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The current mortgage rates can have a huge bang on how much you pay for your home. Where a competitive mortgage rate can help you lower your monthly housing payment, paying more for a home loan can leave you paying additional interest than you should.
Fortunately, mortgage rates today are significantly lower than they were just a few years ago.
This means you have the prospective to lock in an exceptional mortgage rate right now, and this is correct whether you are buying a home or refinancing a home loan you already have.
Are you ready to secure the best mortgage interest rates out there? Read on to learn what current average mortgage interest rates look like right now.
Average Mortgage Rates by Credit Score
While an array of factors goes into determining your mortgage interest rate, a credit score is one of the main details lenders look at.
Where a higher credit score and longer credit history can help you lock the lowest mortgage rates on the market today, it’s likely you’ll be trapped paying a higher rate if your credit is poor or just “acceptable.”
How much of a difference can your credit score make? According to myFICO.com, exceptional credit can easily save you tens of thousands of dollars.
If you want to know how much a mortgage will cost you, plus potential interest rates, based on your credit score rating and where you live, the myFICO.com loan savings calculator is the best option.
We used the calculator to show the standard interest rate nationally for someone in each credit score range. We also use the chart beneath to show how much interest someone would pay on a $300,000 home loan based on market rates.
Mortgage Interest Rate and Costs for a $300,000 Mortgage
This chart shows the present APR based on credit score, the monthly payment (P&I), and the total interest paid for a 30-year, fixed-rate mortgage for $300,000.
| FICO Score | Current APR | Monthly Payment (Principal and Interest) | Total Interest Paid |
|---|---|---|---|
|
620 to 639 |
4.158% |
$1,460 |
$225,494 |
|
640-659 |
3.612% |
$1,366 |
$191,746 |
|
660-679 |
3.182% |
$1,294 |
$166,002 |
|
680-699 |
2.968% |
$1,260 |
$153,471 |
|
700-759 |
2.791% |
$1,231 |
$143,249 |
|
760-850 |
2.569% |
$1,196 |
$130,615 |
Mortgage Interest Rate and Costs for a 15-Year Fixed-Rate Mortgage
The chart shows the present APR based on credit score, the monthly payment (P&I), and the total interest paid for a 15-year, fixed-rate mortgage for $300,000.
| FICO Score | Current APR | Monthly Payment (Principal and Interest) | Total Interest Paid |
|---|---|---|---|
|
620 to 639 |
3.495% |
$2,144 |
$85,904 |
|
640-659 |
2.949 % |
$2,064 |
$71,591 |
|
660-679 |
2.519% |
$2,003 |
$60,549 |
|
680-699 |
2.305 % |
$1,973 |
$55,130 |
|
700-759 |
2.128% |
$1,948 |
$50,687 |
|
760-850 |
1.906% |
$1,918 |
$45,162 |
Reference Source: GFC
