Mortgage rates change daily, and you can see the current rates right now
Mortgage interest rates move every business day based on what happens in the bond market and the Federal Reserve's decisions. You cannot know whether rates have dropped without checking today's rates against a specific earlier date — there is no single "they dropped" moment that applies to everyone.
The fastest way to see current rates is to visit a mortgage lender's website directly: Bank of America, Wells Fargo, Chase, Rocket Mortgage, and most regional banks publish their rates daily. You can also check Freddie Mac's Primary Mortgage Market Survey, which publishes the average rate for a 30-year fixed mortgage every Thursday morning. If you checked rates last week or last month, pull up that same source again and compare the number.
What matters for your own situation is whether rates have dropped since you last looked, or since you locked in a rate with a lender. A rate that dropped nationally might still be higher than what you saw two months ago.
Key Takeaways
- Mortgage rates change every business day, so you need to compare today's rate to a specific earlier date to know if they have dropped.
- Freddie Mac publishes the average 30-year fixed rate every Thursday, and most lenders publish their own rates daily on their websites.
- A rate drop of even 0.25% can lower your monthly payment by $50 to $100 on a $300,000 loan, which is why tracking changes matters.
- If you locked in a rate with a lender, that rate stays the same for the lock period regardless of what rates do in the market.
Where to find today's mortgage rates
The most reliable public source is Freddie Mac's Primary Mortgage Market Survey, published every Thursday at 10 a.m. Eastern time. It shows the average rate for a 30-year fixed mortgage, a 15-year fixed mortgage, and a 5/1 adjustable-rate mortgage (ARM) across the United States. The survey has been running since 1971, so you can also look back at historical rates to see longer trends.
Individual lenders post their own rates on their websites, usually updated daily. These rates vary by lender because they depend on the lender's costs, their profit margin, and the borrower's credit score and down payment. A rate you see at one bank may not be the rate you actually receive — the published rate is typically for a borrower with excellent credit and a 20% down payment.
Mortgage comparison sites like Bankrate, LendingTree, and Zillow aggregate rates from multiple lenders, but these are estimates based on the same profile (usually a borrower with a 740 credit score and 20% down). Your actual rate will depend on your specific situation.
Why rates dropped (or rose) — what actually moves them
Mortgage rates follow the yield on the 10-year U.S. Treasury bond, not the Federal Reserve's interest rate directly. When the Treasury yield falls, mortgage rates tend to fall. When it rises, mortgage rates rise. The bond market reacts to inflation data, employment reports, Federal Reserve statements, and global economic news.
The Federal Reserve does influence mortgage rates indirectly through its own rate decisions and through its statements about future policy. When the Fed signals it will cut rates, bond yields often fall and mortgage rates drop. When the Fed signals it will hold rates steady or raise them, bond yields often rise and mortgage rates rise. But the connection is not automatic — mortgage rates can move in the opposite direction from Fed rate changes.
Mortgage rates also reflect the lender's cost of funding a loan. When banks can borrow money cheaply, they can offer lower mortgage rates. When their costs rise, they raise rates to borrowers.
How a rate drop affects your monthly payment
A drop of 0.25% (one quarter of a percent) on a $300,000 loan with a 30-year term lowers your monthly payment by roughly $50 to $75. A drop of 0.5% lowers it by roughly $150 to $200. These numbers assume you are comparing the same loan amount and term — a 30-year fixed to another 30-year fixed.
The impact is larger on bigger loans and smaller on smaller loans. On a $150,000 loan, a 0.25% drop saves about $25 to $35 per month. On a $500,000 loan, it saves about $80 to $130 per month.
If you have not locked in a rate yet, a rate drop means you can borrow at a lower cost. If you already locked in a rate, the rate you locked stays the same — a drop in market rates does not change your locked rate, and a rise does not either. That is the point of locking.
When to lock in a rate if rates have dropped
A rate lock freezes your interest rate for a set period, usually 30, 45, or 60 days. Once you lock, your rate does not change even if market rates rise. The trade-off is that if rates fall further, you cannot take advantage of the drop — you are locked in.
Lenders offer rate locks because they protect you from rate risk during the loan process. If you are in active negotiations with a lender and rates have dropped, locking in protects you if rates rise before closing. If you are still shopping and rates have dropped, locking now prevents rates from rising while you finish your application.
The decision to lock depends on your timeline and your comfort with risk. If you are closing in 30 days, locking makes sense because you eliminate the chance of a rate rise. If you are still in early stages and rates might drop further, you might wait — but that is a bet on the future, and nobody knows what rates will do.
Comparing your rate to historical rates
Freddie Mac publishes historical data back to 1971. In the 1980s, mortgage rates were above 15%. In the 2010s, they fell to 3% and lower. In 2022 and 2023, they rose sharply to above 7%. In 2024, they have moved between roughly 6% and 7%, depending on the week.
Comparing today's rate to last year's rate or last month's rate tells you whether rates have moved in your favor. Comparing to rates from 10 years ago is interesting context but does not change what you can borrow at today.
If you are refinancing an existing mortgage, the relevant comparison is your current rate versus today's market rate. If today's rate is 0.5% or more lower than your current rate, refinancing might save you money over time — but you have to account for closing costs, which typically run $2,000 to $5,000.
What happens if you locked a rate and rates drop further
Your locked rate does not change. You are obligated to close at that rate, and the lender is obligated to honor it. This is the cost of the protection a lock provides — you give up the upside if rates fall in exchange for protection if they rise.
Some lenders offer a rate float-down option, which lets you lower your rate if market rates drop before closing. This usually costs a fee (typically $250 to $500) and is only available during the lock period. If you are locked at 6.5% and rates drop to 6%, a float-down lets you move to 6% — but you pay the fee.
Once you close the loan, you cannot change the rate unless you refinance, which means applying for a new loan. Refinancing resets your loan term and closing costs, so it only makes sense if the rate drop is large enough to offset those costs over the time you plan to stay in the home.
Frequently Asked Questions
How often do mortgage rates change?
Mortgage rates change every business day, sometimes multiple times in a single day. The bond market moves constantly, and lenders adjust their rates in response. Freddie Mac publishes the average rate once a week, on Thursday, but that is a snapshot of one moment — rates have likely moved since then.
Can I get a better rate if I have a higher credit score?
Yes. Lenders offer lower rates to borrowers with higher credit scores because they are less likely to default. The difference is usually 0.25% to 0.75% depending on the lender and your score. A score of 740 or higher typically gets the best published rates; below 620 usually means higher rates or difficulty getting approved.
What does "points" mean when comparing mortgage rates?
A point is 1% of the loan amount. You can pay points upfront to lower your interest rate — typically, one point lowers the rate by 0.25%. If you are borrowing $300,000 and paying one point, you pay $3,000 at closing in exchange for a lower rate. This makes sense if you plan to stay in the home long enough to recoup the cost.
Do all lenders offer the same rate?
No. Lenders have different costs, different profit margins, and different risk appetites. Shopping with at least three lenders usually reveals a range of 0.25% to 0.5% between the lowest and highest rate. Your credit score, down payment, and loan type also affect the rate each lender offers you.
What is the difference between APR and interest rate?
The interest rate is what you pay on the loan balance. The APR (annual percentage rate) includes the interest rate plus closing costs and fees, expressed as an annual rate. The APR is always higher than the interest rate and gives you a fuller picture of the true cost of borrowing.