Could you save $400/month by refinancing?
Rates dropped significantly in the last 90 days. Homeowners who refinanced recently are saving an average of $312/month. See if you qualify in 2 minutes.
30-Year Fixed
The most popular mortgage option. Predictable payments over 30 years with a fixed interest rate. Best for buyers who plan to stay long-term.
Compare 30-yr lenders →15-Year Fixed
Pay off your home in half the time and save thousands in interest. Higher monthly payments but significantly lower total cost.
Compare 15-yr lenders →5/1 ARM
Lower intro rate fixed for 5 years then adjusts annually. Great if you plan to sell or refinance before the adjustment period.
Compare ARM lenders →FHA Loan
Government-backed loan with down payments as low as 3.5%. Ideal for first-time buyers with lower credit scores (580+).
Compare FHA lenders →VA Loan
Exclusive to veterans and active military. Zero down payment required, no PMI, and highly competitive rates. One of the best loan types available.
Compare VA lenders →Jumbo Loan
Loans above the conforming limit ($766,550 in most areas). Required for high-value properties. Stricter credit and income requirements apply.
Compare Jumbo lenders →What best describes your credit?
How much can you put down?
What are you buying?
✅ You likely qualify for: 30-Yr Fixed, 15-Yr Fixed, FHA, VA, and ARM loans
Based on your selections — see personalized rates from all eligible programs
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Most purchase loans close in 21–30 days. Congrats!
First-Time Buyer? How to Get Pre-Approved in 24 Hours
Rocket Mortgage's streamlined process makes getting pre-approved easier than ever — here's exactly what to expect.
Why Mortgage Rates Are Falling in 2026 — And What It Means For You
Rates are down nearly 1% from their 2025 peak. Here's what's driving the decline and when to lock in your rate.
Should You Refinance in 2026? The Break-Even Calculator Explained
Use our free break-even calculator to find out exactly when your refinance starts saving you money each month.
VA Loans: The Ultimate Zero-Down Benefit Veterans Don't Always Use
If you served, you may qualify for a VA loan with no down payment and rates lower than conventional mortgages.
Mortgage rates fluctuate daily based on economic indicators including Federal Reserve policy, inflation data, employment reports, and bond market movements. Understanding what drives rates can help you time your purchase or refinance strategically.
What determines your personal mortgage rate?
- Credit score — every 20-point increase can lower your rate by 0.125% or more
- Loan-to-value ratio — more equity means less lender risk and better rates
- Loan type and term — government-backed and shorter terms typically cost less
- Property type — primary residences get the best rates vs. investment properties
- Debt-to-income ratio — lower DTI signals a safer borrower to lenders
How to get the lowest possible rate
- Improve your credit score before applying — even 30 days of on-time payments helps
- Shop at least 3–5 lenders — rates vary by up to 0.5% for the same borrower
- Consider buying points to lower your rate if you plan to stay long-term
- Lock your rate when you see a low — lenders typically honor locks for 30–60 days
The best time to apply is when your credit is optimized and you have at least 20% for a down payment. Even if you can't meet both criteria, getting quotes now lets you understand your baseline and target.
See Today's Rates →Most conventional loans require a minimum 620 credit score, though 740+ will get you the best rates. FHA loans accept scores as low as 580 (with 3.5% down) or even 500 (with 10% down). VA and USDA loans have no official minimum, though most lenders prefer 620+. The higher your score, the lower your rate — and over 30 years that difference can be tens of thousands of dollars.
You can buy with as little as 3% down on conventional loans (for qualifying buyers), 3.5% on FHA, or 0% on VA and USDA loans. However, putting down less than 20% means paying private mortgage insurance (PMI), typically 0.5–1.5% of the loan annually until you reach 20% equity. A larger down payment reduces your monthly payment, eliminates PMI faster, and typically earns you a lower interest rate.
The interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus lender fees, points, and other costs — expressed as an annual rate. APR is the better "apples to apples" comparison between lenders. If a lender advertises a low interest rate but high APR, they likely charge significant fees. Always compare APRs when shopping lenders.
The typical purchase mortgage closes in 30–45 days from application. Online-first lenders like Rocket Mortgage and Better can sometimes close in 21 days for well-qualified buyers with straightforward transactions. Refinances tend to run 30–60 days. FHA and VA loans may take slightly longer due to additional appraisal and inspection requirements. Getting pre-approved before you start shopping can significantly shorten your timeline.
Fixed-rate mortgages are ideal if you plan to stay in the home long-term (7+ years) or value payment predictability. Your rate and payment never change. ARMs start with a lower fixed rate for a set period (typically 5, 7, or 10 years), then adjust annually. They can make sense if you plan to sell or refinance before the adjustment period. Currently, with rates trending down, many experts favor fixed rates to lock in near-term lows.
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