current home interest loan rates

Reduce Home Loans currently offers the lowest rates for owner occupiers at 1.88% p.a. (1.97% p.a. comparison rate*), while the best value. View current mortgage rates for fixed-rate and adjustable-rate mortgages and ARM interest rates and payments are subject to increase after the initial. What are current mortgage rates? This past week, the average 30-year fixed mortgage rate rose to 3.20 percent, up 13 basis points from the. current home interest loan rates

Home Loan Interest Rates

Home Loan Interest Rate All Bank

Last Updated 26th Nov 2021

BankHome Loan RateProcessing FeeEMI Per Lakh
SBI6.65%0.50%, Min ₹ 1,000₹ 642
HDFC6.70%0.50%, Min ₹ 3,000, Max ₹ 10,000₹ 645
Bank of Baroda6.50% Min ₹ 7,500₹ 632
ICICI Bank6.70%0.25%₹ 645

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Compare Home Loan Interest Rates of All Banks 2021

BankHome Loan RateBenchmark TypeProcessing Fee
SBI Home Loan Interest Rates6.65%RLLR0.50%, Min ₹ 1,000
HDFC Home Loan Interest Rates6.70% PLR0.50%, Min ₹ 3,000, Max texas health and human services food stamps near me 10,000
Citibank Home Loan Interest Rates6.50%TBLR NIL
Bank of Baroda Home Loan Interest Rates6.50%RLLR Min ₹ 7,500
ICICI Bank Home Loan Interest Rates6.70%RLLR0.25%
Axis Bank 6.65%RLLR0.20%Min ₹ 2,021, Max ₹ 25,000
PNB Housing Finance 6.99% PLR0.50%, Min ₹ 10,000
LIC Housing Finance 6.66% PLR Min ₹ 10,000, Max ₹ 15,000
Bajaj Home Finance 6.80% PLR0.35%
Sundaram Home Finance fifth third bank 95th and kedzie PLRNIL
Kotak Bank 6.55%RLLR Max ₹ 10,000
Yes Bank 6.65%1 Year MCLR1.00%, Max ₹ 15,000
Syndicate Bank 6.95%RLLR0.13%Min ₹ 500, Max ₹ 5,000
IDFC First Bank 6.90%RLLRMin ₹ 10,000
Reliance Capital 9.75% PLR0.50%
PNB 6.80%RLLR0.35%Min ₹ 2,500, Max ₹ 15,000
OBC 7.35%RLLR0.50%Max ₹ 20,000
Jammu And Kashmir Bank 7.20%RLLR0.25%Min ₹ 500, Max ₹ 10,000
IDBI Bank 6.75%RLLR0.50%Min ₹ 2,500
Federal Bank 7.65%RLLR0.50%Min ₹ 3,000, Max ₹ 7,500
DCB Bank 8.25%1 Year MCLR2.00%, Min ₹ 5,000
Aavas Financiers 12.00% PLR1.00%
Central Bank of India 6.85%RLLR0.50%Max ₹ 20,000
Bank of India 6.95%RLLR0.25%Min ₹ 1,500, Max ₹ 20,000
United Bank of India 6.95%RLLR0.59%Min ₹ 1,180, Max ₹ 11,800
Allahabad Bank 8.25%RLLR0.40%Max ₹ 50,000
RBL Bank 9.50%1 Year MCLR1.50%
Karur Vysya Bank 7.15%RLLRMin ₹ 5,000
Indian Overseas Bank 7.05%RLLR0.53%Min ₹ 8,900, Max ₹ 13,350
HSBC Bank 6.45%RLLR1.00%Max ₹ 10,000
India Shelters 12.00% PLR2.00%
Edelweiss 10.50% PLR0.25%
DBS Bank 7.30%RLLR Max ₹ 10,000
Piramal Housing Finance 9.00% PLR0.10%
Canara Bank 6.90%RLLR0.50%Min ₹ 1,500, Max ₹ 10,000
IIFL 8.45% PLR1.25%
Union Bank of India 8.25%RLLR0.50%Max ₹ 15,000
Indiabulls 8.65% PLR1.00%
South Indian Bank 8.05%RLLR1.00%Max ₹ 10,000
Punjab and Sind Bank 8.05%RLLR0.25%Min ₹ 1,000, Max ₹ 15,000
Lakshmi Vilas Bank 9.70%RLLR0.40%Min ₹ 10,000, Max ₹ 20,000
Karnataka Bank 8.55%RLLR0.25%Min ₹ 250
Indian Bank 7.55%RLLR0.23%Max ₹ 20,381
GIC Housing Finance 10.25% PLR Min ₹ 2,500
Tata Capital Home Finance 6.90% PLR0.20%, Min ₹ 500
Dhan Laxmi Bank 7.85%RLLR1.00%Min ₹ 10,000
Aadhar Housing Finance 11.75% PLR Min ₹ 3,500
Corporation Bank 6.80%RLLR0.50%Max ₹ 50,000
Bank of Maharashtra 6.90%RLLR0.25%
LT Housing Finance 7.70% PLR2.00%, Min ₹ 4,999
Andhra Bank 6.85%RLLR0.50%Max ₹ 10,000
UCO Bank 6.90%RLLR0.50%Min ₹ 1,500, Max ₹ 15,000
Standard Chartered Bank 6.99%3 Month MCLR1.00%, Min ₹ 5,000, Max ₹ 10,000

