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Best Mortgage: Today’s Mortgage Rates September 2023

A mortgage is a loan that could potentially impact your financial future for decades. It’s normally one of the largest loans that individuals take during their lifetime. If you’re thinking about getting a mortgage soon, it’s important to understand how mortgages work. Basic knowledge could help you find the best mortgage rates and terms available to you.

location NY, Brooklyn privacyWe value privacy
Low Rates
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Key Facts

  • Mortgage Types: Purchase, Refinance, Home Equity
  • Min. Credit Score: 600
  • APR: Varies
  • NMLS#: 6606


pros iconManual underwriting available to evaluate credit

pros iconOne of the few non-bank lenders offering equity lending and reverse mortgages

pros iconCan participate in the entire process online

pros iconEnglish and Spanish-speaking loan officers available


cons iconNot available in Hawaii or New York

cons iconDoesn’t work with down payment assistance programs in all states

New American Funding Disclaimer:© 2020 Broker Solutions, Inc. DBA New American Funding. All Rights Reserved. Corporate Office: 14511 Myford Road, Suite 100, Tustin, CA 92780.†14 business day guarantee only applies to purchase transactions. This guarantee does not apply to Reverse Mortgages, FHA 203k, VA, Bond, MCC, loans that require prior approval from an investor, or brokered loans.
The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that cannot be met by any party.
The 14 business day trigger begins when the borrower’s initial mortgage application (including income and assets documentation) is complete, and the borrower has authorized credit card payment for the appraisal. If New American Funding fails to perform otherwise, a credit of $250 will be applied toward closing costs.

  • check mark Low down payments required of around 3%
  • check mark Dedicated to serving minorities
  • check mark Mortgages tailored to your credit rating
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Key Facts

  • Mortgage Types: Purchase, Refinance, Home Equity, Adjustable, Fixed
  • Min. Credit Score: 580
  • APR: Undisclosed
  • NMLS#: 3030


pros iconClosing costs rolled into loan automatically

pros iconSmartphone app

pros iconSyncs with your bank account for easy application process

pros icon98% of financial institutions supported for digital asset verification


cons iconCan’t have face-to-face interaction with loan officer; online only

cons iconNo alternative credit data considered

Ro©2000 – 2020 Quicken Loans, LLC. All rights reserved. Lending services provided by Quicken Loans, LLC., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Quicken Loans® (also doing business as Rocket HQ), Rocket Homes Real Estate LLC, and Rocket Loans® are separate operating subsidiaries of Rock Holdings Inc.
Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

  • check mark Fast, guided and simplified online process
  • check mark Lock in your rate for 90 days
  • check mark Unique support for first-time homebuyers
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Key Facts

  • Mortgage types: Purchase
  • Min. credit score: 580
  • APR: Undisclosed
  • NMLS#: 46375


pros iconStreamlined online application process

pros iconAccess to an experienced home loan officer

pros icon$2,000 credit toward closing costs (under the 14-day closing guarantee)

pros iconCurrent standard rates and terms clearly listed online

pros iconOption to complete the closing process remotely (in certain states)


cons iconSpecific rates and terms not available without completing an application

cons iconLive chat feature is glitchy

cons iconFunding and approval times not clearly listed

Loans Provided by Warp Speed Mortgage, a dba of CalCon Mutual Mortgage LLC NMLS #46375 (www.nmlsconsumeraccess.org); 3838 Camino del Rio N Suite 305, San Diego, CA 92108. Corporate phone (877) 707-2050. For licensing information, go to: www.nmlsconsumeraccess.org © 2013 – 2021 Warp Speed Mortgage By refinancing your existing loan, your total finance charges may be higher over the life of the loan. (Reference: 10 VAC 5-160-60 (F)) All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. 14 Day Closing Guarantee

  • check mark A variety of mortgage loans and refinancing options
  • check mark A 14-day closing guarantee
  • check mark A professional client manager to help along the way
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Key Facts

  • Mortgage Types: Purchase, Refinance, adjustable, fixed, jumbo, FHA, VA, and USD
  • Min. Credit Score: 620
  • APR: Undisclosed
  • NMLS#: 1168


pros iconEasy online application process

pros iconTransparent information on their website

pros iconCustomized rates and quick pre-qualification

pros iconDiverse range of loan options

pros icon3% minimum down payment on offer

pros iconAccurate quotes given


cons iconApplication fee of $500

cons iconOffers no program for first-time homebuyers

The advertised rates also assume the borrower fully documents income, assets and liabilities, escrows for taxes and insurance, and there is no subordinate financing. * While SSN and hard credit pull are not typically required in order to review your available mortgage rates and get pre-qualified, if you choose to continue and submit a loan application, AmeriSave will then request your consent to pull a full credit report in order to proceed.

  • check mark Protect your rate while you home shop—Lock & Shop
  • check mark Fast preapproval letters
  • check mark 20+ years of experience with A+ BBB rating
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Key Facts

  • Mortgage types: Purchase, refinance
  • Min. Credit Score: 620
  • APR: 5.4%-7.2%
  • NMLS#: 1681273


pros iconSecure and private loan application process

pros iconNeat layout and easy navigation

pros icon3-minute application without hard check


cons iconLimited options for government backed home loans

cons iconCredible doesn’t operate in several large states

cons iconNo face-to-face customer support

cons iconPoor after sale services

Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 4.60% – 35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties..

