Best Mortgage Rates: What to Look For

Find out what the best current mortgage rates look like.

What are mortgage rates today? For a number of reasons, you might want to stay apprised of current mortgage rates on a fairly regular basis, whether you’re looking to buy a home or you’re already a homeowner but interested in refinancing, knowing the market for home mortgage rates is the best way to stay apprised of your options.

But more important than just knowing the current mortgage rates is knowing the best mortgage rates. Most mortgages will last between 15 and 30 years, making it a financial decision with some of the longest-lasting implications out there. Even small differences in the home mortgage rates can mean thousands of dollars — even tens of thousands — over the course of the loan.

As an example of the type of mortgage rate you might want to look for, here’s a look at the lowest mortgage rates that were available between April 23 and 27 and the lenders that offered them. These are examples only of what has been available and what rates you might want to look for:

12 Best Mortgage Rates
Mortgage Lender/Institution30-Year Fixed RateAPR15-Year Fixed RateAPR5-1 ARM RateAPR
Bank of the West4.625%5.172%4.000%4.855%4.250%5.275%
BBVA logo 2017BBVA Compass4.625%4.770%4.125%4.318%N/AN/A
Better Mortgage4.500%4.500%4.000%4.000%4.250%4.879%
Citizens Bank logo 2017Citizens Bank4.625%4.672%4.125%4.206%4.125%4.731%
First Hawaiian Bank4.250%4.490%3.750%4.110%2.875%4.390%
HSBC logo 2017HSBC4.697%4.739%4.417%4.488%3.672%4.552%
J.G. Wentworth4.750%4.783%4.125%4.181%4.750%5.060%
PNC logo 2017PNC Bank4.625%4.769%3.875%4.135%4.000%4.890%
QuickenLoans logo 2018Quicken Loans4.625%4.889%4.125%4.558%3.750%4.862%
SoFi Logo 2018SoFi4.500%4.586%4.250%4.343%4.375%4.827%
SunTrust logo 2017SunTrust4.700%4.777%3.990%4.140%4.400%4.847%
US Bank logo 2017U.S. Bank4.625%4.699%4.125%4.253%3.875%4.679%
*Mortgage rates included as examples only, due to the frequency of rate changes, based on data collected between April 23 to 27.

Here’s a closer look at each of these lenders so you can compare home loan rates and explore why each company might — or might not — be right for you.

Bank of the West

A subsidiary of French bank BMP Paribas, Bank of the West was initially founded in San Jose in 1874 as the Farmers National Gold Bank. After changing its name to First National Bank of San Jose in 1880 and then finally settling on Bank of the West about a century later, the Bank of the West now has 600 retail, wealth, commercial and business banking offices across 23 states and over $80 billion in assets.

In addition to new home loans for first-time buyers, Bank of the West offers a number of other home loan products, including home equity lines of credit and refinancing. Although its rates are among the best mortgage rates, the APR on Bank of the West’s mortgage options is the highest of the lenders featured here.

BBVA Compass

The first BBVA Compass branch opened on March 2, 1964, in Birmingham, Ala. as Central Bank & Trust Company and would ultimately pioneer Alabama’s first ATM and debit cards. Today, the company is owned by Banco Bilbao Vizcaya Argentaria — that is, BBVA — Spain’s second-largest bank.

BBVA Compass boasts some 672 branches, including 344 in Texas alone, and is among America’s 25 largest commercial banks, ranking second in Alabama, fourth in Texas and fifth in Arizona. That said, its 30-year fixed mortgage rates are up there with the highest of these best-of-breed companies.

Better Mortgage

A lender’s current mortgage rates aren’t the only important factor in selecting a mortgage lender: A good consumer experience can count for a lot. Better Mortgage is an online mortgage broker that’s committed to bringing transparency and fairness to the mortgage process, born out of its own CEO Vishal Garg’s extremely negative experience trying to secure a mortgage.

Better Mortgage boasts being able to provide a loan estimate in just seconds, zero commissions or origination fees and total transparency for borrowers about the length of the process and how far along they are. Because it has removed fees and commissions, its 30-year fixed mortgage rates and 15-year fixed mortgage rates are equal to the APR on those loans, the only company in this list where that’s the case. What’s more, the APR on its 15-year fixed mortgage is the lowest of these companies.

