Rates
Today's mortgage rates
The table here shows national average rates, updated daily by Mortgage News Daily. They're a useful compass, but no lender, including us, can quote your real rate from a table.
Why your rate will differ from the average
Mortgage pricing is built from your specific scenario. The average bundles together every credit score, down payment, property type, and loan size in the country. Your quote moves with:
- Credit score. Pricing changes in tiers, often at 620, 680, 700, 740, and 760.
- Down payment / equity. More equity generally means better pricing.
- Loan type. FHA, VA, and conventional loans price differently.
- Property type and use. Condos, multi-unit, and investment properties carry adjustments.
- Points. You can pay more up front for a lower rate, or take a higher rate with lower closing costs.
Our guide to how mortgage rates work goes through each of these, and why online rates differ from a lender's quote explains the gap you'll see between this table and a real quote.
What moves mortgage rates day to day
Mortgage rates are not set by the Federal Reserve. They follow the bond market, mainly what investors pay for mortgage-backed securities, and that market tends to move with the 10-year Treasury yield. Inflation reports, jobs numbers and Fed announcements move those bonds, which is why rates can change more than once in a day. Lenders reprice when the market moves, so a quote is a snapshot until you lock it.
Locking your rate
A rate lock holds your rate and pricing for a set number of days while your loan is processed, underwritten and closed. Locks commonly run 30 to 60 days. Lock too early and you may need an extension if closing slips; wait too long and the market can move against you. We'll tell you plainly when we think locking makes sense for your timeline.
Rates on non-QM loans
If you're self-employed, an investor or don't fit the standard documentation rules, a national average is an even rougher guide. Non-QM loans such as bank statement loans,DSCR loans and ITIN loans are priced program by program, and the price moves with your credit, down payment, documentation and property. We carry one of the largest non-QM lineups available, so we can compare programs side by side instead of quoting the only one we have.
Choosing the loan structure matters as much as the rate: see fixed vs. adjustable, or how a 2-1 buydown lowers the payment in the first two years.
Getting a real number
A quote from us prices your scenario. Because we're a direct mortgage lender with in-house underwriting, the number comes from the team that will actually approve your loan, not a referral chain. It takes a few minutes, it's free, and the initial conversation doesn't touch your credit. Request a quote or call (616) 951-1561.
Rates shown in the widget are national averages published by Mortgage News Daily, are not an offer of credit, and are not quotes from Priority Home Mortgage. Your rate and APR will depend on your complete credit profile and loan scenario.
Mortgage rate questions
Why is the rate I'm quoted different from the rate I see online?
Published rates are averages or best-case examples, usually for a borrower with high credit, a large down payment and a single-family home they will live in. A real quote prices your credit score, equity, loan type, property and whether you pay points, so it can land above or below the number you saw.
Does the Federal Reserve set mortgage rates?
No. The Fed sets the federal funds rate, a short-term rate banks charge each other. Mortgage rates follow longer-term bond markets, mainly the prices investors pay for mortgage-backed securities, which tend to move with the 10-year Treasury yield. A Fed decision can move those markets, but mortgage rates often move before the Fed does.
Will checking rates hurt my credit?
The first conversation with us does not pull your credit. When you do apply, credit scoring models treat several mortgage inquiries within a short shopping window as a single inquiry, so comparing lenders within about two weeks does not count against you once per lender.
What is the difference between the interest rate and the APR?
The interest rate sets your monthly principal and interest. The APR adds certain loan costs, such as points and some lender fees, and states the total as a yearly rate. Two offers with the same rate can have different APRs, which is why the APR on each Loan Estimate is the better number for comparing them.
Are non-QM loan rates higher than conventional rates?
Usually, yes. Non-QM loans, such as bank statement, DSCR and ITIN programs, are not sold to Fannie Mae or Freddie Mac, and they serve borrowers whose income or property does not fit the standard rules. The rate reflects that. How much higher depends on your credit, down payment, documentation type and the property, and many borrowers refinance into a conventional loan later if they qualify.
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