Mortgage rates
Find out what rate we can offer you.
Your mortgage interest rate is personal to you
When researching mortgage rates, it’s important to remember your mortgage interest rate is personalized just for you. The rates lenders offer are based on market conditions, your personal finances, how much you want to borrow, and much more.
Your rates may be higher – or lower – than the rates you see online. That’s why you should speak to one of our licensed Loan Advisors when you are interested in buying a home, refinancing a home, or getting cash from your home equity. We’ll work together to find the right loan at the mortgage rate that’s right for you!
Ask us about the mortgage rate you might get
Freedom Mortgage can offer you competitive mortgage rates to buy a home, refinance a home, or get cash from your home’s equity.
Factors that influence your mortgage rate
Current interest rates
The Fed Funds Rate (that is, the interest rate at which depository institutions lend money to each other overnight) is set by the Federal Reserve Board. This rate has a big impact on the interest rates lenders charge. Lower rates usually mean you’ll pay less interest. Keep in mind that mortgage rates can fluctuate daily. Freedom Mortgage customers can sign up for Eagle Eye alerts, which will tell them when they may be able to save with a lower interest rate. Sign up for Eagle Eye text alerts today.
Your credit score
People with higher credit scores generally get better interest rates than people with lower credit scores. Many financial professionals recommend you look for ways to improve your credit score before you apply for a mortgage or refinance your home. A better credit score can lead to a lower interest rate and save you money over time.
Paying for points
Points are a way to “buy” a lower interest rate. One point is equal to 1% of the loan amount. For instance, on a $200,000 mortgage, one point for that mortgage would cost $2,000. Be aware of offers that show a low interest rate but require you pay points. To better understand the total cost of a mortgage offer, look at its Annual Percentage Rate.
The term of the mortgage
The number of years you have to pay back a mortgage is known as the loan’s “term.” A 30 year mortgage means you have 30 years to pay the loan back. Loan term can affect interest rates. Longer term loans usually have higher interest rates than mortgages with shorter terms. A shorter-term loan might lower your interest rate and save you money over the life of the loan.
Type of loan
There are many types of loans you might get to buy a home, refinance a home, or get cash from your home equity.Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, and U.S. Department of Agriculture (USDA) loans are offered by private lenders and backed by the federal government. Conventional loans are offered by private lenders without government backing. The interest rate you might get can vary by the type of loan.
Fixed or adjustable rate
When loans have a fixed rate, the amount of money you pay in interest stays the same. When loans have an adjustable rate, the amount of money you pay in interest can change over time. Generally speaking, adjustable rate mortgages have lower initial interest rates than fixed rate mortgages. To learn more, see our article on fixed and adjustable rate mortgages.
Need Help Crunching the Numbers?
Home affordability calculator
Estimate the prices of homes you can afford and the monthly payments that might come with them.
Refinance calculator
Find out how much you might save by lowering your interest rate.
Learning Center Articles
Read about how to buy a home, refinance, get cash from your home's equity, and more.
Mortgage rate vs. APR. What are the differences?
Annual percentage rate (APR) helps you understand a mortgage's total cost.
Learn More
Refinance an FHA loan to a conventional loan
Learn how it might help you save on mortgage insurance
Learn More