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Current Home Loan Interest Rates

As on 26 November, 2021, home loan interest rates range from 6.45% to 20.00%. You can avail of the lowest rates on home loans if you are an existing bank customer or working with top corporations. Currently, Citibank offers the lowest home loan interest rate of 6.45%. Apart from the interest rate, banks also charge processing fees and penalty fees for pre-payment, foreclosure, and late payment.

Home Loan Rates and Charges

The table below mentions the current home loan interest rates and charges.

Bank NameInterest RatesProcessing FeeForeclosure ChargesCharges Post Loan Disbursement
Bank of Baroda6.50% Min ₹ 7,500Nil for floating rates
  • Repayment mode/Cheque Swap Charges - Nil
  • Charges for Statement of account / amortization schedule - ₹ 1000
Kotak Bank6.55% Max ₹ 10,000Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Duplicate No Objection Certificate - ₹ 500
  • Loan Cancellation Charges - 0.10% of Loan Amount or ₹ 25,000 whichever is higher
Axis Bank6.65%0.20%Min ₹ 2,021, Max ₹ 25,000Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Cheque Cancellation Charges - ₹ 500
  • Document Retrieval Charges - ₹ 500
  • Duplicate No Objection Certificate - ₹ 100
Yes Bank6.65%1.00%, Max ₹ 15,000Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Document Retrieval Charges - ₹ 500
  • Duplicate No Objection Certificate - ₹ 100
  • Charges for Statement of account / amortization schedule - ₹ 100
  • Loan Cancellation Charges - ₹ 2000
HDFC6.70%0.50%, Min ₹ 3,000, Max ₹ 10,000Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Cheque Cancellation Charges - ₹ 500
  • Document Retrieval Charges - Up to ₹ 500
ICICI Bank6.70%0.25%Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Cheque Cancellation Charges - ₹ 500
  • Document Retrieval Charges - ₹ 250
  • Duplicate No Objection Certificate - ₹ 50
  • Charges for Statement of account / amortization schedule - ₹ 250
IDFC First Bank6.90%Min ₹ 10,000 Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Cheque Cancellation Charges - ₹ 500
  • Document Retrieval Charges - ₹ 500
  • Duplicate No Objection Certificate - ₹ 500
Indiabulls8.65%1.00%Nil for floating rates
  • Repayment mode/Cheque Swap Charges - ₹ 500
  • Cheque Cancellation Charges - ₹ 500
  • Charges for Statement of account / amortization schedule - ₹ 200

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Home Loan Interest Rates For Salaried

The housing loan interest rate for salaried individuals starts at 6.50%. However, you can avail the lowest rate if you have a good CIBIL score and repayment history. Also, the lenders offer home loans at lower rates if you want to avail the lower loan amount. The table below mentions the home loan rates of top banks for both male and female borrowers.

Bank NameHome Loan Interest RateHome Loan Rates for Female Borrowers
Yes Bank6.65%6.65%
ICICI Bank6.70%8.20%
Corporation Bank6.80%6.80%

Self Employed Housing Loan Interest Rate

If you are self-employed between 18 to 70 years, you can avail of home loans from top banks and NBFCs. The leading banks offer the lowest rates starting at 6.50%. Following are the interest rates provided by different banks for home loans.

Bank NameHome Loan Interest RateHome Loan Rates for Female Borrowers
Yes Bank6.65%6.65%
Corporation Bank6.85%6.85%
Canara Bank6.90%6.90%

Home Loan Rates for Government Employees

If first african slaves arrived in virginia are a government employee and want to avail of a home loan, you have an added benefit as you can get a lower interest rate than the general public.

