Today's Conventional Mortgage Rates
Conventional loans come with competitive rates and flexibility for both first-time and repeat homebuyers. Get a Lower rate today.
Current Conventional Mortgage Rates
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| Loan Type | Rate | APR | Points | Monthly Payment |
|---|---|---|---|---|
| Conventional 15-Year Fixed | 5.250% | 5.658% | 2.250 | $2,813 |
| Conventional 30-Year Fixed | 5.875% | 6.099% | 2.000 | $2,070 |
| Loan Type | Rate | APR | Points | Monthly Payment |
|---|---|---|---|---|
| Conventional 15-Year Refinance | 5.375% | 5.857% | 2.500 | $2,836 |
| Conventional 30-Year Refinance | 5.990% | 6.283% | 2.500 | $2,096 |
| Loan Type | Rate | APR | Points | Monthly Payment |
|---|
Mortgage Rates Trend
Historical rates shown for context only. See full disclosures below and current rates in the table above. View Legal Disclosures
Legal Disclosures
The chart shows Lower's historical posted mortgage rates for nationwide, sampled monthly on the 15th. Data effective through 2026-05-29. The chart displays historical note rates only. It does not display APR, discount points, fees, or other costs that affect total loan expense. For current rates with APR, points, and assumptions, see the rate table above. Historical rates are not predictive of current or future rates. This chart is not an offer of credit, a commitment to lend, or a Loan Estimate. Actual rates depend on credit profile, market conditions, loan amount, loan-to-value, occupancy, property type, and other factors, and can change daily. FHA loans require mortgage insurance premiums (MIP) not reflected in note rates shown. VA loans require a VA funding fee not reflected in note rates shown. Jumbo loans exceed conforming loan limits and carry different underwriting requirements.
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How Conventional Loan Rates Work
Conventional mortgage rates are set by lenders and can change based on market conditions, loan details and your borrower profile. The rates displayed above update regularly and reflect current pricing assumptions.
A conventional home loan is a mortgage that is not backed by a government agency. Many conventional loans follow Fannie Mae and Freddie Mac requirements, including conforming loan limits set by the Federal Housing Finance Agency.
Conventional rates move with the broader mortgage market. Even when rates appear steady, daily pricing can shift because of bond market activity, inflation expectations, investor demand and lender pricing adjustments.
Your final rate can also vary based on your credit score, down payment, loan amount, property type, occupancy, debt-to-income ratio and whether you pay points or receive lender credits. That means the rate you see advertised may not match the rate you qualify for.
Your interest rate and annual percentage rate, or APR, are related but not the same. The interest rate affects your monthly principal and interest payment. APR reflects the interest rate plus certain loan costs, which can make it useful for comparing offers. Your Loan Estimate will show important details about the mortgage you requested.
Conventional Loan Rates Basics
| Factor | How It Can Affect Your Rate |
|---|---|
| Credit Score | Higher scores generally help you qualify for stronger pricing. |
| Down Payment | A larger down payment can lower lender risk and may reduce mortgage insurance costs. |
| Debt-To-Income Ratio | Lower debt compared with income can improve your overall loan profile. |
| Loan Term | Shorter terms often have lower rates but higher monthly payments. |
| Property And Occupancy Type | Primary residences, second homes, investment properties and multi-unit homes can price differently. |
| Points And Credits | Discount points can lower the rate with more upfront cost. Lender credits can reduce upfront cost but may raise the rate. |
Factors That Affect Your Conventional Loan Rate
Conventional mortgage rates are shaped by both market forces and borrower-specific risk factors. Broader economic factors such as inflation, bond yields and Federal Reserve policy can influence the rate environment. Your personal situation also plays an important role in the rate you are offered.
Credit Score
Higher credit scores generally qualify for stronger pricing. Credit can also influence pricing adjustments that affect the cost of the loan. Fannie Mae’s loan-level price adjustment matrix includes pricing adjustments tied to factors such as credit score, loan-to-value ratio, occupancy, number of units, product type and loan purpose.
