Today's Best
Mortgage Rates
Compare current rates for every loan type, conventional, FHA, VA, bank statement, DSCR, and refinance. No hidden fees. Real rates from a real lender.
Today's Loan Rates at a Glance
Take The Rate consistently offers some of the most competitive mortgage rates in California, Oregon, Washington, Nevada, Arizona, Colorado, Idaho, Florida, Texas, and Tennessee. Here's what well-qualified borrowers are seeing today.
*Rates shown are sample rates for well-qualified borrowers and are subject to change without notice. Rates are not available to all applicants. Actual rate depends on credit score (FICO), loan-to-value ratio (LTV), property type, loan amount, occupancy, and other factors. APR includes estimated fees. Rates published each morning by Travis Saling, NMLS #299683. Contact Take The Rate for your personalized mortgage rate quote. Not a commitment to lend. Equal Housing Lender. NMLS #299683.
What Determines Your Mortgage Rate?
Many borrowers ask: "Why is my rate different from what I saw online?" These are the six factors that influence your personal mortgage rate.
Credit Score (FICO)
Your credit score is the single biggest factor in your rate. A 760+ score typically gets you the lowest available rate. A 620 score may be 0.5 to 1% higher. Improving your score before applying can save tens of thousands over the life of the loan.
Down Payment / LTV Ratio
Loan-to-Value (LTV) ratio is your loan amount divided by the home's value. Lower LTV (larger down payment) = lower risk = lower rate. A 20% down payment eliminates PMI and secures the best conventional rates. Even 25% vs 20% can improve your rate slightly.
Loan Term (15 vs 30 Year)
Shorter loan terms carry lower interest rates. A 15-year fixed rate is typically 0.5 to 0.75% lower than a 30-year fixed rate. However, the monthly payment on a 15-year is significantly higher. We'll help you find the right balance.
Property Type & Location
Primary residences get the lowest rates. Investment properties and second homes carry higher rates. Condominiums and multi-unit properties may also be priced slightly higher than single-family homes. State can also affect rates slightly.
Loan Type (Conventional, FHA, VA, Non-QM)
Different loan programs carry different base rates. VA loans often have the lowest rates for eligible veterans. Conventional loans with strong credit are very competitive. FHA loans may have slightly higher rates but are offset by lower credit requirements. Non-QM loans for self-employed borrowers typically carry higher rates.
Market Conditions & Federal Reserve
Mortgage rates are largely driven by the 10-year Treasury yield and Federal Reserve monetary policy. When inflation is high or the economy is strong, rates tend to rise. When the Fed cuts rates, mortgage rates often (but not always) follow. Our team monitors daily rate movements to help you lock at the right time.
What Mortgage Rate Can You Get with Your Credit Score?
Credit score has the most direct impact on your mortgage rate. Here's a general guide to what borrowers typically see at different score ranges.
| Credit Score Range | Rating | 30-Yr Fixed (Est.) | FHA Eligible | VA Eligible | Best Loan Options |
|---|---|---|---|---|---|
| 760 to 850 | Excellent | Best rates available | ✓ Yes | ✓ Yes | All loan types, best terms |
| 740 to 759 | Very Good | ~+0.125% above best | ✓ Yes | ✓ Yes | Conventional, VA, FHA |
| 720 to 739 | Good | ~+0.25% above best | ✓ Yes | ✓ Yes | Conventional, VA, FHA |
| 680 to 719 | Good | ~+0.5% above best | ✓ Yes | ✓ Yes | Conventional, FHA, VA |
| 640 to 679 | Fair | ~+0.75 to 1% above best | ✓ Yes | ✓ Yes | FHA, VA, some conventional |
| 580 to 639 | Below Average | Higher rate / limited programs | ✓ 3.5% down | ✓ Yes | FHA (3.5% down), VA |
| 500 to 579 | Poor | Limited options | ⚠️ 10% down | ✓ Case by case | FHA (10% down), VA |
| Below 500 | Very Poor | , | ✗ No | ⚠️ Case by case | Credit repair recommended first |
*This table is for general guidance only. Actual loan approvals and rates depend on many factors. Contact Take The Rate to discuss your specific situation, we may have options that work for you regardless of credit score.
How to Get the Best Mortgage Rate in 2025
Smart borrowers know these strategies. We help every client optimize before they apply.
Before You Apply
- Check your credit score for free at AnnualCreditReport.com
- Pay down credit card balances to below 30% utilization
- Avoid opening new credit accounts in the 6 months before applying
- Dispute any errors on your credit report, they're more common than you think
- Stay at your current job, lenders love 2+ years at the same employer
- Save up extra funds, larger down payments get better rates
When Shopping Rates
- Compare APR, not just the interest rate, APR includes all fees
- Get quotes from multiple lenders within a 14-day window, it counts as one credit inquiry
- Ask about total closing costs, not just the rate
- Understand rate lock periods, 30-day vs 45-day vs 60-day locks differ in cost
- Consider paying points if you plan to stay in the home long-term
- Ask about lender credits to offset closing costs
Choosing the Right Loan
- VA loans typically offer the lowest rates for eligible veterans, always explore this first
- FHA loans have flexible credit requirements but include MIP (mortgage insurance)
- Conventional loans are best for buyers with 620+ credit and 20%+ down payment
- Bank statement loans are best for self-employed borrowers who write off a lot of expenses
- DSCR loans are ideal for investors who want to qualify on rental income only
- 15-year loans save massive interest but require higher monthly payments
When to Lock Your Rate
- Lock your rate as soon as you find one you're comfortable with
- In a rising rate environment, lock sooner rather than later
- Standard rate locks are 30 to 60 days, enough for most purchase timelines
- Ask about "float down" options if rates drop after you lock
- Never let a rate lock expire, it can cause delays and higher costs
- Work with a lender who communicates daily market conditions
Best Mortgage Rates Across 10 States
Take The Rate offers low mortgage rates for home purchases and refinancing in every state we serve. Whether you're buying in California, refinancing in Texas, or investing in Florida, we have your rate.
Frequently Asked Questions About Mortgage Rates
The questions we hear most often from borrowers shopping for the best mortgage rate.
Find Out Your Real Rate, Today
No credit check required. No obligation. Just a real rate from a real person, in minutes.