Current Mortgage Interest Rates | Churchill Mortgage (2023)

Everything You Need To Know About Current Interest Rates
Everybody Wants to Know:

What are Current Interest Rates?

One of the most important things you can do when buying a new home is to sit down and compare interest rates.

When you see mortgage interest rates listed on lender websites they are just estimates or quotes and will vary based on your unique situation.

For that reason, we do not post interest rates online. We have found it can often be misleading and confusing for our clients.

At Churchill Mortgage, we want you to get the Smarter Mortgage. It’s easy to get trapped into a mortgage that just doesn’t make sense for you. Getting the Smarter Mortgage plan keeps you engaged through the home buying (or refinancing) process and provides tools to better facilitate financial decision before and after your loan closes.

The result allows you to choose the right mortgage for your situation with guidance from a Home Loan Specialist, and helps you build wealth over time.

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Want to know your actual numbers? Connect with a Home Loan Specialist!

So then...

What Actually Determines Your Interest Rate??

Interest rates are based on the bond market (mortgage-backed securities) and are typically standard across the industry. So, going with a ‘low-rate lender’ is a bit of a misnomer since rates don’t really fluctuate that much across lenders.

On any given day, there are a variety of factors that can impact your specific interest rate:

  • Home price and loan amount: Your home price minus your down payment will determine how much you’ll borrow which helps determine how much the interest rate will be.
  • Down payment: Generally, a higher percentage down payment equals a lower interest rate. The more money you put down, the more stake you have in the property.
  • Loan term: Shorter terms (like a 15-year or a 20-year) generally have lower interest rates than a 30-year term.
  • Interest rate type: Interest rates come in two basic types: fixed and adjustable. Fixed rates do not change over time. Adjustable rates, on the other hand, have an initial fixed period then go up or down based on the market. For example, a 5-year ARM loan will have a fixed-rate for the first 5 years and then the rate will fluctuate from the 6th year onward.
  • Loan type: Different categories of loans (like conventional, fixed-rate, FHA, etc.) have different rates.
  • Credit score: Primarily based on credit report information usually sourced from credit bureaus. Typically, this is called your FICO score and is based on your credit history. If you are debt-free, you will have a zero-credit score.

Factors That Can Affect Mortgage Rates:

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Home Price

Loan Amount

Loan Term

Interest Rate Type

Loan Type

Credit Score

Down Payment

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What are interest and mortgage rates, and why are they important?

How Rates Are Determined

Look at the Real Numbers and Understand Your Options

The lowest interest rate doesn’t always get you the best deal, so don’t get too excited about an interest rate before you do the math. Take the time to talk a qualified home loan expert who will listen to what you have to say and customize the best loan terms and interest rate for you.

It’s easy to let mortgage rates distract you so stay focused on your main goal—saving money!

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What's the Difference?

Mortgage Interest Rates vs. APR

While interest rates and annual percentage rates are related, they are not the same, but you will see both listed for mortgages.

  • The mortgage interest rate is the interest you will pay on your home loan. The lower your interest rate, the lower your payment.
  • APR is the interest rate PLUS other fees and costs associated with buying a home, so this is what you’ll end up paying on top of the principal (or the amount you borrowed for your mortgage). By law, the APR must be disclosed in any loan agreement (and on all advertising for loans that specify an interest rate). If you see an advertisement with a super low interest rate with no APR in sight, it’s probably best to steer clear.

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See how lowering your interest rate can help you save money on interest!

Refinance Calculator

Common Home Buyer Question:

How Do I Get the Best Mortgage Rate?

A Churchill Home Loan Specialist will empower you to make the best decision for you and your family. In our Home Buyer Strategy Meeting we talk about your short- and long-term financial goals, how to get the best interest rate for your situation, and establish a baseline for how much house you can afford.

If you’re not quite ready to talk to a Home Loan Specialist, here’s a few ways you can improve your interest rate:

  • Get a consistent, fixed-rate mortgage so your interest rate will not fluctuate over the life of the loan. Adjustable rate mortgages might start off with a lower interest rate but will change over time.
  • Take advantage of special loan programs that may be available to you (especially if you are a first-time home buyer).
  • Save for a down payment. You’ll get a better interest rate the more money you put toward your down payment.
  • Keep an eye on your credit score since interest rates can be impacted by your credit history. This is important even if you have you are debt free and have no credit score—you want to make sure your credit score stays at 0!
  • Check out all your loan options. Generally, a 15-year loan will have a lower interest rate than a 30-year loan. A 15-year loan will have a lower interest rate than a 30-year loan, for example.
  • Reduce as much debt as possible.

