Today's Mortgage Rates

Here's what you'll need to get started.

• Minimum 620 Credit Score. Rocket Mortgage requires a minimum credit score of 620 for 30-year fixed loans.
• 3% Down Payment. A 30-year fixed mortgage requires a down payment of at least 3%.
• 2% – 6% In Closing Costs.
• Debt-To-Income Ratio ≤ 50%

The 30-year mortgage, which offers the lowest monthly payment, is often a popular choice. However, the longer your mortgage term, the more you will pay in overall interest. The monthly payments for shorter-term mortgages are higher so that the principal is repaid in a shorter time frame.

fixed-rate mortgage A fixed-rate mortgage has the same interest rate for the life of the loan, so your monthly loan principal and interest payment won't change unless you refinance. Fixed-rate mortgages typically come in 30-year and 15-year terms, but there are also flexible term options anywhere from eight years to 29 years.

Today's 30 Year Fixed Mortgage Rates

A fixed interest rate is an unchanging rate charged on a liability, such as a loan or a mortgage. It might apply during the entire term of the loan or for just part of the term, but it remains the same throughout a set period.

A fixed-rate mortgage with a 30-year term may be a good option for you if you: Want to keep your monthly payment low without giving up the stability of a fixed rate. Want to get approval for a larger loan.

Mortgage payment formula number of payments over the loan's lifetime Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).

Current mortgage and refinance rates

A more affordable payment When you compare the monthly payment on a 30-year fixed-rate mortgage loan to a shorter term mortgage, like a 15-year term mortgage, the payments are often smaller and more affordable. The fixed-rate means your interest rate won't change throughout the life of your loan.

A lock-in or rate lock on a mortgage loan means that your interest rate won't change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application. Mortgage interest rates can change daily, sometimes hourly.

You can lock your rate for anywhere from 30 days to 120 days, depending on the lender. Some lenders offer rate locks for free, while others charge a fee. Others only charge a fee when you extend the mortgage rate lock period.