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Today's Mortgage Rates

Presented by Mortgage News Daily

The above rates provided by Mortgage News Daily (MND) are updated daily in real time, providing insight into the shifting forces impacting lender rate sheets as they occur.  Freddie Mac's rates are updated on a weekly basis, and may no longer be relevant to rate offerings today.  The best use of this resource is as a benchmark for national interest rate averages, and as a general indicator of rate trends, as individual circumstances can cause quotes to vary wildly from what is displayed above.  

Do Rate Charts Include Points?

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When using any rate index or survey, such as the one pictured above from the Federal Home Loan Mortgage Corporation's (Freddie Mac's) weekly survey, it's important to factor in whether or not the displayed interest rates account for fees known as discount points.  Discount points, or simply "points", are fees that borrowers can pay to permanently lower their interest rate for the life of the loan (or the fixed portion, in the case of an adjustable rate mortgage).  One point is equal to one percent of your loan amount.  For example, a discount point on a $300,000 mortgage loan will cost $3,000.  Points can be purchased in whole numbers and in increments of halves, quarters, eighths, or even less (0.5, 0.25, 0.125, etc.).  

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It is important to factor in the effect of excluding the cost of points from rate charts such as the one above.  Though most lenders or informational sources providing such charts now include the points in the rate averages, or list the corresponding average points and fees with each average, occasionally you will find a chart that does not.  

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Mortgage News Daily's daily rate tracker at the top of this page includes points and fees within the rate, making it seem higher than other indices.  Conversely, Freddie Mac's rate survey excludes points and fees from the rates themselves, but lists average points separately, right below the average rate for each different loan program. 

 

This scrutiny can also be applied towards quotes you receive from lenders; if a rate is offered and it seems enticing, ask if the quote requires any points to be paid, and if so, how many.

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If you would like to understand what economic drivers influence mortgage rates, read more about them here.

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On such an important transaction, especially for first time homebuyers, consultation from a professional who puts their clients' needs first is a must.  Let us demystify and break down the mortgage process for you, and you'll see that in spite of its initial complexity, it is a powerful tool that will guide you into property ownership and begin building you generational wealth.  

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All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE MORTGAGE BANKER REGISTRATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE HEREBY NOTIFIED OF THE FOLLOWING: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENTS WEB SITE AT WWW.SML.TEXAS.GOV.

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