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I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

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With so much of your hard-earned money on the line, seek advice from a trusted home loan expert and have the confidence that you are in qualified hands.


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What is the current interest rate for mortgages today? ›

Today's national mortgage rate trends

For today, Wednesday, February 15, 2023, the current average 30-year fixed-mortgage rate is 6.72%, rising 19 basis points compared to this time last week.

What are 30-year fixed-mortgage rates right now? ›

Today's national 30-year mortgage rate trends

For today, Monday, February 13, 2023, the current average 30-year fixed-mortgage rate is 6.66%, up 20 basis points compared to this time last week.

Is 3.5% a high mortgage rate? ›

Is a 3.5% interest rate good? In today's climate, 3.5 percent interest on a mortgage is below average. In 2020 and 2021, during the record low rates of the pandemic, 3.5 percent was above average for a new 30-year mortgage.

Is 6% a high mortgage rate? ›

Right now, good mortgage rates for a 15-year fixed loan generally start in the 5% range, while good rates for a 30-year mortgage typically start in the 6% range. At the time this was written in Feb. 2023, the average 30-year fixed rate was 6.09%, according to Freddie Mac's weekly survey.

Is a 4% mortgage rate high? ›

Currently, a 4% mortgage rate would be considered low. If that question was asked at the beginning of 2022—when 30-year mortgage rates for conforming loans was 3.77%–instead of the end of 2022—when the same mortgage rates were 7.06%—the answer would have been, yes, a 4% mortgage rate is high.

How high will interest rates go in 2023? ›

The Federal Reserve's projections released after their December meeting showed that in 2023 the bank expects the FFR to average around 5.1 percent.

Will rates go down in 2023? ›

"Mortgage rates will decline slightly but end up higher overall across 2023. Expect interest rates to continue to rise and mortgage rates to reach their peak over the summer above 10%."

Will mortgage rates drop in 2023? ›

National Association of Realtors (NAR) senior economist and director of forecasting, Nadia Evangelou: “If inflation continues to slow down—and this is what we expect for 2023—mortgage rates may stabilize below 6% in 2023.”

Will mortgage interest rates drop in 2023? ›

The mortgage interest rate forecast for February 2023 is for rates to continue to decline. As inflation shows signs of moderating, 30-year mortgage rates are inching closer to the 6% mark, dropping to 6.15% on Jan. 19th, 2023, according to the Freddie Mac Primary Market Mortgage Survey (PMMS).

Will mortgage rates go down in 2024? ›

But looking forward, NAHB expects mortgage rates to fall below 6% by 2024. “Falling rates will set the stage for a housing rebound later in 2023, and a better affordability environment will lead to a recovery of housing demand,” said Dietz.

What was the highest mortgage rates in history? ›

The Federal Reserve combated inflation by increasing the federal funds rate, an overnight benchmark rate that banks charge each other. Continued hikes in the fed funds rate pushed mortgage rates to an all-time high of 18.45% in 1981.

What is the highest mortgage rate ever? ›

The highest mortgage rate in the last 30 years was in 1994, when the average 30-year rate was at 8.38%, according to Freddie Mac. In 1992, however, the average 30-year rate was 8.39%. These are slightly above the long-term average mortgage rate of just under 8%, since Freddie Mac started keeping records in 1971.

Will mortgage rates go down in the next 5 years? ›

Bankrate's forecast for mortgage rates

Mortgage rates are likely to fall even farther in 2023, housing economists predict. Greg McBride, CFA, Bankrate chief financial analyst, expects 30-year mortgage rates to drop to 5.25 percent by the end of 2023.

Is it better to buy a house when interest rates are high? ›

Rising interest rates affect home affordability for buyers by increasing the monthly mortgage payment. Despite how it seems, there are benefits to buying when interest rates rise. Less buyer competition forces home sales prices down, opens up more choices for buyers and can reduce buyer risk.

What's the lowest 30-year mortgage rate in history? ›

2021: The lowest 30-year mortgage rates ever

Rates plummeted in 2020 and 2021 in response to the Coronavirus pandemic. By July 2020, the 30-year fixed rate fell below 3% for the first time. And it kept falling to a new record low of just 2.65% in January 2021.

What are expected mortgage rates in 2023? ›

With the BOE base rate at 4% and the market now pricing in 2 year fixed mortgage rates to rise to around 5.4% by the middle of 2023, you should consider fixing your mortgage if you are worried about how high interest rates might go and whether you can keep up your mortgage repayments.