Bank NameInterest RateBenchmark
HSBC Bank6.45%RLLR
Bank of Baroda6.50%RLLR
Kotak Bank6.55%RLLR
Axis Bank6.65%RLLR

Housing Loan Rates for Women

Various leading top banks and NBFCs offer discounted rates for women borrowers. As per the current rates, SBI offers the minimum rate on a home loan for women. The bank also charges a processing fee of. Check top home loan lenders for women borrowers in this table:

Bank NameInterest RateTenure
SBI6.65%30 years
Yes Bank6.65%25 years
HDFC6.75%30 years
Corporation Bank6.80%30 years
Bank of Maharashtra6.90%30 years

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Floating Rate Home Loan V/s Fixed Rates Home Loans

Fixed rate of interests: If your loan is on a fixed interest rate, the rate of interest charged on the loan amount remains constant throughout the loan tenure which means your home loan EMI also remains constant throughout the repayment schedule.The biggest advantage of taking home loans at a fixed rate is that your Home Loan EMI remains constant and it allows you to manage your finances easily. These loans are easily the best if you expect the interest rates to go up in the near future. However, the flip side of fixed rate loans is that if market interest rates go down, you would still be paying high interest and hence, may end up in a loss. Some of the top banks that offers fixed or semi-fixed rate on home loan are:

Bank NameInterest RateProcessing Fee
ICICI Bank8.20%0.25%, Min ₹ 3,000, Max ₹ 5,000
Standard Chartered Bank6.99%0.25%, Min ₹ 5,000, Max ₹ 10,000
HDFC7.40%0.25%, Min ₹ 3,000, Max ₹ 10,000
PNB Housing Finance10.75%0.25%, Min ₹ 10,000

Floating rate of interest: If your loan is on floating rate of interest, your home loan rate is not fixed and keeps changing over the tenure of the loan. In floating interest rate home loan, the rates are linked to the external benchmarks like Repo Rates or T-Bill Rates that are market determined. Your Home Loan EMI may increase or decrease subject to changes in interest benchmark rates. You may opt to change the tenure of the loan, if you want to keep your EMI stable and not fluctuate with any rate changes.Floating rates are best suited when interest rates in the economy are on a declining trend. The flip side is that if interest rates go up, your EMIs may also go up which may negatively impact your monthly budget. The table below captures the various types of floating rate loans as defined by the external benchmark.

Bank NameFloating Interest RateProcessing Fee
SBI6.65%0.40%, Min ₹ 1,000, Max ₹ 30,000
HDFC6.70%0.40%, Min ₹ 3,000, Max ₹ 10,000
Bank of Baroda6.50%0.40%, Min ₹ 7,500
ICICI Bank6.70%0.25%, Min ₹ 3,000, Max ₹ 5,000

How is Home Loan Interest Rate Calculated?

There is a difference in the way banks and HFCs in India calculate home loan rates. Banks have been instructed by RBI to use an external benchmark rate like repo rate or treasury bill rate for rate calculation, while housing finance companies rate still use an internal benchmark PLR to price their loans.

Formula used by banks to calculate rates on home loans is External Benchmark rate + Markup. Banks add a markup which includes profit margin, operations cost and credit risk. Most of the top banks now link their home loan to repo rate which is announced in the RBI monetary policy. Any change in repo rate results in a similar increase or decrease in home loan rates for loans taken on floating rate.

Formulas used by NBFCs to calculate rates on home loans are PLR + or - Markup. PLR, popularly known as Prime Lending Rate is an internal benchmark rate of NBFCs that is estimated using their cost of funds, cost of operations, processing fees and their current home interest loan rates. Often, NBFCs set a high PLR and offer rates at PLR-Markup as discounted rate to their customers.

Housing Loan Rates linked to external benchmarks are easy to understand and more transparent from the point of view of home loan borrowers.

ParticularDefinitionLowest RateWhich rate type is currently used?
Base Rate linked Home LoanIt is a rate which is current home interest loan rates by the Reserve Bank of India and below which a lender cannot charge interest rate. Base rate was used before April 1, 2016. 5.55%Banks have discontinued base rate and have now shifted to RLLR. However, few borrowers continue to hold base rate linked loans from the past.
MCLR linked Home LoanMCLR was introduced on April 1, 2016. Marginal Cost of Fund based Lending Rate (MCLR) is the internal benchmark rate used by banks to fix the interest rate on floating rate loans.5.55%MCLR rate-based loan have been discontinued. However, few borrowers continue to hold MCLR rate linked loans from the past.
PLR linked Home LoanPrime Lending Rate (PLR) is an internal benchmark rate used by NBFC and HFC to sanction home loans on floating rate.14.35%All NBFCs and HFCs continue using PLR as the benchmark rate to fix their home loan rates.
Repo Rate linked Home Loan (RLLR)Repo rate is the interest rate at which the RBI lends money to commercial banks to provide short term funds requirements. 4.00%Repo rate is now used as an external benchmark for fixing the price of home loan by all banks like SBI, HDFC, ICICI in India.