The table below is for educational purposes only. It uses simplified examples to show how different interest rates can affect the monthly principal and interest payment on the same loan amount. Actual mortgage pricing depends on your credit profile, down payment, loan amount, loan term, property type, occupancy, debt-to-income ratio, points, credits, lender pricing and market conditions.
| Example Credit Profile | Example Interest Rate | Estimated Monthly Principal And Interest On $350,000 | What The Example Shows |
|---|---|---|---|
| Strong Credit | 6.50% | $2,212 | A stronger credit profile may help you qualify for better pricing, depending on the full loan file. |
| Moderate Credit | 6.875% | $2,300 | A slightly higher rate increases the monthly payment on the same loan amount. |
| Lower Credit | 7.25% | $2,388 | A higher rate can increase both monthly cost and total interest over time. |
In this example, the difference between a 6.50% rate and a 7.25% rate is about $176 per month on a $350,000 loan. Your actual difference could be smaller or larger depending on your final rate, loan amount, term, points, credits and closing costs.
Down Payment
A larger down payment lowers the loan-to-value ratio, which can reduce lender risk and improve pricing. It may also reduce or eliminate private mortgage insurance, depending on the loan structure. A larger down payment does not always lower the rate by the same amount because pricing depends on the full loan profile.
Debt-To-Income Ratio
Debt-to-income ratio, or DTI, compares your monthly debt payments with your gross monthly income. A lower DTI can improve approval odds and strengthen your application. Paying down revolving balances can help both your debt-to-income (DTI) ratio and credit utilization.
Loan Term
Shorter terms often have lower rates than longer terms, but they usually come with higher monthly payments. The best mortgage term depends on your budget, monthly payment comfort and how long you plan to keep the home.
Property Type And Occupancy
Primary residences often price more favorably than second homes or investment properties because they are generally viewed as lower risk. Multi-unit properties may also have different pricing adjustments than one-unit homes.
Points And Fees
Discount points may reduce your rate in exchange for a higher upfront cost. Lender credits can reduce cash due at closing, but they may increase the rate. Reviewing APR and the Loan Estimate can help clarify the trade-off.
How To Improve Your Conventional Loan Rate
Because your personal financial situation affects your rate, you may be able to improve your pricing before applying or locking a rate.
- Check your credit reports for errors. Correcting inaccurate information may help your credit profile.
- Avoid new debt before applying. New credit accounts or larger balances can affect your credit and DTI.
- Pay down revolving balances. Lower balances may improve credit utilization and reduce minimum monthly payments.
- Consider a larger down payment. More money down can reduce loan-to-value and may lower mortgage insurance costs.
- Compare multiple Loan Estimates. Different lenders may price the same borrower differently.
- Compare points and credits carefully. A lower rate is not always the lowest-cost option if it requires high upfront points.
The Bottom Line
Conventional loan rates depend on market conditions, lender pricing and your borrower profile. Credit score, down payment, debt-to-income ratio, loan term, property type, occupancy and points or credits can all affect the rate and total cost you are offered.
To compare conventional loan offers, review the interest rate, APR, monthly payment, closing costs and cash to close. A Loan Estimate can help you compare those details across lenders before choosing a mortgage.
Frequently Asked Questions
How Do Credit Scores Affect Conventional Mortgage Rates?
Higher credit scores generally improve pricing and may reduce loan-level pricing adjustments. Lower scores may increase rates or fees and can affect mortgage insurance costs.
Does A Larger Down Payment Always Lower The Rate?
A larger down payment often improves pricing because it reduces loan-to-value, but the effect varies. In some cases, the biggest benefit is reduced mortgage insurance rather than a major rate change.
Why Is My APR Different From My Interest Rate?
Your interest rate is used to calculate the principal and interest portion of your monthly payment. APR includes the interest rate plus certain loan costs, so it can be higher than the interest rate.
Do Conventional Loan Rates Change Daily?
Yes, conventional loan rates can change daily based on market conditions and lender pricing. Your quoted rate can also depend on your loan details and borrower profile.
When Should I Consider Refinancing A Conventional Loan?
Refinancing can make sense when the new loan improves your total cost after fees and you expect to keep the home long enough to reach your break-even point. Reviewing multiple scenarios is often more useful than relying on a single rate-change rule.
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