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lenders will conduct a hard credit pull when you submit your application. Hard credit pulls will have an impact on your credit score. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680.

Bonus disclosure:
“All bonus payments are by gift card.”

  • check mark Prequalify in just 3 minutes
  • check mark Actual rates from multiple lenders
  • check mark Complete the origination process online
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Key Facts

  • Mortgage Types: Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
  • Min. Credit Score: 620
  • APR: Undisclosed
  • NMLS#: 3030


pros iconRate Lock

pros iconOnline application process

pros iconGood reputation for customer satisfaction

pros iconPre-approval available


cons iconFees could potentially be high

cons iconNo physical branches available

Rocket Mortgage Disclaimer: ©2000 – 2020 Quicken Loans, LLC. All rights reserved. Lending services provided by Quicken Loans, LLC., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Quicken Loans® (also doing business as Rocket HQ), Rocket Homes Real Estate LLC, and Rocket Loans® are separate operating subsidiaries of Rock Holdings Inc. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements.

  • check mark Start with certainty, close with confidence
  • check mark Lock in your rate for 90 days
  • check mark Apply online for free, anytime
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Key Facts

  • Mortgage Types Purchase, Refinance
  • Min. Credit Score: 620
  • APR: Undisclosed
  • NMLS#: 472329


pros iconA large range of mortgage types is available

pros iconMortgages offered for single-family and multi-family homes

pros iconAble to apply in branch


cons iconLack of visibility of rates charged

cons iconPrepayment fees and origination fees charged

cons iconNot available nationwide

First Horizon Corporation (NYSE: FHN) is a leading regional financial services company dedicated to helping our clients, communities, and associates unlock their full potential with capital and counsel.
Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern US. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable US Bank.

  • check mark Wide range of mortgages from a top-50 US bank
  • check mark Personal touch offered during mortgage applications
  • check mark Over 450 branches available

Current Mortgage Rates

Mortgage Interest Rate
30-year fixed-rate 7.17%
20-year fixed-rate 6.87%
15-year fixed-rate 6.42%
10-year fixed-rate 6.47%
7-year ARM 7.38%
5-year ARM 7.41%

Last update: 24/09/23

Recent Mortgage Rate Trends

Become familiar with common types of loans and their respective distinctions to take advantage of your financial situation. Below is a short list of common terms that are used among mortgage trends. 

Below is a table displaying the recent average mortgage rate for various loans updated weekly.

Mortgage Historical and Current Rates

1-Month Trend30-Year Fixed Rate15-Year Fixed Rate30-Year Jumbo Rate5/1 ARM rates30-Year FHA Rate30-Year VA Rate

*Last update: 24/09/23

Mortgage Rate Industry Insights

Mortgage rates nearly doubled from their 2022 levels, increasing from 3.79% in Q1 2022 to 6.80% in Q4 2022. This is a big deal for those who are planning on buying a home in the near future. According to several institutions, rates may end in 2023 at approximately 5.4%, a significant decrease from the current rate.

The real estate industry has been very reactive to the changing environment. Some lenders have begun to offer mortgages with lower down payments and more flexible terms to compete with other lenders. Some lenders have created new products, such as reverse or adjustable-rate mortgages, for those needing them.

Mortgage Rates: Understanding Different Types

The mortgage rate is one of the most important considerations when buying a house. The mortgage rate is the interest rate you'll pay on your loan and can significantly impact your monthly mortgage payments. Here are some of the main types of mortgage rates:

  • Fixed-Rate Mortgage: This is a common type of mortgage where the interest rate remains the same for the entire term of the loan, usually 15 or 30 years. This type of mortgage provides stability and predictability in monthly payments, which is ideal for those who don't want to worry about fluctuating interest rates.
    Example of Fixed-rate-mortgage: If you take a 30-year fixed-rate mortgage of $200,000 at an interest rate of 3.5%, your monthly payment would be $898.
  • Adjustable-Rate Mortgage (ARM): An adjustable-rate mortgage is a type of loan where the interest rate can change periodically. This mortgage often starts with a lower interest rate and then increases over time. An ARM is a good option for those who expect their income to increase or who plan on living in the house for a shorter period.
    Example of ARM: If you take a 5/1 ARM of $200,000 at an initial interest rate of 3.5%, your monthly payment would be $898 for the first five years. After the initial five years, the interest rate may change based on market conditions.
  • FHA Loan: The Federal Housing Administration (FHA) offers a mortgage loan insured by the government. An FHA loan requires a lower down payment and more relaxed credit standards than a conventional mortgage. This loan is ideal for first-time homebuyers or those with limited funds for a down payment.
    Example of FHA loan: If you take an FHA loan of $200,000 at an interest rate of 3.5%, your monthly payment would be $898.
  • VA Loan: The Department of Veterans Affairs (VA) offers a mortgage loan for eligible veterans and their spouses. A VA loan provides several benefits, including no down payment, no monthly mortgage insurance, and lower interest rates than other types of loans.
    Example of VA loan: If you take a VA loan of $200,000 at an interest rate of 3.0%, your monthly payment would be $865.

