Today's rates, in plain English
These are national averages that update every day. They're a good way to see which way the market is moving, but they're not your rate. Here's how to read them, and how to get your real number.
Today's national averages
Source: Mortgage News Daily. National averages, not a rate quote or commitment to lend.
What each line means
The most common loan. Same rate and payment for 30 years. This is the number most people mean when they say "rates."
Paid off in half the time with a lower rate, but a much higher monthly payment.
A government-backed loan with 3.5% down and more flexible credit. Popular with first-time buyers.
For veterans and service members. 0% down and no monthly mortgage insurance. VA guide →
For loans above the conforming limit ($806,500 in most DFW counties), so higher-priced homes.
An adjustable-rate loan. Fixed for 7 years, then it can change every 6 months. Only worth it if you plan to sell or refinance before then.
"Previous" and "Change" just compare today to yesterday. Green means rates went down (good for buyers), red means they went up. You'll also see Freddie Mac numbers, which are a weekly survey, so they won't match the daily ones exactly.
Why your rate will be different
The averages above assume a "typical" borrower. Your actual rate depends on:
- Credit score. The best pricing usually starts around 740+. Every tier below that costs a little more.
- Down payment. More down means less risk for the lender, and usually a better rate.
- Loan type. Conventional, FHA, VA, and bank statement loans all price differently.
- Points. You can pay upfront to "buy down" your rate. Some quotes include points without making it obvious.
- The lender. The same borrower can get noticeably different offers from different lenders. That's why I shop 50+ wholesale lenders.
The bottom line: watch the averages to see the trend, but don't decide anything based on them. A 2-minute conversation gets you your real number. Want to see a full payment with taxes and insurance? Real DFW examples →
Common questions
Are these the rates I'll get?
No. These are national averages for a typical borrower. Your rate depends on your credit score, down payment, loan type, points, and the lender. I can give you a personalized quote across 50+ wholesale lenders.
How often do mortgage rates change?
Daily, and sometimes more than once a day when the market is moving. Mortgage News Daily updates its averages every business day; Freddie Mac publishes a weekly survey.
Should I wait for rates to drop?
It depends on your situation. Waiting can make sense, but home prices and your own timeline matter too, and you can often refinance later if rates fall. I'll run the numbers both ways so you can decide with real math.
What credit score gets the best mortgage rate?
The best conventional pricing usually starts around 740 and up, but FHA and VA loans are more flexible. Even a small score improvement before you apply can lower your rate.
I'm Matthew Parra, a mortgage broker with Hometown Lending based in Mansfield, TX. I've been originating loans in DFW since 2020 and shop 50+ wholesale lenders for every client. Rated 5.0 on Google. Read my reviews →
Get your real rate
Averages don't know your credit, down payment, or loan type. Send me a few details and I'll text you your actual number, plus a heads-up when rates drop to where it makes sense for you.
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