Where to find today's mortgage rates
Mortgage rates change daily, sometimes multiple times per day, but no single source publishes a definitive "official" rate for the entire country. Instead, rates vary by lender, loan type, credit score, down payment size, and loan term. To see whether rates have moved since yesterday, you need to check the sources that track them in real time.
The most widely used trackers are Mortgage News Daily, which updates rates several times each business day, and the Mortgage Bankers Association, which publishes a weekly average on Wednesdays. Freddie Mac also publishes a weekly primary mortgage market survey. Individual lenders — your bank, credit union, or online mortgage companies like Rocket Mortgage or Better.com — post their own rates on their websites, usually updated each morning before 10 a.m. Eastern time.
If you are shopping for a mortgage, comparing rates across at least three lenders gives you a more accurate picture than checking one source. Rates can differ by 0.25% or more between lenders on the same day, even for borrowers with identical credit and down payments.
Key Takeaways
- Mortgage rates change daily and vary by lender, so checking one website or one bank does not tell you the full picture of the market.
- Mortgage News Daily and the Mortgage Bankers Association publish rates multiple times per day or weekly, and you can compare them to yesterday's figures to see whether rates moved.
- Your own lender's posted rate may differ from national averages because of their business model, credit requirements, and loan products.
- A rate drop of 0.25% or less is normal daily movement and usually does not change the monthly payment enough to delay a purchase decision.
What moves mortgage rates day to day
Mortgage rates follow the 10-year Treasury yield more closely than the Federal Reserve's interest rate. When the Treasury yield rises, mortgage rates typically rise. When it falls, mortgage rates usually fall. The Treasury yield moves based on investor demand for government bonds, inflation expectations, and economic data like jobs reports and inflation readings.
The Federal Reserve does not set mortgage rates directly. It sets the federal funds rate, which is the rate banks charge each other for overnight loans. Mortgage lenders use this as one input, but they also price in their own costs, profit margins, and the risk of lending to you. A 0.5% drop in the federal funds rate does not automatically mean a 0.5% drop in your mortgage rate.
On any given day, rates can move 0.1% to 0.3% based on economic news, bond market activity, or shifts in how much risk lenders are willing to take. Larger moves — 0.5% or more in a single day — usually follow major economic announcements like the monthly jobs report or inflation data.
How to compare today's rates to yesterday's
If you checked rates yesterday and want to know whether they dropped today, pull up the same source and look at the same loan type. Mortgage News Daily shows historical data going back weeks, so you can click on yesterday's date and compare the 30-year fixed rate side by side with today's. The Mortgage Bankers Association publishes weekly averages on their website, so you can see the trend week to week.
When comparing, make sure you are looking at the same loan product. A 30-year fixed-rate mortgage and a 15-year fixed-rate mortgage move differently. Adjustable-rate mortgages (ARMs) move differently still. If you are comparing your bank's rate to a national average, account for the fact that your bank may offer better rates to customers with excellent credit or larger down payments.
A rate drop of 0.1% or 0.2% is normal daily noise and usually does not change your monthly payment by more than $20 to $40 on a $300,000 loan. Larger drops — 0.5% or more — are worth paying attention to, especially if you are in the early stages of shopping.
Why lenders quote different rates on the same day
Two lenders can quote you different rates on the same day for the same loan because they have different business models. A bank that takes deposits and holds mortgages in its own portfolio may quote a higher rate than an online lender that sells mortgages to investors immediately. A credit union may offer lower rates to members but higher rates to non-members. Some lenders offer lower rates to borrowers who also open a checking account or use their other services.
Lenders also price risk differently. A borrower with a 740 credit score and 20% down payment may get a rate 0.5% lower than a borrower with a 680 score and 5% down, even from the same lender on the same day. The published "national average" smooths across all these variations, so it will not match any individual quote.
When a rate drop matters enough to act on
If you are actively shopping for a mortgage, a 0.25% drop is worth noting but usually not worth delaying your purchase. On a $300,000 loan, a 0.25% drop saves roughly $40 to $50 per month. If you are already in the process with a lender, ask whether they will lock in a lower rate if one becomes available during your loan processing period, which typically lasts 30 to 45 days.
A 0.5% or larger drop is more significant. It can save $100 to $150 per month on a $300,000 loan. If you have not yet locked in a rate with your lender, this is worth shopping around again. If you have already locked in, check your loan documents to see whether you have a rate-lock extension or a float-down option that lets you take advantage of lower rates before closing.
If you are not actively shopping — you are just watching the market — daily rate movements are less important than the longer trend. Rates that have dropped 1% or more over the past month suggest a shift in the market. Rates that bounce up and down by 0.2% day to day are normal volatility.
How to set up rate alerts instead of checking daily
Rather than checking rates manually each day, you can set up email or text alerts from Mortgage News Daily, Freddie Mac, or individual lenders. Mortgage News Daily offers a free alert service that emails you when rates move by a threshold you choose — for example, when the 30-year fixed rate drops by 0.25% or more from the previous day. Freddie Mac publishes its weekly survey on Wednesdays, so you can mark that day on your calendar if you prefer a weekly check-in.
If you are actively shopping, most lenders will email you rate quotes when you request them, and some will send you periodic updates if you have submitted a pre-qualification form. This is often more useful than a general market alert because it shows you the actual rates available to you, not just the national average.
Frequently Asked Questions
Do mortgage rates drop on weekends?
Mortgage rates are quoted only on business days, Monday through Friday. The bond market, which drives mortgage rates, is closed on weekends and holidays. If you see a rate quote on Saturday or Sunday, it is the previous Friday's closing rate, not a new quote.
If rates dropped today, should I lock in immediately?
Not necessarily. Locking in a rate freezes it for a set period, usually 30 to 45 days. If you are not ready to close within that window, locking in early can cost you money if rates drop further. If you are actively shopping and rates have dropped significantly, it is worth getting fresh quotes from multiple lenders before deciding to lock.
Can I refinance if rates dropped since I got my mortgage?
Yes, refinancing is possible, but whether it makes financial sense depends on how much rates have dropped, your current loan balance, how long you plan to stay in the home, and refinancing costs. A drop of 0.5% or more is often worth exploring with a lender, but smaller drops may not cover the closing costs.
Why do mortgage rates sometimes go up even when the Fed cuts rates?
The Federal Reserve controls the federal funds rate, not mortgage rates. Mortgage rates follow the 10-year Treasury yield, which can move independently. When the Fed cuts rates but inflation remains high or economic data is strong, investors may demand higher yields on Treasury bonds, pushing mortgage rates up even as the Fed rate falls.
Is there a "best time of day" to lock in a mortgage rate?
Rates are typically updated once per morning, before 10 a.m. Eastern time. Locking in later in the day does not give you a better rate than locking in earlier. If rates are falling, locking in earlier protects you in case they rise later that day, but if you are still shopping, waiting until you have compared multiple lenders is more important than the time of day.