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Top 10 sites to find current mortgage rates

Mortgage rates can change daily. If you’re in the market for a home loan, you’ll want to keep an eye on those movements.

Knowing when rates are rising or falling can help you decide when to lock a rate especially if you’re refinancing. And it can give you some idea of how competitive your rates are compared to the overall market.

Mortgage rates are highly personal. Factors like your credit score and debt–to–income ratio (DTI) will have a big impact on the rate you get. That means the company with the lowest average rates won’t always be the cheapest lender for everyone.

To find your best deal, you have to request rate quotes from more than one company and compare offers. Remember that rates vary a lot from person to person, so there’s a good chance your best rate will come from a company not listed above. Luckily, rates are at historic lows right now. It’s a good time to shop for your best offer.

If you’re ready to shop for a mortgage lender, this is a great place to start. We looked at multiple factors including minimum credit scores, competitive rates, loan variety, accessibility, and programs for first-time buyers. Because borrowers have different needs, financial profiles, and loan goals,

  1. Freedom Mortgage.

mortgage rates

Founded in 1990, Freedom Mortgage is one of the country’s largest loan originators and services, operating in all 50 states plus the District of Columbia, the U.S. Virgin Islands, and Puerto Rico. Based in Mount Laurel, New Jersey, Freedom Mortgage was named No. 1 Veterans Affairs lender and No. 1 Federal Housing Administration lender by the industry publication Inside Mortgage Finance.

Freedom Mortgage offers a range of mortgage loans, including conventional, adjustable-rate, jumbo, refinance, FHA, VA, and U.S. Department of Agriculture. But what Freedom Mortgage is known for is its mission to help American military personnel purchase a home.

Before You Apply:

  • Freedom Mortgage provides several types of mortgage loans, including ARM, Conventional, FHA, Fixed Rate, Jumbo, Refinancing, USDA, VA
  • Minimum FICO score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features.

Offers a wide selection of mortgages.

Prequalification is available.

Borrowers with fair credit may qualify.

Focus on FHA and VA loans.

Drawbacks,

Borrowers can’t prequalify or apply online.

Home equity loans or lines of credit aren’t available.

  1. Better Mortgage.

mortgage rates

Better delivers convenience in many ways. It’s completely digital, so you can apply and close from anywhere in the world. Preapproval time is quite fast—applicants can expect to get a rate quote and preapproval in about 20 minutes. The lender also has developed technology to automatically look for discounts customers might be eligible for, without any extra effort or cost on the borrower’s part.

Better doesn’t charge commission or lender fees—that include application, underwriting, and origination fees. According to Better, the commission-free business model saves approximately 1% of the loan amount. This equates to a savings of $19,000, on average, over the life of a loan. Better is available everywhere in the U.S. except Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, Vermont, and Virginia.

Also Read: Where To Get Current Mortgage Rates

Before You Apply.

Bettter.com offers fixed- and adjustable-rate conventional and jumbo mortgages (ARMs), FHA loans, and bridge loans. It doesn’t offer VA or USDA loans.

Better requires a minimum credit score of 620.

Best Features.

Loan preapproval time is as fast as 20 minutes

Alternative credit data, such as utility and rent payments, are considered

There are no commission or lender fees

Better offers a bridge loan program to tap home equity when purchasing a new home

Drawbacks.

The lender doesn’t offer VA or USDA loans

There are no brick-and-mortar locations

Better don’t offer land loans or loans for foreclosures

  1. Guild Mortgage Co.

mortgage rates

Guild Mortgage offers both in-person and online mortgage services. With office locations in 31 states, borrowers who prefer to do business face-to-face can visit a branch location. Conversely, borrowers in 48 states (not in New York and New Jersey) can apply online through its My Mortgage digital mortgage program.

Guild Mortgage is a great option for borrowers with lower credit scores, as its minimum requirement is 600—about 20 points less than what the average lender requires. Applying for a home loan through Guild Mortgage is also relatively easy and fast, making it an excellent choice for people who can’t afford to wait.

Tech-forward, Guild Mortgage provides services like auto-matching customers with down-payment help from state and local programs, which is ideal for people who might not have time to do the research themselves.

For buyers in a hurry, the lender offers a Homebuyer Express 17-Day Closing Guarantee program. This is considerably faster than the industry average of 43 days to close, according to Freddie Mac. The guarantee states that the lender pays $500 toward closing costs if the loan doesn’t close on time due solely to a Guild Mortgage delay.

