Quick Answer
The numbers above are national average survey rates published by the Federal Reserve Bank of St. Louis, updated every weekday. They tell you which direction the market is moving. They are not a quote — your own rate depends on your credit score, down payment, loan size, and the lender you use, and it can land anywhere from half a point below to well over a point above the average shown here.
Key Takeaways
- The Fed does not set mortgage rates. Long-term mortgage rates track the 10-year Treasury yield and mortgage-backed securities, not the federal funds rate.
- Green is good, red is bad. The small number beside each rate is the change from the previous business day — negative (green) means rates fell.
- Rate ≠ APR. The rate sets your payment; the APR folds in lender fees and points, which is why a quoted APR is almost always higher.
- Half a point matters. On a $400,000 loan, 6.50% versus 7.00% is about $133 a month — roughly $47,900 over a 30-year term.
- Averages lag. Survey data is collected before it is published, so a fast-moving market will show up here a day or two late.
How to Read This Page
Four boxes, four different mortgage products, one number each. Here's what you're actually looking at.
The large figure is the current national average rate for that loan type. The smaller number beside it is the change since the previous business day — shown in green when rates fell and red when they rose. A flat day shows grey.
Here's the part most people miss:
These are survey averages, not offers. They're compiled from lender data, published by the Federal Reserve Bank of St. Louis, and updated on business days only. Holidays and weekends carry the previous reading forward, which is why the chart sometimes shows a flat line across a long weekend.
The chart below the boxes plots all four series together. Use the range buttons to zoom from one week out to the full history. The useful trick is switching between 1m and 1y — a rate that looks alarming on a one-week view often turns out to be noise inside a much flatter twelve-month range.
Watch the trend, not the day
Daily moves of 0.01–0.03 are ordinary market noise. What actually changes your budget is the direction over several weeks. If you're shopping for a home, check this page weekly rather than daily — you'll make better decisions and lose less sleep.
What Actually Moves Mortgage Rates
The single most common misconception in home financing is that the Federal Reserve sets mortgage rates.
It doesn't.
The Fed sets the federal funds rate — the overnight rate banks charge each other. That directly influences short-term borrowing: credit cards, home equity lines, adjustable-rate loan resets. A 30-year fixed mortgage is a different animal entirely.
What a 30-year fixed rate actually tracks
Long-term mortgage rates follow the 10-year Treasury yield and the price of mortgage-backed securities (MBS) — the bonds your loan eventually gets bundled into. Investors buying those bonds decide what yield they need, and that yield becomes your rate.
This is why mortgage rates sometimes fall on the day the Fed raises rates, and rise on the day it cuts. The bond market prices in expectations weeks or months ahead of the announcement. By the time the Fed acts, the move has usually already happened.
Four forces do most of the work:
- Inflation expectations. Bond investors are lending money for a decade or more. If they expect inflation to erode that money, they demand a higher yield to compensate — and mortgage rates rise with it.
- The 10-year Treasury yield. The benchmark. Mortgages price at a spread above it because a mortgage carries prepayment risk that a Treasury doesn't.
- The MBS spread. That gap above Treasuries isn't fixed. It widens when investors get nervous about housing or when the market expects a wave of refinancing, and it narrows when conditions calm. A widening spread pushes your rate up even when Treasuries hold steady.
- Supply and demand for loans. Lenders have finite capacity. When applications surge, some lenders quietly raise rates to manage volume rather than hire.
The practical takeaway: if you want an early read on where mortgage rates are heading, watch the 10-year Treasury, not the Fed's calendar.
Rate vs. APR: Why Your Quote Won't Match This Page
You find a 6.50% rate here, call a lender, and they quote you 6.75% APR on a 6.50% loan. Nothing is wrong. They're two different measurements.
Interest rate
The rate used to calculate your monthly principal and interest payment. This is the number shown on this page and the number that determines what you pay each month.
Annual Percentage Rate (APR)
The rate plus the lender's costs — origination fees, discount points, mortgage insurance, and certain closing costs — expressed as a single annualized figure. It exists so you can compare offers that bundle costs differently.
Here's why that distinction costs people money:
A lender can advertise an unusually low rate and recover the difference in points and fees. Another can offer a slightly higher rate with no points. Compare the rates alone and the first looks better. Compare the APRs and the ranking often flips.
APR has a blind spot
APR assumes you keep the loan for its full term. Most people don't — they sell or refinance within about a decade. If you expect to move in five years, paying points to buy down the rate can look great on APR and still lose you money in practice, because you never reach the break-even point.
