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Find Low Mortgage Rates & Home Loan Options

Find Low Mortgage Rates & Home Loan Options. Compare mortgage rates from leading lenders. Whether you’re buying your first home or refinancing, get personalized quotes in minutes with no obligation.

Compare Mortgage Rates 2025: Find the Best Home Loan Terms & Save Thousands

Compare current mortgage rates from top lenders including Rocket Mortgage, Quicken Loans, Wells Fargo, Bank of America, Chase, and Navy Federal Credit Union. Get free mortgage quotes on 30-year fixed, 15-year fixed, FHA loans, VA loans, and jumbo mortgages. Calculate monthly payments and total interest costs.

Understanding Mortgages: Your Path to Homeownership

A mortgage is a secured loan used to purchase or refinance real estate, with the property itself serving as collateral. Borrowers repay the loan over 15-30 years through monthly payments covering principal, interest, property taxes, and homeowners insurance (PITI).

Mortgage rates significantly impact affordability and total interest costs. Even a 0.25% rate difference on a $300,000 mortgage saves over $15,000 in interest over 30 years. Factors affecting your mortgage rate include credit score, down payment size, loan type, loan term, debt-to-income ratio, and current market conditions.

Current mortgage rates in 2025 range from 6.5%-7.5% for conventional 30-year fixed loans, depending on credit profile and lender. FHA and VA loans may offer slightly lower rates. Jumbo loans for high-value properties typically carry higher rates.

MORTGAGE LOAN TYPES: Choose the Right Home Loan

Conventional Mortgages: Standard Home Loans Conventional loans are not backed by government agencies. They require higher credit scores (typically 620+) and down payments (3-20%). Borrowers with less than 20% down must pay private mortgage insurance (PMI) until reaching 20% equity. Conventional loans offer competitive rates for qualified borrowers and have higher loan limits than FHA loans.

FHA Loans: Low Down Payment Options for First-Time Buyers Federal Housing Administration (FHA) loans require just 3.5% down payment and accept credit scores as low as 580. FHA loans charge both upfront and annual mortgage insurance premiums (MIP) for the life of the loan on 30-year mortgages with less than 10% down. Maximum FHA loan limits vary by county, ranging from $498,257 to $1,149,825 in high-cost areas.

VA Loans: Zero Down Payment for Military Veterans Department of Veterans Affairs (VA) loans offer 0% down payment, no mortgage insurance, competitive interest rates, and limited closing costs for eligible veterans, active military, and surviving spouses. VA loans require a funding fee (0.5%-3.3% of loan amount) unless the borrower has a service-connected disability. Maximum loan amounts vary by county.

USDA Loans: Rural Property Financing United States Department of Agriculture (USDA) loans provide 0% down payment financing for eligible rural and suburban properties. Borrowers must meet income limits (typically 115% or less of area median income). USDA loans charge upfront and annual guarantee fees similar to FHA loans.

Jumbo Loans: Financing High-Value Properties Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac ($766,550 in most areas, higher in expensive markets). Jumbo loans require excellent credit (typically 700+), larger down payments (10-20%), and lower debt-to-income ratios. Interest rates are typically 0.25%-0.5% higher than conventional loans.

MORTGAGE REFINANCING: Lower Your Rate & Save Money

Mortgage refinancing replaces your existing loan with a new loan, ideally with better terms—lower interest rate, shorter term, or different loan type. Refinancing makes financial sense when you can reduce your rate by at least 0.75%-1%, recover closing costs within 2-3 years, and plan to stay in the home long enough to benefit from savings.

Rate-and-Term Refinancing Rate-and-term refinancing changes your interest rate, loan term, or both without taking cash out. Common scenarios include refinancing from a 30-year to 15-year mortgage to build equity faster and save interest, or refinancing an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for payment stability.

Cash-Out Refinancing Cash-out refinancing replaces your mortgage with a larger loan, allowing you to access home equity in cash. Borrowers use cash-out proceeds for home improvements, debt consolidation, education expenses, or investment opportunities. Cash-out refinancing requires at least 20% equity remaining after the new loan and typically carries higher interest rates than rate-and-term refinancing.

When Does Refinancing Make Sense? Refinancing closing costs typically range from 2%-5% of the loan amount ($6,000-$15,000 on a $300,000 loan). Calculate your break-even point by dividing closing costs by monthly savings. If you break even in 24-36 months and plan to stay in the home longer, refinancing likely makes financial sense.

HOME EQUITY LOANS & HELOCS: Tap Your Home’s Value

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to borrow against accumulated home equity for renovations, debt consolidation, education, or major expenses.

Home Equity Loans: Fixed-Rate Lump Sum Home equity loans provide a lump-sum payment with fixed interest rates and fixed monthly payments over 5-30 years. Loan amounts typically up to 85% of home value minus existing mortgage balance. Interest rates currently range from 7%-10% depending on credit score and loan-to-value ratio. Interest may be tax-deductible if used for home improvements.

Home Equity Lines of Credit (HELOCs): Flexible Borrowing HELOCs work like credit cards secured by your home, with a revolving credit line you can draw from as needed during a 5-10 year draw period. During the draw period, you typically make interest-only payments. After the draw period, you enter a 10-20 year repayment period with principal and interest payments. HELOC interest rates are variable, currently ranging from 8%-11%.

REVERSE MORTGAGES: Income for Seniors 62+

Reverse mortgages allow homeowners 62 and older to convert home equity into cash without monthly mortgage payments. The loan is repaid when the borrower sells, moves out permanently, or passes away. Home Equity Conversion Mortgages (HECMs) are the most common reverse mortgage type, insured by FHA with consumer protections.

Reverse mortgage proceeds can be received as a lump sum, monthly payments, line of credit, or combination. Borrowers must pay property taxes, homeowners insurance, and maintain the property. Reverse mortgages have higher upfront costs than traditional mortgages, including origination fees, closing costs, and mortgage insurance premiums

Get Free Mortgage Quotes – Compare Lenders & Save

Current mortgage rates change daily based on economic conditions and Federal Reserve policy. Compare personalized mortgage quotes from multiple lenders to ensure you’re getting competitive rates and terms. Most borrowers save thousands by shopping multiple lenders. Get free quotes with no obligation—it takes just minutes.