Today’s Mortgage Rates: Compare Current Rates
Mortgage rates are the interest rates applied to loans. These rates vary widely, and it pays to compare before you commit, because a lower mortgage rate can reduce your monthly payment and may increase your buying power.
Get a Personalized Rate Quote, No SSN Required
Pacific Mortgage Group has been helping homeowners find current mortgage rates since 2006. Unlike a single bank, Pacific Mortgage Group can compare loan options from multiple lenders to help you find a competitive rate. Contact us today or call (951) 531-1399 to speak with a mortgage specialist about your needs.
Current Mortgage Rate Ranges
Today’s mortgage rates may change, and your specific rates may vary depending on your loan amount, credit score and down payment. However, it helps to get a baseline of what to expect before you settle on a loan. Compare the current rates below:
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Mortgage Rate Types Explained
Every person’s situation is different, so when you compare rates, it’s important to find the loan that best fits your needs. Mortgage rate types include:
30-Year Fixed-Rate Mortgage
Rates for 30-year fixed mortgages are predictable. You pay the same principal and interest amount each month for the entire term of your mortgage, even if interest rates today climb.
If today’s rates are low, locking in with a fixed-rate mortgage or 30-year fixed refinance means your principal and interest costs won’t increase. On the other hand, if rates drop, you may need to refinance to take advantage of them.
15-Year Fixed-Rate Mortgage
These are also fixed-rate mortgages, meaning your interest rate and monthly payments stay the same. However, interest rates are typically lower with a 15-year loan or a 15-year refinance than with a 30-year mortgage.
Adjustable-Rate Mortgage (ARM)
ARMs may initially have lower interest rates than many fixed-rate loans. Once the introductory period ends, your rate adjusts according to factors such as your loan’s index, margin, caps and adjustment schedule.
Federal Housing Administration (FHA) Loan Rates
Since FHA mortgage insurance protects lenders against losses from default, lenders often offer competitive rates on these loans.
VA Loan Rates
Mortgages backed by the U.S. Department of Veterans Affairs (VA) may have lower interest rates than conventional mortgages because lenders assume less risk. VA loans also offer perks such as no down payment and no Private Mortgage Insurance (PMI).
USDA Loan Rates
Loans backed by the U.S. Department of Agriculture (USDA) can offer favorable interest rates because they represent a potentially lower risk for lenders. These loans are exclusively for low- to moderate-income homebuyers buying in USDA-eligible rural areas.
Jumbo Mortgages
Jumbo mortgages are designed for buyers seeking loan amounts that exceed conforming loan limits. While the amount borrowed is higher, buyers tend to need strong credit scores and cash reserves to secure market-competitive rates.
What Affects Your Mortgage Rate?
Rates can vary widely between borrowers. Factors to keep in mind as you shop for rates include:
- Credit scores: Your credit score is a number, usually between 300 and 850, based on your repayment history, debt load and other factors. Higher credit scores can signal lower risk to lenders, which may help borrowers qualify for better rate options.
- Down payment: Putting more money down can mean a better interest rate because the loan-to-value ratio is lower. A lower ratio can reduce lenders’ risk, leading to a lower rate.
- Loan type and term: Adjustable-rate mortgages initially offer lower rates, and shorter-term mortgages tend to have lower interest rates than 30-year loans.
- Property type and location: The type of property you buy and its market location can affect lender risk, which may influence your interest rate.
- Market conditions: Inflation, economic uncertainty and lender risk tolerance can also influence the rates borrowers receive.
Why Work With a Mortgage Broker Instead of a Bank?
With Pacific Mortgage Group, you can compare multiple loan options through one mortgage specialist, instead of being limited to one bank’s product lineup.
Pacific Mortgage Group also offers personalized service from a local expert. You consult with a mortgage specialist who answers your questions, assesses your situation and advises you on the options available on the market today. We offer fast turnaround on quotes with no Social Security number (SSN) needed.
Mortgage Rates by State
Pacific Mortgage Group has licensed experts across multiple states. Locations include:
- California: Compare mortgage rates in California today.
- Florida: Find in-demand Florida mortgage options for your next purchase or refinance.
- Colorado: Compare home loan and refinance options with mortgage specialists licensed in Colorado.
- Washington: Explore Washington home loan options with support from an experienced mortgage team.
- Oregon: Refinance or buy a home in Oregon with our experts.
Lock In Your Rate with Pacific Mortgage Group
Pacific Mortgage Group can help you compare available rates, review your loan options and move forward with confidence. Lock in your rate or call us at (951) 531-1399 to get started.
Frequently Asked Questions
Check out these frequently asked questions for more information about mortgage rates:
What Is Today’s 30-Year Fixed Mortgage Rate in California?
There is no set 30-year California home loan rate for every borrower. Your rate depends on factors like your credit score, down payment, loan amount, property type and lender. Contact Pacific Mortgage Group for a personalized quote.
How Often Do Mortgage Rates Change?
If you are shopping for a home, mortgage rates today can change daily or even multiple times a day.
What Credit Score Do I Need to Get the Best Mortgage Rate?
A credit score of 760 and above typically gets you access to the most competitive rates, but this can depend on loan type, lender and current pricing models.
Is It Better to Lock In a Rate Now or Wait?
How long you wait depends on your risk tolerance and timeline. Discuss timing with a mortgage specialist.
How Do Mortgage Brokers Get Better Rates Than Banks?
Brokers often work with wholesale lending partners, which can give you access to loan options you may not find through a single bank.
