How to compare mortgage rates
Mortgage rate changes often and are influenced by market conditions as well as your own borrower profile.
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Writer, Fox Money
Mary Beth Eastman is an award-winning journalist who's covered personal finance for more than seven years. She's an expert on mortgages and personal loans, with bylines featured by The Balance, U.S. News & World Report, and CNN.
Updated September 25, 2024, 3:22 PM EDT
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Senior editor
Reina Marszalek is a senior mortgage editor at Fox Money who has spent more than 10 years writing and editing content.
Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
Mortgage interest rates can make a big difference in what you’ll pay for your new home or mortgage refinance. When mortgage rates are high, borrowers spend more in interest, but when mortgage rates are low, borrowing becomes more affordable. However, mortgage rates change frequently, making it important to compare rates when you’re thinking about taking out a new loan.
Learn more about mortgage interest rate trends, how they’re determined, and how to compare mortgage rates.
How to get the best mortgage rate for you
You could decrease your monthly mortgage payment and even save thousands of dollars in interest over the years by getting a low mortgage rate. Here’s how to get the best rate for you:
- Boost your credit: Work on improving your credit score, which can improve your chances of a lower interest rate. Lenders are looking for borrowers with a proven track record of repaying their loans.
- Increase your down payment amount: If you can, make a larger down payment on the home. The less you borrow, the less risk you pose to the lender (and the more equity you’ll have in the home from the outset).
- Borrow less: You may be able to get a lower rate by borrowing a smaller amount. While a bigger down payment can help, buying a less expensive home can also help. Consider whether you truly want to buy at the top of your price range or if you can rein in your budget a bit.
- Explore your options: Different mortgages tend to have different interest rates, and there are alternatives to the traditional 30-year fixed. You may be able to get a lower interest rate by choosing an adjustable-rate mortgage (ARM), a 15-year mortgage, or a government-backed option like an FHA loan.
- Compare lenders: Shop around to see what lenders will offer you. Using an online prequalification tool will give you a good idea of what real-world rates you can expect.
- Pay points: Paying points on a mortgage is a way to pay down your rate by making a payment upfront. The amount you’ll pay and how much you can save will vary by lender.