Find Out: 7 Tips for Getting a Preapproved Mortgage

Citizens Bank

Citizens Bank is based out of Rhode Island and was initially founded as High Street Bank in 1828, but the company only went public in 2015. Today, it operates some 1,150 branches across 11 states in the New England, Mid-Atlantic and Midwest.

Home mortgage rates for Citizens Bank are neither the highest nor lowest on offer among the best mortgage rates. Its product portfolio includes mortgages, mortgage refinancing and home equity lines and loans.

First Hawaiian Bank

First Hawaiian Bank has been one of Hawaii’s most prominent financial institutions in the Aloha State since it was founded by Charles R. Bishop and William A. Aldrich 160 years ago to serve the whaling ships that frequented the Pacific. Today, the bank has 62 branches in Hawaii, Guam and Saipan and over $16 billion in total assets.

First Hawaiian Bank can boast the lowest mortgage rates among the companies on this list.

HSBC

British bank HSBC was founded in March 1865 to facilitate trade between Asia and Britain. HSBC stands for Hongkong and Shanghai Banking Corporation. It’s always had an international focus, and today it has almost 40 million customers in 67 countries and territories.

HSBC offers competitive rates despite being based across the Atlantic, but you might want to consider another lender if you’re interested in getting more of a local footprint.

Know: Advantages and Disadvantages of a Fixed-Rate Mortgage

J.G. Wentworth

J.G. Wentworth is a diversified commercial lender with over 20 years of history under its belt. Although its rates are among the best mortgage rates, it also boasts the highest 30-year fixed mortgage rates among the other companies on this list.

The company filed for Chapter 11 bankruptcy in December 2017, so that might factor into any decision you might make regarding a loan with 15- to 30-year repayment terms.

PNC Bank

Headquartered in Pittsburgh, PNC Bank has been in operation in one form or another since 1852 and currently has an active network of nearly 2,500 branches and over 9,000 ATMs. The name PNC Bank is a clever compromise born of the 1983 merger between Pittsburgh National Corporation and Philadelphia’s Provident National Corporation.

The bank’s 15-year fixed mortgage rates are among the lowest of the banks listed.

Quicken Loans

Dan Gilbert’s Detroit-based Quicken Loans specializes in getting customers as quickly as possible with its Rocket Mortgage feature. The company was once sold to Intuit as a part of a deal for Rock Financial in 1999, only to have Gilbert buy it back three years later. Today, the company employs 17,000 people and closed a record $96 billion worth of mortgages in 2016.

Quicken Loans is committed specifically to mortgages and isn’t a bank, which could be viewed either as a positive or a negative depending on your perspective. Some might prefer to get its mortgage from a specialist, but others might feel safer trusting an institution that falls under stricter banking regulations.

SoFi

SoFi is another online personal finance company that’s looking to shake up the industry by applying its own, unique approach to home and personal loans. The name is derived from the term “social finance” and is meant to describe the way SoFi utilizes information beyond a simple credit score — like estimated cash flow, career and education — to identify credit-worthy applicants.

Although SoFi’s current mortgage rates aren’t better than First Hawaiian Bank’s, it does have one of the lower APRs for its 30-year mortgage, indicating that it’s saving customers money on other parts of the loan process.

SunTrust

Atlanta-based SunTrust is a commercial bank servicing its customers throughout the Southeast with over 1,250 full-service banking office locations. Founded in 1891 as the Commercial Travelers’ Savings Bank, it was the company that acted as underwriter when Coca-Cola went public in 1919.

The 30-year fixed mortgage rates offered by SunTrust are higher than many of the other companies listed here, but the 15-year fixed mortgage rates are among the lowest.

U.S. Bank

Headquartered in Minneapolis, U.S. Bank traces its roots to Cincinnati, where it was founded in 1863. Today, with 73,000 employees and more than $460 billion in assets, U.S. Bank is the nation’s fifth-largest.

Although the 30-year fixed mortgage rates and 15-year fixed mortgage rates offered by U.S. Bank are among the priciest of the best mortgage rates class, its rates for 5-1 ARM mortgages are among the lowest of the companies here.

Up Next: Dave Ramsey’s 7 Tips for Paying Off a Mortgage Faster

*The mortgage rates given here were sourced between April 23 and 27. They are used here as an example as mortgage rates change regularly. Please check for current rates before making any decisions.

Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for student loan refinancing. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.