RATE UPDATES

Another Fed cut.

"Mortgage rates don't always follow the Fed, but a second cut is helping them move lower as we look to the end of 2024 and the beginning of 2025. We can help you save. Get your custom rate today."

– Bill Banfield, Chief Business Officer, Rocket Companies

Estimate My Rate
A graph showing a year of mortgage rate trends for 30-year and 15-year fixed home loans.
Text Rates To 762538 To Get Updates

Read The Latest About Rates

Search Our Learning Center
The Federal Reserve Bank building.

5-Minute Read

How The Federal Funds Rate Affects Mortgage Rates

Read The Article A woman holding a stack of envelopes and papers over a computer keyboard and mouse.

6-Minute Read

How A Fed Rate Drop Affects Home Buyers And Sellers

Read The Article A family of four enjoys a happy moment together outside their home.

4-MINUTE READ

Should I Lock In My Mortgage Rate Today?

Read The Article A Black woman wearing a white turtleneck shirt smiles while looking at a laptop in her kitchen.

7-MINUTE READ

How Are Mortgage Rates Determined?

Read The Article The Federal Reserve Bank building.

5-Minute Read

How The Federal Funds Rate Affects Mortgage Rates

Read The Article A woman holding a stack of envelopes and papers over a computer keyboard and mouse.

6-Minute Read

How A Fed Rate Drop Affects Home Buyers And Sellers

Read The Article A family of four enjoys a happy moment together outside their home.

4-MINUTE READ

Should I Lock In My Mortgage Rate Today?

Read The Article A Black woman wearing a white turtleneck shirt smiles while looking at a laptop in her kitchen.

7-MINUTE READ

How Are Mortgage Rates Determined?

Read The Article

Current Rates

30-Year Fixed

Interest 7.25%

APR 7.577%

Points 2 ($5,500.00)

30-Year FHA

Interest 6.49%

APR 7.395%

Points 2 ($5,500.00)

Explore More Rates

These rates are current as of 2:20 PM UTC on December 30, 2024.

30-Year Fixed

Interest 6.875%

APR 7.185%

Points 1.875 ($4,687.50)

30-Year FHA

Interest 6.75%

APR 7.664%

Points 2 ($5,087.50)

Explore More Rates

These rates are current as of 2:20 PM UTC on December 30, 2024.

Get the right rate for you. All of you.

You’re more than a rate.

Rates are important. But they’re just one part of your overall financial picture. Here’s how we figure out what’s right for you.

Nice to meet you.

We get to know you first.

What are your plans?

What you’re hoping to do, now and in the future, will guide next steps.

Here are your options.

We’ll help you decide what makes sense for you - at the right rate and monthly payment.
Clockwise from left: A smiling woman holds a coffee cup while talking on the phone; two women at a table look at a laptop together; a smiling Black man wearing a headset helps a Rocket Mortgage client.

What determines your mortgage rate?

Pictogram of a credit score dial with the needle on the high end.

Credit Score

Higher credit scores typically get lower rates because they predict you’re more likely to pay back your mortgage. 
Pictogram of a credit card with a percent sign on it to represent debt-to-income

Debt-To-Income Ratio

Lower debt predicts you’re more likely to be able to pay your mortgage. So a lower DTI can mean a lower interest rate.
Pictogram of a data visual with a bar and line graph and a badge with a house on it to represent local market conditions

Market Conditions

The Federal Reserve, inflation and the housing market all influence mortgage rates.

Terms To Know

What’s an interest rate?

It’s a percentage you’re charged to borrow money, applied to your loan amount.

What’s APR?

Annual percentage rate is interest rate with the fees to process your mortgage added on.

What’s a fixed-rate mortgage?

It means your interest rate stays the same for as long as you have the loan.

Who’s The Fed?

The Federal Reserve is the central bank of the U.S. It controls the interest rate banks charge to borrow money - including for mortgages.
A couple in their 30s look at a laptop and discuss their options for home financing.

1The 2-1 temporary buydown offer is funded by Rocket Mortgage. Clients will receive an effective rate reduction of 2% below the note rate in the first year and 1% below the note rate in the second year. Offer only valid on HomeReady® or Home Possible® loans. Maximum loan amount of $350,000. Buydown funds may not be redeemed for cash or credit and are nontransferable. This offer cannot be retroactively applied to any loans in process or closed loans. Offer is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend. 
 
The payment on a $350,000 Home Ready or Home Possible loan at 6.99% is $2,326.21. The annual percentage rate (APR) is 7.399% and the loan-to-value ratio (LTV) is 95% for the cost of .5 points ($1,750) due at closing. One point is equal to one percent of the loan amount. Year 1 with 2% buydown the payment is $1876.74 and Year 2 with 1% buydown the payment is $2,096.18. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of August 20, 2024. Some state and county maximum loan amount restrictions may apply.