Guild Mortgage is available online everywhere in the U.S. except in New York and New Jersey. There are branch locations in 31 states, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

Before You Apply.

Guild Mortgage offers fixed and adjustable-rate (ARMs) conventional and jumbo mortgages, FHA, USDA, and VA loans.

Better requires a minimum credit score as low as 600.

Best Features.

Minimum credit scores start at 600

The lender guarantees closing within 17 days

Manufactured home loan option is available

You can apply online or at brick-and-mortar locations (which are available in 31 states)

The lender is proactive in matching customers with down-payment assistance

E-closing capabilities available

Drawbacks.

Guild Mortgage does not disclose current mortgage rates on its website

The lender doesn’t offer home equity loans or HELOCs

They don’t offer land loans or loans for foreclosure purchases

  1. LoanDepot.

mortgage rates

LoanDepot is one of the largest non-bank mortgage lenders in the U.S., with more than 150 branches across the country and a robust online presence. Its loan products include conventional mortgages, government-backed loans, and refinances.

Customers who use the lender’s Mello Smart loan online technology can expect to reduce their closing time by 17 days by reducing paperwork and digitally connecting and verifying assets, income, and debt. Additionally, Mello Smart loan can digitally conduct title clearance, which is often one of the more time-intensive steps of the underwriting process. Another benefit of this technology is that it also determines whether some borrowers can waive the appraisal requirement, which can shave time and a few hundred dollars off the cost of your mortgage.

LoanDepot currently has origination centers in Arizona, Tennessee, and two in California and is currently licensed in 50 states.

Before You Apply.

LoanDepot offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, jumbo loans, VA loans, and 203(k) loans.

LoanDepot requires a minimum credit score of 620 for conventional and VA home loans

Best Features.

Loan preapproval time is as fast as 15 minutes

Customers who use Mello Smart loan will cut their closing time by up to 17 days

Credit requirements are moderate

LoanDepot’s fee for refinancing is waived for existing customers

Drawbacks.

Advertised mortgage rates are higher than the national average

The origination fee is higher than most

Loan closings can take longer than 30 days

  1. Guaranteed Rate.

mortgage rates

Mortgage borrowers can count on average fees and competitive interest rates, tracking just below the national average. Borrowers can also get a preapproval letter within 24 to 48 hours and they can get prequalified online within 15 minutes.

The minimum credit score on VA and FHA loans is lower than average, requiring just a 600 FICO. This can be helpful for first-time borrowers who might not have an established credit history.

If you’re a VA borrower (or refinancing a VA mortgage), Guaranteed Rate waives all loan fees. For first-time borrowers or folks with less than perfect credit scores, minimum requirements are lower than average.  Guaranteed Rate is available online everywhere in the U.S. and has more than 300 branches nationwide.

Before You Apply.

Guaranteed Rate offers fixed and adjustable-rate mortgages (ARMs), conventional and jumbo mortgages, FHA, USDA, and VA loans, as well as interest-only mortgages.

The lender offers loan options for buyers with credit scores as low as 600.

Preapproval Time

Also Read: How To Apply For Reduce Student Loan

Best Features.

Alternative credit data, such as utility and rent payments, are considered in some cases

Low minimum credit score requirements

Operates in all 50 states

Competitive interest rates

No lender fees for VA loan borrowers

Drawbacks.

The lender doesn’t offer home equity loans

  1. Flagstar Bank.

mortgage rates

Flagstar Bank offers all the major mortgage options (conventional, jumbo, construction, and government-backed loans) both online and at its branch locations in 29 states.

The lender has low minimum credit score requirements for some of its loans, which is helpful for first-time borrowers or people who are repairing their credit.

Flagstar won the 2019 Diversity & Inclusion Award from the Bank Insurance & Securities Association. This award goes to member firms that have proven “leadership, innovation, and results in diversity management.” Flagstar was one of only three companies to win in the category.

“Flagstar is unique because we have both the traditional lineup of home lending solutions backed by investors such as Fannie Mae, Freddie Mac, and Ginnie Mae, plus the specialty products that we can put in the portfolio on our balance sheet, given we’re also a bank,” says Lee Smith, president of the mortgage for Flagstar Bank.

The lender also offers several discount programs, including discounts for borrowers whose employers have a relationship with Flagstar, incentives for returning customers, and discounts for first responders, active military, and veterans.

Before You Apply.

Flagstar Bank offers fixed and adjustable-rate conventional and jumbo mortgages (ARMs), FHA, VA, and USDA loans. It also offers construction and renovation loans as well as specialty loans

Flagstar Bank has mortgage products with minimum credit score requirements of 580.

