Current Mortgage Interest Rates 

BY The Lenders Network

2 minute read

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Current Mortgage Rates

Today’s Mortgage Interest Rates
3-month trend 30-year fixed rate 15-year fixed rate 5/1 ARM 30-year jumbo
12/12/2018 4.83% 4.21% 4.35% 4.72%
12/5/2018 4.90% 4.33% 4.38% 4.82%
11/28/2018 5.01% 4.40% 4.40% 4.90%
11/21/2018 5.01% 4.41% 4.47% 4.90%
11/14/2018 5.10% 4.47% 4.48% 4.98%

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*Average interest rates from a survey of 100 mortgage lenders reported by Freddie Mac PMMS. Average rates only, intended to give a snapshot of the overall market, not specifically available interest rates. For a personalized rate quote click here.

Credit Assumptions

The above interest rates are based on the assumption the borrower has excellent credit of a 740+ or higher FICO score.

Expect interest rates offered by mortgage lenders to increase with lower credit scores.

What is the APR?

APR stands for annual percentage rate which not only includes the interest rate you will pay but also other costs associated with the mortgage including closing costs, discount points, or lender fees such as origination fees.

Typically, the APR rate is slightly higher than the interest rate. The APR gives you the real cost of a mortgage loan.

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What are Basis Points?

A basis point is how .01% is expressed by the mortgage industry. One basis point is equal to 1/100th of 1 1 percent interest rate.

1 basis point = .01%

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Other Costs Associated with a Mortgage

There are other monthly costs associated with a mortgage besides just the principle and interest payment.

Your mortgage lender will open an escrow account to deposit funds to pay mortgage insurance, property taxes, and homeowners insurance.

PMI – Private mortgage insurance is required on all mortgage loans when you put less than a 20% down payment. FHA loans require mortgage insurance for the life of the loan in most cases. PMI ranges from 0.35% – 1% of the loan amount annually.

Homeowners Insurance – While mortgage insurance covers the actual mortgage, homeowners insurance covers the home against damage such as hail, foundation issues, or flooding. The average homeowner pays approximately $1,000 per year.

Property Taxes – Property taxes are charged by your local county and will vary depending on the state/county you reside in. These taxes add up to thousands of dollars per year, but you will pay a portion each month into your escrow account so your lender can make these payments on your behalf once a year.

Freddie Mac Report

Freddie Mac reports the the results of their lender survey on a weekly basis. Rates reported are based on the previous weeks average interest rates from over 100 mortgage lenders. Because the survey is based on the previous week’s rates, the mortgage rate today will vary from the rates provided.

Lenders report average mortgage interest rates for a 30 yr fixed-rate mortgage, 15 year fixed-rate mortgage and 5/1 Adjustable-rate mortgage loans.

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