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What are today’s current mortgage interest rates?

See today’s mortgage rates and explore options across a range of home loans to help guide your financial decisions.

 

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Mortgage rates FAQs

Interest rates are influenced by the financial markets and can change daily – or multiple times within the same day. The changes are based on many different economic indicators in the financial markets. 

Mortgage interest rates may vary throughout the day. Locking your rate temporarily protects you from increases, so it's often an important part of the home financing process. You might consider locking in your rate if:

  • You want to avoid unexpected changes to your monthly mortgage payment.
  • You're confident your closing date is set.
  • You've seen mortgage interest rates increase for several weeks.

Learn more about interest rate lock options.

You may be able to lower your interest rate by making changes that lower your risk factors described above. Here are some of the things you may want to consider:

  • Putting more money down and lowering the loan-to-value (LTV) ratio.
  • Clearing any errors on your credit report.
  • Adding a co-signer with additional income and/or a higher credit score to support the loan. (For this option, you may need to start a new loan application.)
  • Changing the number of years of your loan term.
  • You also may be able to lower your rate by paying discount points.

We consider a variety of factors when we determine the interest rate and costs of your loan. The process of reviewing these factors to determine your rate is called "risk-based pricing."

The typical factors we look at include:

  • Credit profile: We'll obtain a credit report that shows your current debts and payment history. The report will also include a credit score based on your overall credit history.
  • Property type: Investment properties, condominiums, and multifamily homes are generally considered to be higher risks than single family detached homes.
  • Loan-to-value (LTV) ratio: The amount you want to borrow compared to the appraised value of the property. Generally, the lower your LTV ratio, the lower your interest rate and costs.
  • Debt-to-income (DTI) ratio: The amount of your mortgage payments and total debt payments compared to your income. A higher DTI ratio may mean higher interest rates and costs.
  • Type of loan: Purchase versus refinance, an adjustable rate versus fixed rate, or cash-out refinance versus rate-and-term refinance, may affect overall risk.

Some other things that may affect your interest rate:

  • Closing cost credits: You may be able to finance a portion of your closing costs as part of your loan. This may result in a higher interest rate.
  • Discount points: A discount point is paid to obtain a lower interest rate that may reduce your monthly payment amount.
  • Relationship Benefit: See what closing cost credits or interest rate discounts are available based on your new and existing eligible assets with Wells Fargo.
  • Additional risk factors: We may also consider other risk factors when determining your interest rate and costs, including previous bankruptcies, foreclosures, or unpaid judgments.

The key to knowing if you're getting a good mortgage is comparing offers. Consider getting two or three loan estimates before settling on a mortgage.

Start by comparing similar mortgages. Fixed-rate mortgages, ARMs, and government-backed loans can all have different rates.

Next, look at both the mortgage interest rate and the APR. While the interest tells you the cost of borrowing money, the APR includes other fees, which gives you a better understanding of the total cost of the mortgage.

Finally, consider the loan term. A longer term often means lower monthly mortgage payments but more interest paid overall. The inverse is true for shorter terms — your monthly payment is typically higher, but you'll pay less interest. 

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NAN CULLINANE

NAN CULLINANE

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If you extend your loan term, you may pay more interest over the life of your loan.

If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.

Not eligible with FHA and VA loans. Additional limitations may apply.
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