

Current Mortgage and Refinance Rates for October 2019


How to find the right mortgage

1. Compare rates


2. Get a quote


3. Apply


Current Mortgage Rates Comparison


On October 15, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.79 percent with an APR of 3.91 percent. The average 15-year fixed mortgage rate is 3.18 percent with an APR of 3.38 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 4.07 percent with an APR of 7.15 percent.

Today's Mortgage Interest Rates for Purchase

Product Interest Rate APR
30-Year Fixed Rate 3.77% 3.89%
20-Year Fixed Rate 3.67% 3.84%
15-Year Fixed Rate 3.18% 3.38%
30-Year FHA 3.32% 3.39%
30-Year VA 3.39% 3.46%
5/1 ARM 4.02% 7.11%
7/1 ARM 4.02% 6.41%
10/1 ARM 4.26% 6.01%
30-Year Fixed Rate Jumbo 4.16% 4.27%
15-Year Fixed Rate Jumbo 3.92% 4.11%
5/1 ARM jumbo 3.99% 7.09%
7/1 ARM jumbo 3.93% 6.32%

Rates as of 10/16/2019 at 6:30 AM

Wells Fargo Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.625% 3.748%
15-Year Fixed Rate 3.000% 3.162%
5/1 ARM 3.000% 3.905%

Rates as of 10/15/2019

Bank of America Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.625% 3.816%
15-Year Fixed Rate 2.875% 3.233%
5/1 ARM 2.625% 3.874%

Rates as of 10/15/2019

Quicken Loans Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.990% 4.247%
15-Year Fixed Rate 3.500% 3.948%
5/1 ARM 3.750% 4.353%

Rates as of 10/15/2019

Chase Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.625% 3.706%
15-Year Fixed Rate 2.990% 3.108%
5/1 ARM 2.875% 3.769%

Rates as of 10/15/2019

What to know about mortgages

What is a mortgage?

A mortgage is a loan from a financial institution that lets you purchase a house without paying the entire amount upfront. A mortgage is secured by the home itself, so the bank can sell the home and recoup the money it loaned to you if you default on the loan.

How does a mortgage work?


What are the different types of mortgages?

There are three main types of mortgages:

Fixed-rate mortgages

Fixed-rate mortgages are the most common mortgage type. The interest rate remains the same for the life of the loan. With a fixed-rate mortgage, your monthly payment won't change (outside of property taxes, insurance premiums or homeowner's association fees).

Adjustable-rate mortgages


Jumbo mortgages


Government-insured loans


You can find more information in the article, 5 Types of Mortgage Loans for Homebuyers.

How long do you repay a mortgage?


How do I choose the best mortgage?



Pros and Cons of Different Loan Types
Pros Cons Who it's best for
Fixed-rate mortgages Pros
  • Rates and payments remain constant, despite interest rate changes.
  • Stability makes it easier to budget.
  • Simple to understand.
  • Interest payments tend to be higher.
Who it's best for


Adjustable-rate mortgages Pros
  • Feature lower rates and payments early in the loan term.
  • ARMs are difficult to understand.
  • Lenders have much more flexibility to customize.
Who it's best for


Conventional mortgages Pros
  • PMI is cancellable once you’ve gained 20 percent equity.
  • Put as little as 3 percent down for agency loans.
  • Minimum FICO score of 620.
Who it's best for


Government-insured mortgages Pros
  • More relaxed credit requirements.
  • Don’t require a large down payment.
  • Open to repeat and first-time buyers.
  • Higher overall borrowing costs.
  • May require more documentation to prove eligibility.
Who it's best for


Jumbo mortgages Pros
  • Interest rates tend to be competitive with other conventional loans.
  • Maximum DTI ratio of 45 percent.
Who it's best for



How do I find the best mortgage rate?

To find the best mortgage rate, shop around with at least three different lenders to compare products and rates. Typically, the higher your credit score and the less debt you have, the more competitive interest rates lenders can offer.

What is the difference between APR and interest rate?

The annual percentage rate, or APR, includes the interest rate and all other borrowing costs, such as mortgage insurance and other loan fees, and is expressed as a percentage. It gives you an overall idea of the loan’s true borrowing costs. The interest rate is a fee a lender charges you to borrow the principal loan amount. It can be variable or fixed, but it’s always expressed as a percentage.

Find out more about the difference between interest rates and APR.

When is the right time to get a mortgage?


How much can I borrow for a mortgage?


How do I refinance a mortgage?

Refinancing a mortgage makes sense if you can get a lower interest rate than your current mortgage to lower your payments, or to shorten your loan term and cut interest payments significantly. Like getting a new mortgage, refinancing requires a loan application, and you must have at least 20 percent equity in your home, either through paying down your principal loan balance or because your home’s value has increased since you bought it.