What are the Factors that Affect Home Loan Interest Rate?

Home loan interest rate is decided by the lender in accordance with the required terms and conditions to determine the home loan rate. However, there are certain factors taken into consideration to offer a home loan interest rate. These are listed as follows:

  • Interest rate type: The type of interest rate is distinguished into two-fixed and floating. In general, fixed home loan interest rate is higher than floating home loan interest rate.
  • Borrower’s credit score: A good credit score can help one grab a good home loan deal, while a lower credit score can force the home loan lender embed youtube video in website charge a higher interest rate.
  • Occupation: Salaried individuals are likely to get a lower interest rate when compared to other employee types because salaried employees have fixed source of income.
  • Loan type: Home loan is an exclusive term that covers under its arm various home loan products such as home improvement loan, home renovation loan, and home purchase loan, among others.
  • Loan amount: A higher home loan amount will attract a lower home loan rate, while a small home loan amount will attract a higher interest rate.
  • Loan offers: In case one applies for a home loan with the applicable offers when the lender is offering various customer-centric promo offers, a negotiable home loan interest rate can be availed.

Home Loan Eligibility Calculator

You can check the home loan eligibility for the best banks based on your age, net income, existing obligations, property type, LTV ratio, and other factors. You can also add co-applicants to increase your loan eligibility. A maximum of 6 members can be added as co-applicant. High CIBIL score and stable job increases the chances of approval of your loan application.

Home Loan Eligibility calculator

Home loan Interest Rate Comparison on Loan Schemes

While all banks and HFCs in India offer multiple home loan schemes, some new schemes like Pradhan Mantri Awas Yojana and DDA are quite popular in India due to their unique features current home interest loan rates special discounted rates. Banks like SBI, Axis Bank, Citibank, ICICI Bank, PNB and Current home interest loan rates have many popular schemes for women loan borrowers, businessmen and existing bank customers. Some of the popular housing loan schemes have been captured in the table below:

BankHome Loan SchemeFeaturesLowest Rate
SBIFor Women BorrowersSBI, the largest public sector lender in the country, offers concessional home loan rates for women borrowers. The bank offers a discount of 05 bps than the regular home loan rates on various home loan schemes.6.65%
MaxgainUnder this scheme, you can avail of SBI home loans as an Overdraft wherein you are charged interest only on the used amount. The home loan account operates like a savings bank or current account wherein you can maximize savings on interest7.35%
SBI Shaurya Home LoanSBI Shaurya Home Loan scheme is a dedicated home loan scheme for the Army and Defence Personnel of the nation. The eligible borrowers can avail of a home loan at lower interest rates with other added benefits like the ease of repayment, longer repayment period of the loaned amount.7.35%
Axis BankHome Loan Top UpIf you want to avail extra funds of upto Rs. 50 Lakhs you can avail Axis Bank home loan top-Up Loan amount for multiple purposes such as the construction of residential/commercial property, personal requirements or for business purposes. 6.66%
Shubh Aarambh Home LoanWith Axis Bank's Shubh Aarambh Home Loan, you can avail benefits of subsidy on interest under the PMAY scheme. Also, you can be rewarded with 12 EMI waivers if you have a good repayment record.7.75%
HDFCHDFC ReachHDFC Reach is a specially designed scheme for micro-entrepreneurs and salaried individuals who want to purchase a house but may not have sufficient income documents. You can avail of a home loan with benefits like minimum documentation requirement, top-up facility and more.8.75%
HDFC Trufixed Home LoanThis type of home loan offers you a part term with a fixed rate interest and another part term with an adjustable rate of interest. Under this variant, you are able to avail a fixed rate for a maximum term of 3 years. After the tenure of 3 years, the loan automatically converts to an adjustable rate.7.40%
Bank of BarodaPre-approved Home LoanYou can avail in-principle approval for a Home Loan prior to identification of a specific house/flat/plot under the Pre Approved Home Loan. Some of the other benefits of HDFC pre-approved home loans include greater flexibility in negotiations, assurance of eligible loan amount etc.8.65%
CitibankHome Credit LoanCitibank offers a unique home credit loan that provides both the benefits of a regular term loan and a current account. It is basically an overdraft facility where all amounts deposited in excess of the threshold amount is transferred on a daily basis.6.85%
Citibank T-Bill Home LoanUnder the scheme, floating rate home loans are benchmarked to 91 days Govt. T-Bill rate, thus making them completely transparent6.50%


✅When did Home Loan Rates Drop?