Run both scenarios before you commit. Our mortgage calculator will show you the monthly difference, and the amortization schedule will show you where the break-even actually lands.
The Four Rate Types Explained
The four boxes aren't four lenders quoting the same product. They're four genuinely different loans, which is why they never move in lockstep.
| Loan type | Who it's for | The catch |
|---|---|---|
| 30-year conforming | The benchmark. Loans within the FHFA's annual limit, eligible for purchase by Fannie Mae and Freddie Mac. | Requires solid credit and documented income. This is the rate most quotes are compared against. |
| 15-year conforming | Buyers who can afford a larger payment and want to cut total interest dramatically. | Lower rate, much higher monthly payment. Less flexibility if your income changes. |
| 30-year FHA | Buyers with lower credit scores or small down payments — FHA insures the loan, so lenders accept more risk. | Mortgage insurance premiums that, on most loans with less than 10% down, last the life of the loan. The note rate looks competitive; the all-in cost often isn't. |
| 30-year jumbo | Loans above the conforming limit — common in high-cost metros. | No government backing, so the lender holds the risk. Expect stricter reserves and credit requirements. |
One counterintuitive detail worth knowing:
Jumbo rates are not always higher than conforming rates. Jumbo borrowers tend to have strong credit and large down payments, and banks often want them as customers. In some markets jumbo prices below conforming. If you're near the conforming limit, get quotes on both sides of it before assuming which is cheaper.
Why Your Rate Will Be Different
National averages describe a borrower who may not resemble you at all. Here's what moves your personal quote away from the number above.
- Credit score. The largest single factor. The spread between a 760+ score and a score in the low 600s is commonly half a point or more — on a $400,000 loan that's well over $100 a month.
- Down payment (loan-to-value). More equity means less lender risk. Below 20% down on a conventional loan you'll also carry private mortgage insurance until you reach sufficient equity.
- Debt-to-income ratio. Lenders price for the risk that you can't absorb a bad month. Higher DTI, higher rate — and past a threshold, a decline.
- Discount points. One point costs 1% of the loan amount and typically buys the rate down by roughly a quarter point. Advertised rates frequently assume you're paying them.
- Occupancy and property type. A primary residence prices best. Second homes, investment properties, condos, and multi-unit buildings all carry add-ons.
- Lock period. A 30-day lock costs less than a 60-day lock. Longer protection, higher price.
What half a point costs
On a $400,000 30-year loan:
- At 6.50% — about $2,528 per month in principal and interest
- At 7.00% — about $2,661 per month
- Difference: $133 a month, or roughly $47,900 across the full term
That gap is why shopping multiple lenders is worth a few hours of your time.
Get quotes from at least three lenders within a short window. Credit scoring models treat multiple mortgage inquiries in the same period as a single event, so comparison shopping doesn't punish your score the way people fear.
Should You Wait for a Lower Rate?
The honest answer: nobody knows where rates go next, including the people who forecast them for a living.
What you can do is understand the trade you're actually making.
Consider both sides:
Waiting can work if rates fall and home prices in your market stay flat. You get a smaller payment on a similar purchase price.
Waiting can backfire because falling rates usually bring buyers back. More competition tends to push prices up, and a lower rate on a higher price can leave you paying more overall — while you've spent another year paying rent instead of principal.
"Marry the house, date the rate" — with a caveat
The idea is that you can refinance later if rates drop, so a good home at a high rate beats waiting. It's reasonable advice, but refinancing isn't free and isn't guaranteed — it costs real closing costs, requires you to still qualify, and depends on rates actually falling far enough to justify it. Treat a future refinance as a possibility, not a plan. Run the numbers in our refinance calculator before you rely on it.
If your finances are ready and you've found the right home, the rate on this page is one input among several — not the deciding vote.
Frequently Asked Questions
Put These Rates to Work
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Disclaimer
CalcLogix is not a lender and does not originate, broker, or arrange mortgage loans. The rates on this page are national averages published by the Federal Reserve Bank of St. Louis and are provided for informational purposes only. They are not offers of credit and not a guarantee of any rate available to you. Always confirm terms directly with a licensed lender before making a financial decision.
About Jon Teera
Jon Teera is the Lead Developer and Founder of CalcLogix. Unlike traditional financial writers, Jon approaches personal finance as a data engineering problem, building tools that factor in the localized variables — HOA dues, tax codes, insurance rates — that standard bank calculators ignore. He publishes these rates straight from the Federal Reserve's daily FRED release so readers see the same national averages lenders price against.
Read more about how we verify data →