Where to find current mortgage rates and recent changes
Mortgage rates move daily, and the easiest way to see whether they have gone down is to check a rate tracker that updates in real time. The Mortgage Bankers Association publishes weekly averages on their website, and sites like Bankrate, LendingTree, and the Federal Reserve's own data pages show rates updated multiple times per day. If you are shopping with a specific lender, their website will show you the rates they are currently offering.
The catch is that "mortgage rates" is not one number. A 30-year fixed-rate mortgage, a 15-year fixed, and a 7/1 adjustable-rate mortgage all move at different speeds and sometimes in different directions. When you hear that "rates went down," check which type of loan that refers to — it matters whether you are comparing apples to apples.
If you want to know whether rates have moved since a specific date, pull up the historical data. The Federal Reserve publishes weekly mortgage rate data going back decades, and most rate-tracking sites let you view a chart showing the last week, month, or year. That gives you a concrete number to compare against.
Key Takeaways
- Mortgage rates change daily and vary by loan type, so check the specific rate you are interested in rather than assuming all rates moved the same way.
- The Mortgage Bankers Association, the Federal Reserve, Bankrate, and LendingTree all publish current rates and historical data you can view for free.
- Rates offered by individual lenders can differ from national averages, so compare what your own bank or lender is showing you.
- A rate that went down last week may go back up this week, so timing matters if you are deciding whether to lock in a rate with a lender.
Why mortgage rates move, and what affects them
Mortgage rates follow the 10-year Treasury bond yield more closely than any other single factor. When the bond yield rises, mortgage rates typically rise. When it falls, mortgage rates usually fall. The Treasury yield moves based on what investors expect inflation and economic growth to be, so news about inflation reports, employment, or Federal Reserve decisions can shift rates within hours.
Your personal rate also depends on your credit score, down payment size, loan type, and the lender you choose. Two people shopping on the same day can be quoted different rates. That is why checking your own lender's current offer is as important as checking the national average.
How to track rates over time
If you want to watch whether rates are trending up or down over weeks or months, set up a simple tracking method. Write down the rate you see today, then check the same source once a week and record the new number. A spreadsheet with dates and rates will show you the pattern far better than memory.
The Federal Reserve's website has a downloadable dataset of weekly mortgage rates going back to 1990. If you want to see what rates were doing a year ago, five years ago, or during a specific event, that data is public and free. Bankrate and LendingTree also publish historical charts that let you zoom in on any time period.
The difference between national averages and what you will actually be offered
When news outlets report that "mortgage rates fell to 6.5 percent," they are usually citing the Mortgage Bankers Association's weekly average for a 30-year fixed loan with a 20 percent down payment and excellent credit. Your actual rate could be higher or lower depending on your situation.
A lender's advertised rate is also often a "best-case" rate — the lowest they offer to borrowers with the strongest profiles. If your credit score is lower, your down payment is smaller, or you are buying in a market where the lender is less active, you may be quoted higher. Always get a rate quote from your own lender rather than assuming the national average applies to you.
What to do if rates have dropped and you already have a mortgage
If you locked in a mortgage rate months or years ago and rates have since fallen, you have two main options: refinance or do nothing. Refinancing means taking out a new loan to pay off the old one, and you will pay closing costs (typically 2 to 5 percent of the loan amount) to do it. The monthly savings have to be large enough to cover those costs within a reasonable time frame, usually two to three years.
Use a refinance calculator to compare your current payment against what a new loan would cost. If the monthly savings are small, refinancing may not be worth it. If they are substantial, contact your current lender or shop with other lenders to see what they would charge.
Rate locks and how they work if you are shopping now
If you are in the middle of buying a home and rates have dropped since you started shopping, you can ask your lender to lock in a new rate. A rate lock holds a specific rate for a set number of days — usually 30, 45, or 60 days — while your loan is being processed. If rates fall during that lock period, you keep the locked rate. If rates rise, you keep the locked rate.
The trade-off is that lenders charge a fee for longer lock periods, and some lenders offer slightly lower rates if you agree to a shorter lock. Ask your lender what lock options they offer and what each one costs before you decide.
Frequently Asked Questions
How often do mortgage rates change?
Mortgage rates can change multiple times per day, especially around news events like Federal Reserve announcements or economic data releases. Most lenders update their posted rates once or twice daily, though the rates they quote you in a formal offer are locked until you agree to them.
If rates went down, should I refinance immediately?
Not necessarily. Calculate whether your monthly savings will cover the closing costs within two to three years. If rates have only dropped a quarter percent and your closing costs are high, refinancing may cost you money overall. If rates have dropped a full percent or more, refinancing is more likely to make sense.
Can I lock in a rate before I am ready to buy?
No. Rate locks are only available once you have submitted a formal mortgage application and the lender has begun processing your loan. You cannot lock a rate weeks in advance. Some lenders offer "rate hold" programs that let you reserve a rate for a short period, but these are rare and usually come with a fee.
Why is my lender's rate different from the national average I see online?
National averages are based on loans with specific assumptions: excellent credit, a 20 percent down payment, and standard loan terms. Your actual rate depends on your credit score, down payment size, loan type, property location, and the lender's own pricing. Always compare quotes from multiple lenders rather than using the national average as your benchmark.
Where can I see what mortgage rates were last year?
The Federal Reserve publishes historical weekly mortgage rate data on its website, going back to 1990. Bankrate and LendingTree also have interactive charts where you can view rates for any date range. This data is free and updated weekly.