Yes, on 13 May 2021, the home loan rates have been cut by 0.15%, from 6.66% to 6.50%. As per the current rates, Citibank offers a home loan at the lowest rate of 6.50%. Previously, Bajaj Home Finance was providing the best rate starting at 6.66%

✅What is the current interest rate for Home Loans?

The present Home Loan interest rates ranges between 6.50% to 20.00%. Home loan rates are dependent on your loan amount. Lower the loan amount, lower is the rate. However, some banks offer same rates for all loan amounts. Compare and calculate the overall cost while searching for a home loan.

✅Which bank has the lowest housing rates of interest for the self-employed & salaried?

Generally, the home loan rates for self-employed are higher than those for salaried borrowers as banks perceive a higher credit risk for self-employed borrowers. HSBC Bank offers the lowest housing rates to self-employed at an interest rate of 6.50%. If you are a salaried employee, you can avail of the lowest housing loan rates at 6.45%.

✅What is the EMI for 20 lakhs Home Loan?

The EMI for 20 lakhs loan at the latest Home Loan interest rate of 6.50% for the tenure of 30 years is ₹ 12,641.

✅Which banks give the cheapest Home Loan?

Lowest Home Loan interest rate in India is 6.50% which is offered by Citibank, Bank of Baroda. Even after including the processing fees they charge on the loan, Citibank, Bank of Baroda are the cheapest Home Loan providers in India.

✅Is balance transfer a good idea for Home Loan?

Yes, if you are getting a higher interest rate than the market rate and paying a higher EMI than other banks, then you can opt for housing loan balance transfer and reduce your monthly burden.Current lowest balance transfer home loan rate in India is 6.45%.

✅Which banks home improvement loan interest rates are best?

If you are looking to take a loan for home renovation or repairs, you can avail of a home improvement loan. As per the current rate, Citibank offers the lowest rates on home loan starting at 6.50%. Other banks that provide attractive interest rates for home improvement are Bank of Baroda.

✅What are the documents required for home loan?

The documents required for a home loan varies based on your home remedies for dry cough in adults. In general, you may however need to submit documents for identity proof, address proof, income proof, age proof, property documents etc. along with a home loan application form signed with photographs.

✅How can I check the total interest payout for my housing loan?

You can calculate the monthly EMI, total interest output for your housing loan using the MyLoanCare EMI calculator. It is an online tool that uses mathematical algorithms to calculate the interest you need to pay at the end of your tenure. It is calculated based on factors such as loan amount, rate of interest and loan tenure.

✅How to Reduce Home Loan Interest Rate Burden?

A home loan is a big responsibility that needs to be fulfilled in order to maintain one’s creditworthiness in the financial markets. However, the burden of home loans can always be reduced. This can be done by following the below mentioned:
(i) Transferring of home loans to lenders with the lowest home loan interest rate
(ii) Increasing home loan EMIs can help one get rid of home loan quickly
(iii) Prepayment or part payment of home loans can help you save on home loan interest and can reduce the EMI burden
(iv) Making home loan down payments can also reduce the burden, as due to the reduction in the principal amount, the home loan EMI is also reduced
(v) Opting for a longer loan tenure can distribute the EMIs finely. Thus the monthly home loan EMI burden can be altered

✅How does Repo Rate affect the interest rate of home loans?

Repo rate is the lowes rogers avenue fort smith ar at which commercial banks borrow money from RBI. As the repo rate increases, banks can borrow money from the RBI at a higher interest rate. This, in turn, increases the home loan rates for individual borrowers. Similarly, a decrease in repo rate translates to lower home loan rates.

✅What are Home Loan Rates for Loan of ₹ 30 Lakh and below as of 26 Nov 2021?

The interest rate for a home loan of ₹ 30 Lakh and below is slightly lower than the loan rate for the higher loan amount. As per the current rates, Citibank offers the lowest rate on home loan for upto ₹ 30 Lakh starting at 6.50%.

