Guide
Market forces
Mortgage rates are influenced by bond markets, inflation expectations, Federal Reserve policy signals, lender capacity, and investor demand for mortgage-backed securities.
Updated July 02, 2026
How Do Mortgage Rates Work?
Mortgage rates reflect market conditions and borrower-specific risk. Understanding the moving parts makes it easier to compare offers.
Data source: Freddie Mac PMMS. Rates are planning benchmarks, not guaranteed lender offers.
Featured benchmark
6.43%APR 6.58%
Weekly PMMS benchmark for conforming purchase loans
Current rate table
Compare the weekly fixed-rate benchmark with a refinance planning estimate before requesting personalized quotes.
30-Year Fixed
Weekly PMMS benchmark for conforming purchase loans
Rate
6.43%
APR
6.58%
15-Year Fixed
Shorter term with lower lifetime interest
Rate
5.79%
APR
5.94%
Refinance Planning
Planning estimate based on the 30-year benchmark plus lender spread
Rate
6.58%
APR
6.73%
Calculator
Rate impact calculator
Change the rate input to see how even small rate moves affect monthly principal and interest.
Estimated monthly principal and interest
$2,259
Loan principal$360,000
Total interest$453,203
Total paid$813,203
Guide
Borrower factors
Credit score, down payment, debt-to-income ratio, property type, occupancy, loan size, and points all affect the quote you receive.
Frequently asked questions
Why is APR higher than the interest rate?
APR includes certain loan costs, so it can be a better comparison tool when fees differ between lenders.
Do mortgage rates change daily?
Yes. Lenders can reprice daily or even intraday when markets move quickly.
Related mortgage tools
Mortgage Rates Today
See current mortgage rates today, compare 30-year and 15-year fixed benchmarks, and estimate monthly payments.
30-Year Fixed Mortgage Rates
Track 30-year fixed mortgage rates, estimate a monthly payment, and compare lender quotes.
15-Year Fixed Mortgage Rates
Compare 15-year fixed mortgage rates and estimate payments for a shorter loan term.
Refinance Rates Today
Compare refinance rate benchmarks and estimate whether refinancing could lower your monthly payment.
Refinance Calculator
Estimate refinance savings, break-even timing, and payment changes using current mortgage rate assumptions.