

Current Mortgage and Refinance Rates for July 2019


How to find the right mortgage

1. Compare rates


2. Get a quote


3. Apply


Current Mortgage Rates Comparison

On July 18, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.81 percent with an APR of 3.93 percent. The average 15-year fixed mortgage rate is 3.23 percent with an APR of 3.43 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.99 percent with an APR of 7.08 percent.

Bankrate Mortgage Rates

Product Interest Rate APR
30-year fixed mortgage rate 3.81% 3.93%
20-year fixed mortgage rate 3.77% 3.93%
15-year fixed mortgage rate 3.23% 3.43%
30 Year FHA mortgage rate 3.45% 3.51%
30-year VA mortgage rate 3.48% 3.53%
5/1 ARM mortgage rate 3.99% 7.08%
7/1 ARM mortgage rate 3.96% 6.37%
10/1 ARM mortgage rate 4.19% 5.96%
30-year fixed jumbo mortgage rate 4.13% 4.24%
15-year fixed jumbo mortgage rate 3.87% 4.08%
5/1 ARM jumbo mortgage rate 3.79% 6.89%
7/1 ARM jumbo mortgage rate 3.76% 6.18%

Last update: 07/18/2019 at 6:30 AM

Wells Fargo Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.875% 3.989%
15-Year Fixed Rate 3.125% 3.343%
5/1 ARM 3.500% 4.241%

Last update: 07/18/2019

Bank of America Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.750% 3.951%
15-Year Fixed Rate 3.000% 3.359%
5/1 ARM Fixed Rate 3.000% 4.154%

Last update: 07/18/2019

Quicken Loans Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.990% 4.264%
15-Year Fixed Rate 3.500% 3.960%
5/1 ARM Fixed Rate 3.750% 4.589%

Last update: 07/18/2019

Chase Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.750% 3.838%
15-Year Fixed Rate 3.125% 3.282%
5/1 ARM 3.250% 4.146%

Last update: 07/18/2019

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?

In a mortgage agreement, a borrower agrees to a set length of time to repay the money, at a certain interest rate and under specific terms, and makes payments in equal monthly installments.

What are the different types of mortgages?

There are three main types of mortgages:

Fixed-rate mortgages


Adjustable-rate mortgages


Jumbo mortgages


Government-insured loans



How long do you repay a mortgage?

Mortgages come in various repayment terms, including fixed-rate loans of 10, 15, 20, 30 or 40 years. Another option is an adjustable-rate mortgage, or ARM, which has an initial, fixed-rate interest period of three, five, seven or 10 years. After the initial time frame, an ARM resets and interest rates can go up or down for the remaining life of the loan.

How do I choose the best mortgage?

The mortgage you choose depends on a variety of factors, including your credit history and score, debt-to-income ratio, down payment amount and employment history. It also depends on how long you play to stay in the home, what type of property you’re interested in, and if you meet the lender’s borrowing requirements.


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?

The first step in getting a mortgage is to get preapproved, and it’s best to do this before you start looking at homes. A preapproval might reveal you need to work on credit issues or pay down debt, so it’s best to speak to a lender as early as possible to identify -- and resolve -- potential obstacles.

How much can I borrow for a mortgage?

The maximum loan amount will vary depending on the type of mortgage you choose, federal loan limits and the specific down payment requirements for the type of mortgage you want. For example, VA and USDA loans allow you to finance 100 percent of the home’s purchase price, while FHA loans require 3.5 percent down and conventional loans require at least 3 percent down.

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.