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Home Loan News - Nov 2021

  • 2021-11-23 : RBI Reports Jump in Digital Loan Disbursement
    As per the Reserve Bank of India, current home interest loan rates overall volume of digital loan disbursement by banks and non-banking financial institutions has increased 12 fold between 2017 to 2020. As a result, the number has increased to Rs. 1.42 Lakh crores.
  • 2021-11-18 : Bank Credit Boa visa credit card At 7.14 percent And Deposits 11.4 percent
    According to the RBI, bank credit has grown to 7.14% and deposits 11.4%. Bank loans stood at Rs 104.19 lakh crore and deposits at Rs 144.03 lakh crore. In the previous fortnight ended October 2021, bank credit had grown by 6.84 per cent and deposits by 9.94 per cent.
  • 2021-11-17 : Indian Overseas Bank Lowers Yearly Profit
    State-owned Indian Overseas Bank has reported a downward profit of Rs 646 cr for 2020-21. The profit is after reporting a divergence in asset classification and provisioning for bad loans.
  • 2021-11-16 : LIC Housing Finance Increases Home Loan Rates
    LIC Housing Finance has revised the home loan interest rate from 6.00% to 6.66%. The processing fee is Rs 10,000 and maximum tenure is 30 years.
  • 2021-11-16 : HDFC Bank Announces Campaign for Financial Frauds
    HDFC Bank has announced that it will hold the second edition of the campaign titled Mooh Band Rakho. The campaign aims to hold around 2,000 workshops to prevent financial frauds.

*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is current home interest loan rates and collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change edd ca contact number notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them. Read MoreRead Less


Mortgage Rates

Mortgage Rates Hold Steady Heading into the Thanksgiving Holiday

November 24, 2021

Despite the noise around the economy, inflation, and monetary policy, mortgage rate volatility has been low. For most of 2021, mortgage rates have stayed within half a percentage point, which is a smaller range than in past years.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac's Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac's business prospects or expected results. Although the Economic & Housing Research group attempts to provide reliable, useful information, it does not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to number 4 worksheets for kindergarten without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. © 2021 by Freddie Mac.


Mortgage Rates Today

Updated: November 23, 2021

As of today, November 23, 2021, the benchmark 30-Year Fixed mortgage rate is 3.26%, FHA 30-Year Fixed is 3.14%, Jumbo 30-Year Fixed is 3.40%; 15-Year Fixed is 2.57%, and 5/1 ARM is 2.56%. These rates are not the teaser rates you may see advertised online and based on our methodology should be more representative of what customers could expect to be quoted depending on their qualifications. You can learn more about what makes our rates different in the Methodology section of this page.

Because mortgage rates can differ, it’s important to compare rates before taking out a home loan. We’ve compiled the best rates for the various types of mortgages, and common questions you may have to help you understand what might affect the final rate you’ll receive.

Today's Mortgage Rates

Loan TypePurchaseRefinance
30-Year Fixed3.26%3.38%
FHA 30-Year Fixed3.14%3.51%
VA 30-Year Fixed3.19%3.56%
Jumbo 30-Year Fixed3.40%3.56%
20-Year Fixed3.08%3.20%
15-Year Fixed2.57%2.67%
Jumbo 15-Year Fixed3.15%3.38%
10-Year Fixed2.53%2.64%
10/1 ARM2.84%3.73%
10/6 ARM4.07%4.39%
7/1 ARM2.54%2.72%
Jumbo 7/1 ARM2.27%2.54%
7/6 ARM4.24%4.40%
Jumbo 7/6 ARM2.71%2.98%
5/1 ARM2.56%3.14%
Jumbo 5/1 ARM2.13%2.38%
5/6 ARM3.72%4.01%
Jumbo 5/6 ARM2.73%2.91%

Eps optumhealth financial to Use Our Mortgage Rate Table

Our mortgage rate table is designed to help you compare the rates you’re being offered by lenders to know if it is better or worse. These rates are benchmark rates for those with good credit and not the teaser rates that make everyone think they will get the lowest rate available. Of course, your personal credit profile will be a significant factor in what rate you actually get quoted from a lender, but you will be able to shop for either new purchase or refinance rates with confidence.

How to Shop for Mortgage Rates

Written By: Sarah Li Cain

There are a few things to keep in mind when shopping for mortgage rates:

  • Make sure you look at national and local lenders to find the best possible rates. 
  • Avoid applying for mortgages in multiple places as this can hurt your credit score. Instead, pull your credit report and get a keen picture of your credit history that you can share with potential lenders. Ask them to provide you with the rates based on that information. This way you preserve your credit score while getting the most accurate information for your credit profile. 
  • Use our rate table to help you identify whether lenders are offering you a competitive rate based on your credit profile.

What Is a Good Mortgage Rate?

A good mortgage rate will depend on the borrower. Lenders will advertise the lowest rate offered but yours will depend on factors like your credit history, income, other debts, and your down payment. For instance, a good mortgage rate for someone who has a low credit score tends to be higher than for someone who has a higher credit score.

