Rates aren’t one size fits all. The best way to get your current mortgage rate is to let us estimate it based on your unique details.
Rates are current as of [TIME] on [DATE]
View Legal DisclosuresEstimate your budget for a home, and the loan amount, monthly payment and interest rate you could prequalify for.
Mortgage CalculatorTry different loan amounts, down payments, and interest rates to see how it changes monthly mortgage payments.
Home loan interest rates are calculated using details unique to everyone. They include your loan amount, how much debt you have compared to your income and your credit profile.
Our experts use this info to find the best rate for you – and the best way to reach your home buying goals.
"Best rate by far … Fewest hoops to jump through … We shopped a bunch of lenders and they were the best!"
"We got great, attentive service, and importantly, a very competitive rate that we were happy with."
"was easy to upload documentation, i got a great rate, and am extremely happy with the service."
"This was my first real mortgage … the interest rate was way better than anyone else could offer and the process … was so fluid."
Don't see your question here? We love helping people understand how rates work and what yours could be. Just talk to us.
What’s a mortgage rate?A mortgage interest rate is the percentage you pay to borrow money for a home loan.
Interest rate is part of the annual percentage rate, or APR. If you subtract interest rate from APR, the difference represents fees and expenses charged for getting a mortgage, spread over the life of the loan.
How do mortgage rates work?The best way to understand how mortgage rates work is to see them in action. A good way to do that is to use a calculator. We have two that show you what mortgage interest rates mean for you as a home buyer.
If you want to know how mortgage rates work when it comes to your monthly payment, try our mortgage calculator. Change the interest rate and see how it changes your monthly payment amount.
If you want to explore how your mortgage rate works after you own a home, use our amortization calculator. It shows how much of your mortgage payment goes to your loan balance – the amount you borrowed – and how much goes to interest over time.
What factors determine mortgage rates?Mortgage rates are determined by multiple factors that fall into two categories:
The more likely it is you can make your mortgage payments, typically the better interest rate you’ll get.
What helps determine that? Here are some of the things we look at.
While all these things are important, it’s also important to remember we’ll work to get you the best rate we can while helping you reach your home buying goals.
What's a mortgage rate lock, and should I do it?A mortgage rate lock keeps your interest rate from changing for a period of time. Rate locks usually last between 15 and 60 days.
You might want to lock your rate if you expect rates to go up before you close on your loan. On the other hand, if you think rates will go down, a rate lock might not benefit.
Our Home Loan Experts can explain when locking your rate is a smart move. You can also learn more by reading Mortgage Rate Lock: A Guide To Protect You From Rate Fluctuations.
What’s the difference between interest rate and APR?Interest rate is the percentage you pay to borrow money for a home loan.
There are also fees and expenses charged for getting a mortgage. Most people add these to their loan and pay for them over time with their mortgage payment.
Those two things together equal APR, or annual percentage rate. The math looks like this:
6.75% APR - 6.5% interest rate = .25% for fees and expenses spread over the length of the loan
What are mortgage points?A mortgage point – sometimes called a discount point – is a one-time fee you pay to lower the interest rate on your home purchase or refinance. Here are the key things to know:
Our Home Loan Experts can help you understand if paying points is right for you.
How often do mortgage rates change?Mortgage rates can change daily, sometimes more than once a day. If you’re watching rates, it’s helpful to know 0.25% (a quarter of a percentage point), roughly equals a $30 change in your monthly payment.
Buy a home, refinance or manage your mortgage online with America's largest mortgage lender*.
Get a personal loan to consolidate debt, renovate your home and more.
Save more, spend less, see everything, and take back control of your financial life.
Get a real estate agent handpicked for you and search the latest home listings.
Rocket Mortgage has won more awards than any other brand in the J.D. Power U.S. Mortgage Servicer Satisfaction Studies between 2002 – 2024. Visit JDPower.com/Awards for more information.
*Based on Rocket Mortgage data in comparison to public data records.
Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906
NMLS #3030. Go here for the Rocket Mortgage NMLS consumer access page.
©2000-2024 Rocket Mortgage, LLC. All rights reserved. Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT).
Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, and RockLoans Marketplace LLC (doing business as Rocket Loans®) are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements.
Apple and the Apple logo are trademarks of Apple Inc. registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Wear OS by Google and Google Play are trademarks of Google LLC.