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.
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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
Mortgage Rate ReportTuesday, 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
Comparing mortgage rates can save you thousands. Use our rate tables to find the lender offering the lowest rates and fees
Our rate tables put you in control. You can compare lenders anonymously plus you never need to provide your social security number
Review mortgage rates from leading lenders. Our lenders offer highly competitive terms to win your mortgage business
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Mortgage Rate Pricing: https://www.consumerfinance.gov/about-us/blog/7-factors-determine-your-mortgage-interest-rate/