It’s important to understand what will affect your individual rate and work towards optimizing your finances so you can receive the most competitive rate based on your financial situation.

How Do I Qualify for Better Mortgage Rates?

Qualifying for better mortgage rates can help you save tens of thousands of dollars over the lifetime of the loan. Here are a few ways you can ensure you find the most competitive rate possible:

  • Raise your credit score: A borrower’s credit score is a major factor in determining mortgage rates. The higher the credit score, the more likely a borrower can get a lower rate. It’s a good idea to review your credit score to see how you can improve it, whether that’s by making on-time payments or disputing errors on your credit report. 
  • Increase your down payment: Most lenders offer lower mortgage rates for those who make a larger down payment. This will depend on the type of mortgage you apply for, but sometimes, putting down at least 20 percent could get you more attractive rates. 
  • Lower your debt-to-income ratio: Also called DTI, your debt-to-income ratio looks at the total of your monthly debt obligations and divides it by your gross income. Usually, lenders don't want a DTI of 43% or higher, as that may indicate that you may have challenges meeting your monthly obligations as a borrower. The lower your DTI, the less risky you will appear to the lender, which will be reflected in a lower interest rate. 

How Big a Mortgage Can I Afford?

In general, homeowners can afford a mortgage that’s two to two-and-a-half times their annual gross income. For instance, if you earn $80,000 a year, you can afford a mortgage from $160,000 to $200,000. Keep in mind that this is a general guideline and you need to look at additional factors when determining how much you can afford such current home interest loan rates your lifestyle.

First, your lender will determine what it thinks you can afford based on your income, debts, assets, and liabilities. However, you need to determine how much you’re willing to spend, your current expenses—most experts recommend not spending more michigan gov uia certify with marvin online 28 percent of your gross income on housing costs. Lenders will also look at your DTI, meaning that the higher your DTI, the less likely you’ll be able to afford a bigger mortgage. 

Don’t forget to include other costs aside from your mortgage, which includes any applicable HOA fees, homeowners’ insurance, property taxes, and home maintenance costs. Using a mortgage calculator can be helpful in this situation to help you figure out how you can comfortably afford a mortgage payment.

Frequently Asked Questions citibank premier card Written By: Sarah Li Cain

What Is a Mortgage Rate?

A mortgage rate is the amount of interest determined by a lender to be charged on a mortgage. These rates can be fixed—meaning the rate is set based on a benchmark rate—for the duration of the borrower’s mortgage term or variable based on the mortgage terms and current rates. The rate is one of the key factors for borrowers when seeking home financing options since it’ll affect their monthly payments and how much they’ll pay throughout the lifetime of the loan. 

How Are Mortgage Rates Set?

Mortgage rates are set based on a few factors, economic forces being one of them. For instance, lenders look at the prime rate—the lowest rate banks offer for loans—which typically follows trends set by the Federal Reserve’s federal funds rate. It’s usually a few percentage points. 

The 10-year Treasury bond yield can also reveal market trends. If the bond yield goes up, mortgage rates tend to go up, and vice versa. The 10-year Treasury yield is usually the best standard to judge mortgage rates. That’s because many mortgages are refinanced or paid off after 10 years even if the norm is a 30-year loan. 

Factors that the borrower can control is their credit score and down payment amount. Since lenders determine rates based on the risk they may take, borrowers who are less creditworthy or have a lower down payment amount may be quoted higher rates. In other words, the lower the risk, the lower the rate for the borrower.

Does the Federal Reserve Decide Mortgage Rates?

While the Federal Reserve doesn’t decide mortgage rates, it does influence the rate indirectly. The Federal Reserve helps to guide the economy by keeping inflation under control and encouraging growth. That means the decisions the Federal Open Market Committee makes in raising or lowering short-term interest rates may influence lenders to raise or lower theirs. 

Do Different Mortgage Types Have Different Rates?

Mortgage rates can be different depending on the type. For instance, fixed-rate mortgages tend to be higher than adjustable-rate ones. However, adjustable-rate mortgages tend to have lower rates during a predetermined time, then fluctuates as it adjusts to current market conditions. 

Are Interest Rates and APR The Same?

Interest rates and APR are not the same. An annual percentage rate (APR) reflects additional charges associated with your mortgage, which includes the interest. The interest rate reflects the cost homeowners pay to borrow money. These fees include charges such as origination fees and discount points, which is why the APR is typically higher than the interest rate. 

What Are Mortgage Points?

