Current Mortgage and Refinance Rates for May 2022

Use our national survey of lenders to find the right mortgage rate for you.

Consumer Proposal
Income Type
CompanyRateHeld UntilPrepayments



Apr 09


15% / 15%

No Double-Up



Mar 10


15% / 15%




Apr 09


10% / 100%

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How to find the right mortgage

1. Compare rates

We regularly survey around 4,800 banks and lenders to give you a comprehensive, up-to-date comparison.

2. Get a quote

When you find a few lenders you like, click to get a personalized rate quote based on your home purchase.

3. Apply

Once you choose a bank or lender, you\’ll apply for a mortgage directly with them. Then, you\’ll be on your way to your new home.

Current Mortgage Rates Comparison

Comparedrates brings together a comprehensive national survey of mortgage lenders to help you find the most competitive interest rate. The interest rate table below is updated daily, Monday through Friday, to give you the most current purchase rates when choosing a home loan.

On October 18, 2019, according to Comparedrates’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.77 percent with an APR of 3.88 percent. The average 15-year fixed mortgage rate is 3.17 percent with an APR of 3.36 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.95 percent with an APR of 7.04 percent.

Today’s Mortgage Interest Rates for Purchase

ProductInterest RateAPR
30-Year Fixed Rate 3.78% 3.90%
20-Year Fixed Rate 3.70% 3.86%
15-Year Fixed Rate 3.19% 3.38%
30-Year FHA 3.35% 3.42%
30-Year VA 3.39% 3.45%
5/1 ARM 4.05% 7.13%
7/1 ARM 4.04% 6.43%
10/1 ARM 4.27% 6.02%
30-Year Fixed Rate Jumbo 4.16% 4.27%
15-Year Fixed Rate Jumbo 3.96% 4.16%
5/1 ARM jumbo 3.98% 7.08%
7/1 ARM jumbo 3.92% 6.31%

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Your Guide To fixed and variable mortgage 

Choosing between a fixed or variable rate for a home loan is a difficult situation for most of us.  There are many home credit alternatives accessible. These may incorporate different payment types and the kind of loan fee. In this article, we center around the sorts of financial costs and how they can influence their home credit. 

For the most part, when you take out a home advance, you have two options: a fixed loan fee or a variable financing cost. 

A fixed financing cost home credit is one where your loan fee is secured (for example fixed) for a specific period, regularly somewhere in the range of one and ten years. During the time your loan fee is fixed, both your financing cost and your necessary reimbursements won’t change. 

A variable financing cost home credit, then again, can change whenever. Moneylenders may increment or lessen the financing cost joined to the credit. The financing cost may change because of choices made by the Reserve Bank of Australia, just as different components. Your necessary least reimbursement sum will increment if loan costs go up, and diminish if financing costs fall. 

Which one is better for you? It truly relies upon what you’re searching for in a home credit.

What is a fixed rate home advance? 

A fixed financing cost home advance is a home credit with the alternative to secure (or ‘fix’) your loan cost for a set timeframe (for the most part somewhere in the range of one and five years). One of the principle preferences of this is income sureness. By knowing precisely what your reimbursements will be, you’ll have the option to prepare and spending a plan for what’s to come. This factor frequently makes fixed-rate home advances exceptionally prominent for speculators over the initial 2-3 years that they possess a property for. 

Another motivation behind why a fixed rate might be a decent choice for you is that any loan cost rises won’t influence the measure of intrigue you should pay. Be that as it may, if financing costs drop, you may be paying more in enthusiasm than somebody who has a variable rate home advance. 

It’s likewise imperative to take note of that regularly extra credit reimbursements are not permitted with fixed-rate advances (or possibly permitted on the off chance that you pay a charge). Along these lines, the capacity to redraw is likewise as often as possible not offered on a fixed-rate credit, successfully decreasing the adaptability of the advance. 

What is a variable rate home credit? 

A variable rate home credit is a home advance where your loan cost will move (or ‘differ’) with changes to the market. This implies your financing cost can rise or fall over the term of your credit. 

Variable home advances additionally have engaging highlights like the capacity to make additional reimbursements (regularly at no additional expense) to assist you with taking care of your credit sooner and spare you intrigue. Another preferred position can incorporate boundless redraws (where you ‘draw’ retreat the additional reimbursements you made). 

