Mortgage rates and refinance — compared side-by-side.
A quarter point on APR is real money over 30 years. Compare purchase and refinance offers from a nationwide network of mortgage lenders.
When you're financing a six-figure asset over three decades, even small differences in APR translate into tens of thousands of dollars over the life of the loan. A $400,000 mortgage at 6.5% costs roughly $510,000 in interest over 30 years; the same loan at 6.75% costs about $535,000. That's $25,000 — for a quarter-point difference. This is why mortgage comparison is the single highest-leverage shopping decision in personal finance, and why our marketplace exists.
The mortgage marketplace, explained.
Mortgage shopping is structurally different from shopping for a personal loan. The product is more complex (rate, points, lender credits, PMI, escrow, taxes), the timelines are longer (30–45 days from application to closing), and the regulatory framework is heavier (TRID, RESPA, appraisal contingencies). What stays the same is the value of comparing: multiple lenders, side by side, before you commit.
Through LendingsTree's network you can get matched with mortgage lenders for purchase loans, refinances, cash-out refinances, FHA loans, VA loans, jumbo loans, and conventional 15-year and 30-year products. Each lender returns a Loan Estimate (LE) — the standardized federal disclosure form that lets you compare offers on identical terms. The LE breaks out the interest rate, APR, points being paid, origination fees, and estimated closing costs. Read those side by side — that's the real comparison.
One thing to know going in: mortgage rates change daily, sometimes intraday. Two lenders that quoted you yesterday might quote different numbers today. Rate locks (typically 30, 45, or 60 days) freeze your rate for the duration of the lock so a market move doesn't erase the gains from shopping.
Mortgage products in the marketplace
Conventional purchase
30-year and 15-year fixed-rate loans, plus adjustable-rate options (5/1, 7/1, 10/1 ARMs). Typically 5–20% down. The standard for buyers with conventional credit.
FHA purchase
Lower down payments (3.5% with a 580+ score), more flexible credit underwriting. Requires mortgage insurance for the life of the loan in most cases. Good for first-time buyers.
VA loans
For eligible veterans, active-duty service members, and qualifying surviving spouses. Zero down, no PMI, competitive rates. One of the most powerful benefits in housing finance.
Rate-and-term refinance
Replace your current mortgage with a new one at a better rate or different term. Most common when market rates drop or you want to move from a 30-year to a 15-year.
Cash-out refinance
Refinance into a larger loan and take the difference as cash. Tap home equity at mortgage rates (typically cheaper than HELOC or personal loan, but you're extending the term).
Jumbo loans
Loan amounts above the conforming limit ($766,550 in most counties; higher in high-cost areas). Stricter underwriting, but available from many lenders in the network.
What mortgage lenders evaluate
Mortgage underwriting is the most rigorous in consumer lending. Expect the lender to evaluate:
- Credit score: Conventional loans typically require 620+; FHA can go to 580; VA has flexible minimums. The best rates kick in at 740+.
- Down payment: 3% (conventional first-time buyer programs), 3.5% (FHA), 0% (VA), 5–20% (most conventional). Larger down payments often unlock better rates.
- Debt-to-income ratio: Most lenders cap the back-end DTI (total monthly debt / gross monthly income) at 43–45%. Some go higher with compensating factors.
- Reserves: Cash or assets you'll have left after closing — typically 2–6 months of mortgage payments, depending on loan type.
- Employment history: 2 years of stable employment is the standard. Self-employed borrowers will need 2 years of tax returns plus bank statements.
- Property appraisal: The lender orders an appraisal to confirm the home is worth at least the purchase price. If it appraises low, the loan amount may shrink.
When you submit the marketplace form, we use a soft credit check to match you with lenders whose criteria fit your profile. The hard credit pull and full underwriting only happen after you choose a specific lender and submit a formal application.
Mortgage rate context
Ranges below are illustrative only. Your actual offer depends on your credit, income, state, and the lender's individual criteria. The marketplace shows real prequalified offers — these tables just help you set expectations.
| Credit Profile | Score | Typical APR Range | Notes |
|---|---|---|---|
| Excellent | 740+ | Best available | Multiple lenders compete; lowest pricing |
| Good | 700–739 | +0.125 to +0.375 | Above-best rates but still competitive |
| Fair | 660–699 | +0.5 to +1.0 | FHA or specialty programs may price better |
| Below 660 | 580–659 | FHA / VA territory | FHA 580+, VA flexible — varies by lender |
Illustrative ranges — not an offer of credit. Actual rates set solely by the individual lender.
Mortgage & Refinance — FAQ
Authoritative sources
For deeper research, these are the primary sources we cross-reference:
Compare mortgage & refinance offers.
It takes about three minutes. No fees. No impact to your credit to compare.