current fixed mortgage rates explained for today

What they mean and why they change

When you see a headline rate, remember it reflects more than a lender’s mood. Inflation trends, bond yields, and central bank expectations tug rates up or down, while lender costs and market competition nudge them day to day. Your profile-credit, down payment, and loan size-also matters.

A quoted rate isn’t the full price. The APR folds in certain fees, giving a clearer cost over time. Rate locks protect you for a set window; longer locks often cost more. Paying points lowers the rate upfront, but the breakeven depends on how long you’ll keep the loan.

How to read a lender’s quote

Scrutinize the term (15 vs 30 years), points charged, estimated closing costs, and assumptions like credit score and loan-to-value. Ask for identical scenarios from each lender so comparisons are fair.

• Don’t compare rate without APR.
• Avoid ignoring fees rolled into the loan.
• Verify if the quote includes points or lender credits.
• Confirm the lock period and extension costs.
• Match scenarios: same property type, down payment, and escrow setup.