Variable-rate credits are more dubious than fixed financing cost advances. This can make planning for your advantage installments increasingly troublesome in light of the fact that you need to consider the potential rate rises. In the event that you aren’t ready yet, you could experience difficulty staying aware of reimbursements. 

Can we split our loan

A famous home credit choice is to part your advance among fixed and variable. This enables you to secure a repaired financing cost four to 5 years on a segment of your credit, while the rest of on a variable rate. Adequately, this can enable you ‘to fence your wagers’ on a loan fee rise or cut, limiting the dangers related to financing cost developments. Toward the end of the fixed-rate time frame, you may have the decision of fixing that segment once more (at the present market rate for fixed premium) or essentially giving it a chance to return to a variable loan fee. Remember that the variable rate it returns to might be higher than the variable rate you’re now paying on the other part of the credit. 

Fixing a home advance rate: Things to consider 

While having a fixed loan cost can be alluring to the individuals who esteem, security and are unwilling to hazard (to be specific, the danger of rising financing costs), deciding to take out a fixed rate can really be somewhat of a bet, amusingly. 

Fixed-rate contracts have various potential snares, so there are a couple of things you ought to consider before applying for one:

  1. Could loan costs fall? 

In case you’re enticed by some truly low fixed home credit loan fees, remember that they might be low which is as it should be. A 2-year fixed-pace of 3.00% p.a., may look truly great now, however, it may not glance so great in a half year’s time where there might be variable rates on offer for 2.50% p.a. or then again less. 

At the point when loan specialists believe there’s a solid possibility financing cost will fall sooner rather than later, many attempts to entice borrowers into taking out fixed-rates, since that route there are fewer clients for them to give future rate slices too. So basically, fixing your rate resembles making a wager with your bank about whether market loan costs are going up or down. On the off chance that rates rise, you win by keeping away from a rate climb. On the off chance that rates fall, you pass up a rate cut, so the bank wins. 

Be that as it may, the moneylender may have the better chances of winning the wager, in light of the fact that the know it all investigators and financial analysts in their advance valuing groups will have all the extravagant charts and information available to them to help them precisely estimate the market and set fixed rates as needs be. 

  1. Breakage charges 

Truly ask yourself whether you’ll have the option to focus on the whole of the fixed term. Since should you take out a fixed credit afterwards choose to renegotiate to a variable rate since you’re tired of paying a fixed rate that is a lot higher than the low factor rates that every one of your mates are getting a charge out of, you’ll be hit with a break expense, which can add up to a huge number of dollars. This likewise applies on the off chance that you need to take care of the advance before the end of the fixed period, for example, in the event that you chose to sell your home. 

  1. Return rates 

When the fixed-rate time frame is going to end, then one should not anticipate that the bank should consequently change your advance to one of its most minimal variable rates. Odds are your credit will return to the bank’s standard variable rate, which can be more than 200 premise focuses higher than a portion of its genuine rates. You’ll at that point, presumably need to renegotiate to a lower rate – a procedure which includes some significant pitfalls. 

Fixed versus variable home credit: how to pick 

Attempting to foresee home credit financing costs can be an unsafe business, however, as a result, each property holder is doing this whether they choose a variable loan cost or fixed. In case you’re new to the market or stressed over financing costs going up in the near future, at that point fixing all or a segment of your advance could be a decent technique. 

A speedy see what’s on offer in the market for 3-year fixed rates at the hour of composing shows that the excellent you’d pay to fix your rate could associate with 25 to 50 premise focuses (0.25% to 0.50% focuses). 

Home advances rely upon your individual conditions, demeanors, and inspirations. In case you’re new to the market and don’t feel great going for broke then you might need to consider picking a fixed rate home advance, much like numerous new property financial specialists accomplish for the initial quite a while of their speculation property advance. 

In case you’re increasingly certain with financing costs and are glad to pay what the extraordinary greater part of different moneylenders are paying (generally), you may locate a variable rate home advance progressively fits your needs.

To summAt the point when you take out a home credit, you by and large need to pick between a fixed loan cost or variable financing cost. 

A fixed financing cost home advance is one where your loan fee is secured for a specific period, so your advance reimbursements continue as before over the fixed-rate term. 

With a variable financing cost home advance, the loan cost joined in the advance can change, so your necessary reimbursement may increment if rates go up; it might diminish if loan fees decline. 

There are upsides and downsides to each sort of credit. Think about which alternative is best for you. 

You can decide to part your advance between the two alternatives.