage programs.  The lender table provides updated interest rates, APRs, monthly mortgage payments and closing costs in response to each selection you make.  Plus, our rate tables are free to use so you can run numerous scenarios to evaluate your personalized mortgage options. 


Compare Mortgage Rates and Fees.

Use our lender tables to compare current mortgage rates and fees for multiple lenders. Our tables put you in control by enabling you to review rates without providing any personal information. The rate tables also enable you to understand how your estimated monthly mortgage payment changes depending on the interest rate and several other inputs.  The APR (Annual Percentage Rate), highlighted in blue, enables borrowers to more easily compare mortgage rates and closing costs for several lenders using a single figure.  In short, the lower the APR, the lower the combined mortgage rate and fees the lender is offering.  You can also use our Mortgage Comparison Calculator to compare mortgages with different interest rates and fees to select the loan that is right for you.  Mortgage rates are influenced by multiple factors including loan size, program, your credit score and discount points and you can use our rate tables to understand in real-time how changes to these inputs affect your loan terms.


Contact Multiple Lenders.

Just like with any other major purchase, you should shop mortgage lenders to find the best offer. Contacting multiple lenders takes a little more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your mortgage rate by .125% saves you almost $8,000 in total interest expense. FREEandCLEAR recommends that you contact at least five lenders to find the mortgage with the most attractive terms, including the lowest interest rate and closing costs, and our rate tables make the process easy. Simply click on a lender logo or green arrow to be directed to the lender’s web site to confirm your loan criteria and mortgage terms. You can also use our Personalized Mortgage Quote form to receive personalized loan quotes from multiple lenders.


Select Your Lender.

When you contact lenders request that they provide you a written quote or a Loan Estimate that outlines the key terms of their mortgage proposal including mortgage rate and closing costs. Lenders will ask you some questions regarding your financial profile so that they can confirm the details of their proposal and possibly even pre-approve you for your mortgage. Please note that lenders should not charge you to provide a mortgage proposal. When speaking with lenders request that they not pull your credit report (so your credit score is not negatively impacted), ask them the right questions and make sure they have the relevant experience to close your mortgage. Narrow your options down to a handful of lenders and negotiate the best terms possible. Comparing mortgage proposals, asking the right questions and doing a little negotiating will help ensure that you select the lender that best meets your goals.


How Mortgage Rates Are Determined.

Mortgage rate pricing is determined by several factors including market conditions, lender, loan size, property type, down payment, mortgage program and location so it is important that your search criteria is as accurate as possible. Your mortgage rate may also be lower if you decide to pay discount points. Borrowers typically receive a lender’s best loan terms if they make a down payment of 10% to 20% of the property purchase price. Additionally, fixed rate mortgages tend to have higher initial rates than an adjustable rate mortgage (ARM), but offer borrowers the peace of mind that their monthly payment can never increase. You may be required to pay a higher rate for larger loans but this is not always the case so you should check the terms for multiple lenders. Finally, lenders have discretion to set the loan terms they offer so that is why it is important -- and can potentially save you a lot of money -- to always contact multiple lenders before you select a mortgage.


What to Watch Out for When You Shop for a Mortgage.

The most important thing to remember when you shop for mortgage is to compare multiple proposals with similar loan terms. The more lenders you shop, the more likely you are to find the best loan terms. You should also make sure that you review comparable loan proposals for all lenders. For example, comparing a 30 year fixed rate mortgage with one discount point to a an adjustable rate mortgage with no discount points does not make much sense. These programs have different interest rates, loan features and risks. It is important to understand your financing options but make sure you are consistent when you shop mortgages and lenders. It is also important to highlight that you should never pay a lender to receive estimated loan terms and in most cases lenders do not need to pull your credit report to provide you a proposal. This means that shopping for a mortgage is free and should not hurt your credit score.


Make Sure the Mortgage Terms Are Accurate and Up-to-Date

You should also confirm that a lender’s proposal reflects current mortgage rates as well as all closing costs you are required to pay. This helps prevent a bait and switch situation where a lender entices you with one set of loan terms only to change the terms prior to closing. Depending on market conditions mortgage rates can change daily or even hourly so make sure you request updated loan terms and consider locking your mortgage when you select your lender.

Mortgage Rates by Loan Product

Current Rate
Last Week

Mortgage Rate Report

Tuesday, December 11, 2018

Mortgage rates trended down this week as comments by Federal Reserve Chairman Jerome Powell and the minutes from the Fed's November meeting suggest that the Fed may adopt a more neutral strategy on rates sooner than expected.  While most experts still anticipate the Fed to increase Federal Funds rate from its current target range of 2.000% to 2.250% at its December meeting, expectations for fewer rate hikes in 2019 had a positive impact on the mortgage market as well as the stock market.

The Fed has increased interest rates three times this year as it implements a more aggressive rate strategy in response to a strong economy and labor market.  At its September meeting, the Fed made the decision to remove language from its meeting statement that described its policy as "accommodative" in a sign that it is shifting monetary policy into a more restrictive mode to prevent the economy from overheating.  Although the Fed held rates steady at its November meeting, bullish comments from Chairman Powell and other a board members suggested that the Fed was a long way off from a neutral rate strategy which roiled markets and caused mortgage rates to rise.

Supporting the Fed's messaging, Q3 GDP growth of 3.5% exceeded expectations as healthy consumer spending offset slowing business investment.  Additionally, the unemployment rate remains near a fifty year low while job and wage growth continues to accelerate.

Sluggish business investment, a stalling housing market and the early signs of a global economic slowdown may have caught the Fed's attention as Powell offered a decidedly more measured outlook on interest rates in his more recent commentary.  The market responded positively to Powell's comments and expectations for three rate increases in 2019 have moved closer to one.  Mortgage rates for several key programs dipped on the news while other programs remained flat. 

The interest rate for a 30 year fixed rate mortgage decreased 0.125% to 4.625% while the rate for a 15 year fixed rate mortgage slid to 4.000%.  FHA mortgage rates and VA mortgage rates remained steady at 4.250%, with both programs appealing to borrowers focused on low or no down payment programs, especially first-time home buyers.  The interest rate on a 5/1 adjustable rate mortgage (ARM) stayed put at 4.000%.  Jumbo mortgage rates were flat at 4.625%, consistent with conforming loan rates.  Non-owner occupied mortgage rates stayed at 5.000%.   

Most signs -- including perhaps most important, the Fed's actions, statements and commentary -- point to higher rates in December but the forecast for next year is becoming less predictable and potentially more favorable for borrowers.  Ongoing equity market volatility, global economic concerns and a dip in oil prices may have a positive effect on mortgage rates, as we experienced this week.

We expect market fluctuations to continue and while interest rates are impossible to predict, prospective borrowers looking to buy a home or refinance should take advantage of any market pullbacks or plateaus and lock in a lower rate.  As lenders react differently to dynamic market conditions, we have also seen a wider variation in mortgage rate pricing, which means borrowers benefit more by shopping multiple lenders.

Because rates change constantly, we continue to actively monitor the mortgage market for new developments.  Borrowers should check the FREEandCLEAR rate tables regularly to review personalized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information.

Why Borrowers Compare Mortgage Rates on FREEandCLEAR

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Mortgage Rate Pricing:

Rate Details*
Loan Program:  
Monthly Payment:  
Points  FREEandCLEAR More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I FREEandCLEAR More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance FREEandCLEAR More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
Property Tax FREEandCLEAR More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
Homeowner Insurance FREEandCLEAR More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant's credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower's creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property's value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower's attorney's fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.

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