There are several types of mortgage rates, each with advantages and disadvantages. It's essential to carefully consider your financial situation and choose a mortgage rate that's right for you.

What Factors Determine a Mortgage Rate?

Credit Score

People with higher credit scores, for example, 720 and above, have access to favorable rates from almost any lender. Scores below 600 are perceived as risky by the lender and are likely to draw higher mortgage rate offers. 

Down Payment

The larger the down payment upon signing, the less risk the lender takes. A down payment shows the lender the level of commitment an individual has in seeing the deal through to its end because the borrower has more to lose. Thus, the larger the down payment, the better the offered interest rate.

Type of Loan Chosen

Numerous mortgage loans exist, such as FHA, conventional, VA, and USDA loans. The rates will differ based on the available loan types. Researching and talking to multiple lenders can help identify the best option and mortgage rate. 

Loan Term

The payment duration also affects the mortgage rates. For instance, lower interest rates are available for loans with shorter terms. The reason is that shorter-term loans indicate less risk for lenders because borrowers may have better means to pay back the debt owed. 

How to Qualify for Better Mortgage Rates

There are a few factors that contribute to the final mortgage rate. Before signing a mortgage loan agreement, most respectable lenders review your credit score, credit history, and more.

Financial behavior can be adjusted and improved to qualify for better mortgage rates. Getting better mortgage interest rates can be achieved by doing some of these things.

Credit Score Improvement

Credit Scores are powerful indicators to lenders about one’s financial history and trustworthiness. Since they hold a lot of weight, improving one’s Credit Score is a strong starting point for securing a better mortgage rate. Building up one’s Credit Score can be very valuable for financial health and well-being. 

Increase the Down Payment Size

Typical mortgages require a 20% down payment. Getting access to better rates may involve offering a larger down payment. By increasing the down payment size, the size of the loan principal will decrease, usually translating into savings.

Lower The Debt-to-Income Ratio

The Debt-to-Income Ratio is something that lenders look at when receiving applications for a loan. The chances of finding better mortgage rates may increase by paying off debt and lowering the debt-to-income ratio before shopping for mortgages.

How Does the Federal Reserve Affect Today’s Mortgage Rates?

Federal Open Market Committee members voted on Dec 4 to increase the overnight borrowing rate by half a percentage point. This takes it to a target range between 4.25% and 4.5%. Since the 1980s, this has been the most aggressive move.

The Federal Reserve is an organization that has a huge influence on mortgage rates. The Federal Reserve will increase the interest rates on mortgages and other loans if they believe the economy is in danger or if inflation has increased too much.

Though the Federal Reserve does not set the mortgage rates, they are the institution that determines the federal funds rate, which in turn impacts short-term and adjustable interest rates. This means that the Federal Reserve influences the rate at which financial institutions, such as banks, lend money to one another. Thus, when the federal funds rate spikes, banks find it expensive to borrow funds from other financial institutions. The result affects consumers with higher interest rates on lines of credit, auto loans, and mortgages. 

The Fed's decision to increase rates is not just about how much you can borrow. It also affects what you pay for your existing mortgage.

Tips for Shopping and Comparing Mortgage Rates

We recommend keeping several things in mind when comparing mortgage rates.

  • Compare more lenders to find the best possible rates. Search for mortgages locally or from lenders in other states.
  • Credit Scores have an effect on the rates offered. Consider investing time in improving financial habits with the goal of obtaining a stronger credit rating.
  • Avoid Hard Credit Checks. In most cases, when applying for a mortgage, lenders will perform a “hard credit pull”. Meaning, credit scores may be negatively affected when multiple hard credit checks are made in a short period of time. Instead, inquire about your current credit score and ask lenders what rates they offer to borrowers with matching qualifications before applying. This will allow for rate shopping and comparison without causing credit score harm. It is possible to discover your current credit score for free via various financial institutions.
  • Consider Mortgage Rate Locks – If a borrower negotiates with the lender to lock in the interest rate on a mortgage for a certain duration, it may create more stability and predictability and, therefore, a better agreement. The borrower may be protected from an unwanted increase in the interest rate. In turn, however, this would mean that a borrower would be locked into a less-favorable interest rate in the event of more favorable economic conditions that cause a decrease in interest rates.
  • Mortgage Points are fees that a borrower pays to the lender for a reduction in the interest rates. They are also referred to as discount points, and they lower monthly mortgage payments. Each point purchased can translate into a reduction of up to 1 percent of the total loan amount. However, many individuals would consider the length of time they plan to own the home and the difficulty of recovering from the heavy purchases of said mortgage points. 

In Conclusion

When choosing a mortgage lender, there is plenty of information to cover and consider. For that reason, we recommend using a mortgage lender guide as a reference for clear, concise, and relevant information.