How high will mortgage rates go in 2022? ›

With inflation remaining stubbornly high, the Federal Reserve raised the target range for the federal funds rate by 0.75% in September, to 3%-3.25%. The Federal Reserve also released median forecasts, indicating that the target rate will be 4.4% by the end of 2022.

What is the highest 30 year mortgage rate ever? ›

What is the highest home interest rate in history? Conversely, the highest recorded 30-year fixed mortgage rate was 18.63% on October 9, 1981.

What will interest rates be in September 2023? ›

Yes, as expected, the Monetary Policy Committee (MPC) voted for a 0.5% increase, taking rates to 3.5%. This slows the pace of tightening from their 0.75% hike in November.

How long will interest rates stay high? ›

However, many industry experts believe within 18 to 24 months rates will be back to a more 'palatable' level. Somewhere like 2.5% to 3.5% for example.

What will a 30 year mortgage rate be in 2023? ›

As of February 10, 2023, the 30-year fixed mortgage rate is 6.56%, the FHA 30-year fixed rate is 6.56%, the VA 30-year fixed rate is 6.30% and the jumbo 30-year fixed rate is 5.52%.
Sample Rates for All Mortgage Loan Types.
Loan TypePurchaseRefinance
Jumbo 5/6 ARM5.56%5.56%
12 more rows

Will mortgage rates go down to 3 percent again? ›

Still, rates probably won't return to levels seen during the early years of the pandemic. “People can't expect that we're going to go back to a 3%, 30-year fixed rate,” Cohn said. “Now that happened because of COVID and the pandemic, and we don't want to find ourselves in that position again.

Should I fix for 2 or 5 years? ›

The longer the fixed term, the higher the risk that average rates fall below yours and you pay more than you'd otherwise have to, you also lose some flexibility. Based on the current economic predictions for 2023/24 a 2 year fixed rate could be a good idea if you are able to lock in a good rate before the end of 2022.

Will 2023 be a good time to buy a house? ›

CAR in its 2023 California Housing Market Forecast report, predicts a 7.2% drop existing single-family home sales in 2023.

Will interest rates fall again? ›

Prediction: Rates will drop

At the end of 2022, inflation was 6.5% compared to 7.0% in 2021. Lower inflation, smaller interest rate hikes by the Fed, and growing recession fears will push rates down even further in February.”

Will mortgage rates go down in the next 2 years? ›

Are mortgage rates expected to rise or fall during 2023? The consensus is that mortgage rates will gradually decline throughout the year, even if interest rates go up. Some predict that fixed rates could fall below 4 per cent by early 2024.

What will interest rates be in 5 years? ›

The office that advises US Congress had forecast the FFR to be 2.6% by 2023 – which at the time of forecast would have been an increase – before levelling off through to 2032, indicating interest rate predictions in 5 years of 2.6%.

How high could mortgage rates go by 2025? ›

How high will mortgage rates go by 2025? Most people expect the interest rate on a 30-year fixed-rate loan to increase to 6.7% next year and reach 8.2% by 2025.

What will mortgage rates be in 2023 2024? ›

Average interest rates for the 30-year fixed mortgage are predicted to fall from 6.8% in 2023 to 6.1% in 2024, although they will still remain meaningfully higher than 3% in 2021 and 5.4% in 2022.

How high will 30-year mortgage rates go in 2022? ›

Freddie Mac's forecast

In its most recent Economic and Housing Market Outlook, Freddie Mac expects the 30-year fixed-rate mortgage averaging 4.6% in 2022, rising as high as 5.0% in the fourth quarter.

Are mortgage rates projected to drop? ›

Mortgage rates are widely expected to fall this year as inflation recedes and the U.S. economy prepares for the possibility of a modest recession, according to some of the nation's leading real estate economists. This comes after mortgage rates saw record-breaking annual gains in 2022.

What will mortgage rate be in October 2022? ›

Freddie Mac's forecast

In its most recent Economic and Housing Market Outlook, Freddie Mac expects the 30-year fixed-rate mortgage averaging 4.6% in 2022, rising as high as 5.0% in the fourth quarter.

What will mortgage rates be in September 2022? ›

Current mortgage interest rate trends
MonthAverage 30-Year Fixed Rate
September 20226.11%
October 20226.90%
November 20226.81%
December 20226.36%
8 more rows
6 days ago

What are interest rates for October 2022? ›

The Section 7520 interest rate for October 2022 is 4.00 percent.

What will mortgage rates be at the end of 2022? ›

With inflation remaining stubbornly high, the Federal Reserve raised the target range for the federal funds rate by 0.75% in September, to 3%-3.25%. The Federal Reserve also released median forecasts, indicating that the target rate will be 4.4% by the end of 2022.


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