Best Features.

Both online and branch locations (in a few states) are available

Low mortgage rates available

Alternative data, such as utility and rent payments, are considered

Low minimum credit score mortgages offered

There are discounts for first responders, veterans, members of the military, and others

Drawbacks.

Branch locations aren’t available in every state

  1. PenFed Credit Union.

mortgage rates

Established in 1935, PenFed is one of the country’s largest member-owned credit unions. PenFed has an open charter, which means no military affiliation is required.

To join, you must open and maintain a share (savings) account with at least $5. This isn’t a membership “fee,” it’s the member’s ownership share, and the requirement is the same for every member. PenFed operates in all 50 states, Washington, D.C., Puerto Rico, Guam, and Japan.

Mortgage borrowers will not have to pay any lender fees; they’re just responsible for third-party fees such as appraisal, title, credit report, and any other service required to process the mortgage. Although PenFed historically averages 30 to 40 days for purchase closings, the lender says it will make an effort to close in a shorter time frame, if needed.

The Mortgage Member Benefits Program is a simple, three-tier lender credit for up to $2,500. The amount you save is based on your loan amount, so the bigger the loan, the more the savings.

Before You Apply.

PenFed offers fixed conventional, jumbo, and VA mortgage loans as well as home equity loans and refinancing.

Borrowers must have a minimum credit score of 620 or higher for conventional and VA loans. For jumbo loans, the minimum credit score is 700.

Best Features.

Low mortgage rates available

Low minimum credit score mortgages offered

There are member discounts of up to $2,500

There are no lender fees

Drawbacks.

Limited mortgage product lineup

Alternative data is not considered

  1. Rocket Mortgage.

mortgage rates

Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985 as Rock Financial. With headquarters in Detroit, the company offers a completely digital home lending process. On July 31, 2021, the lender changed its name to Rocket Mortgage. It was previously known as Quicken Loans.

Before You Apply.

Mortgage types: Conventional, Fixed Rate, FHA, ARM, VA, Refinancing, Jumbo,

Minimum FICO credit score: 620,

Minimum Down Payment: 3%,

Better Business Bureau rating: A+

Also read: 8 Things You Need To Know About VA Loan

Best Features.

Rocket Mortgage services 99% of the loans it originates.

The company offers customizable loan terms.

The digital application process is user-friendly, and loan status information is always available.

Rocket Mortgage has an excellent customer service reputation.

  1. Chase.

mortgage rates

Chase, one of the nation’s largest banks, offers mortgages, refinance loans, and home equity loans for qualified borrowers.

Before You Apply.

Mortgage types offered: Conventional, FHA, VA, Fixed Rate, ARM, Jumbo, Refinancing

Minimum FICO credit score: Not disclosed

Minimum Down Payment: 3%

Better Business Bureau rating: A+

Best Features.

Down payments as low as 3% are accepted.

Fixed- and adjustable-rate mortgages are available.

Drawbacks.

Branches aren’t available in every state.

The application process isn’t completely digital.

  1. New American Funding.

Top 10 sites to find current mortgage rates

New American Funding is a national mortgage lender offering a variety of home loan options to homebuyers and homeowners. The company was founded in 2003 and is headquartered in Tustin, California. The lender has originated more than $50 billion in mortgage loans to date.

Also read: How To Use Microsoft PowerPoint To Improve Your Business

Before You Apply.

Mortgage types: Conventional, Fixed Rate, VA, FHA, ARM, Refinancing

Minimum FICO credit score: 620

Minimum Down Payment: 3%

Better Business Bureau rating: A+

Best Features.

The company has multiple mortgage options, including low-down-payment loans and loans where you set your term length.

You can choose between fixed- or adjustable-rate loans.

Drawbacks.

Fees aren’t disclosed unless you’re applying for a mortgage.

New American Funding is not available in Hawaii

Which Lenders Offer the Lowest Mortgage Rates?.

Top 10 sites to find current mortgage rates

The truth is no mortgage lender has a clear edge when it comes to mortgage rates. Each has its specific methods for calculating which rates to charge which borrowers, so the lender with the best rate for one person might not have the best offer for another. It depends on individual circumstances.

This is why it’s so important to look into a variety of lenders and see what they can offer you. Using tools, such as our rate comparison tool, can help you compare mortgage rates for your specific situation and give you a good idea of what rates you may qualify for. You can also get ahead by checking your credit score before you apply for a mortgage, to better understand your financial standing.

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