Also known as discount points, this is a one-time fee or prepaid interest borrowers purchase septa key card kiosk near me lower the interest rate for their mortgage. Each discount point costs one percent of your mortgage amount, or $1,000 for every $100,000 and will lower the rate by a quarter of a percent, or 0.25. For example, if the interest rate is 4 percent, purchasing one mortgage point will reduce the rate to 3.75 percent.

How Much Will I Need for a Down Payment?

The minimum you’ll need to put down will depend on the type of mortgage. Many lenders require a minimum of 5% to 20%, whereas others like government-backed ones require at least 3.5%. The VA loan is the exception with no down payment requirements.

Generally, the higher your down payment, the lower your rate may be. Homeowners who put down at least 20 percent will be able to save the most.


In order to assess mortgage rates, we first needed to create a credit profile. This profile included a credit score ranging from 700 to 760 with a property loan-to-value ratio (LTV) of 80%. With this profile, we averaged the lowest rates offered by more than 200 of the nation’s top lenders. As such, these rates are representative of what real consumers will see when shopping for a mortgage. 

The same credit profile was used for the best state rates map. We then found the lowest rate currently offered by a surveyed lender in that state. 

Keep in mind that mortgage rates may change daily and this data is intended to be for informational purposes only. A person’s personal credit and income profile will be the deciding factors in what loan rates and terms they are able to get. Loan rates do not include amounts for taxes or insurance premiums and individual lender terms will apply. 


Home Loan Rates

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Fixed Rate home loan

1 You can choose to pay Principal and Interest weekly, fortnightly, or monthly. Only monthly payments are available for Interest Only. The maximum Interest Only payment period over the life of a loan is 10 years for Investment Home Loans and 5 years for Owner Occupied Home Loans, so long as there is at least 5 years remaining on the Contracted Loan Term. We have different rates that apply, depending on whether you are making Interest Only payments or Principal and Interest repayments. During an Interest Only period, your Interest Only payments won't reduce your loan balance unless you choose to make additional repayments. At the end of an Interest Only period, your repayments will increase to cover Principal and Interest components.

^ Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for variable Interest Only loans are based on an initial 5-year Interest Only period. Comparison rates for fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions are included in the Loan Offer. Other fees and charges are payable.

~ We’re reducing the rate lock fee to $375 (normally $750) from 5 July 2021 to 31 January 2022. The rate lock feature only applies to Fixed Rate home loan and Fixed Rate Investment home loan applications (including Interest in Advance). Rate lock does not apply to Home Seekers, switching, splitting, top-ups or repayment changes.
Rate lock allows you to lock in the interest rates for a period of 90 days effective from the date we process your request. Rate lock fee only available on 1-5 year periods. Applies to each Fixed Rate loan that has selected the rate lock feature. Rate lock is only available at application and a fee applies. At the end of the fixed rate period, the interest rate converts to the applicable Standard Variable Rate relevant to your loan purpose and repayment type at that time, less any applicable package discount specified in your Loan Contract.

# Package requires at least $150,000 in package lending balance, and an annual fee of $395 applies. Package lending balance is the sum of the account balance of eligible home lending accounts and the credit limit of Viridian Line of Credit accounts that you have with us at the time you apply for Wealth Package. Eligible home loans are limited to those accounts that can be included in the Wealth Package.

** The rates shown are interest rates for Principal and Interest repayments. For all our rates including interest rates for Interest Only payments view our Home Loan Interest Rates.

The target market for this product will be found within the product’s Target Market Determination, available here.

Offer available on eligible home loans funded on and from 1 January 2020 (except for Owner Occupied Interest Only home loans, which are eligible santander consumer contact number funded on and from 7 April 2020), where at least $250,000 has been refinanced from a financial institution other than Commonwealth Bank or Bankwest. Viridian lines of credit may be eligible as part of a multiple loan facility application if the total minimum refinance amount of $250,000 or more is met. Limit of one $2,000 cashback per borrowing entity (e.g. individual, joint borrowers, company) and per customer over a 12 month period. Limit of one $2,000 cashback per joint application. Where one of the joint applicants has received a cashback in the last 12 months, that customer will not qualify for the offer. Where all applicants have received a cashback in the past 12 months, the joint loan current home interest loan rates not be eligible for the cashback. This offer cannot be combined with a Wealth Package fee waiver. Cashback will be credited to a Commonwealth Bank transaction account linked to the loan or the borrower/s within 90 days of loan funding (this could be a joint account with an unrelated party). We reserve the right to terminate the offer at any time. Applications subject to credit approval. Fees and charges may be payable. Full terms and conditions will be included in our loan offer.


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