Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
6.560%
30-year fixed-rate“
On Wednesday, March 5, 2025, the average APR on a 30-year fixed-rate mortgage rose 8 basis points to 6.560%. The average APR on a 15-year fixed-rate mortgage rose 9 basis points to 5.713% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 2 basis points to 7.051%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 8 basis points lower than one week ago and 37 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Why do you want a home loan?
Showing: Purchase, Good (720-739), 30-year fixed, Single family home, Primary residence.
EXPLORE QUOTEon Simplist
on Simplist
Simplist: NMLS#1764611Conventional 30-year fixed
Lowest APR
Lowest monthly payment
4.5
NerdWallet rating
APR
6.619%
Interest rate
6.5%
Mo. payment
$2,529
Insurance $0
Total fees
$4,920
About this lender
Pros
- Loan origination process can be completed online.
- Offers government-backed FHA and VA loans.
- Offers module that compares mortgage rates among other lenders.
Cons
- Offers loans in many states and Washington, D.C., but not nationwide.
- Does not offer home equity loans or lines of credit.
EXPLORE QUOTEon New American Funding
on New American Funding
New American Funding: NMLS#6606
Great for first-time home buyers | customer service
Conventional 30-year fixedAPR
6.915%
Interest rate
6.875%
Mo. payment
$2,628
Insurance $0
Total fees
$1,629
About this lender
Pros
- Offers a wide variety of purchase and refinance mortgages, as well as unique buyer assistance programs.
- Its home equity line of credit can be used for a primary residence or second home.
Cons
- Average origination fees are on the high side, according to the latest federal data.
- Personalized mortgage rates are not available on the website without providing contact information.
EXPLORE QUOTEon HSBC Bank
on HSBC Bank
HSBC Bank: NMLS#399799Conventional 30-year fixed
5.0
NerdWallet rating
APR
7.014%
Interest rate
7%
Mo. payment
$2,662
Insurance $0
Total fees
$571
About this lender
Pros
- Offers an online application and loan process updates.
- Offers mortgages for investment properties.
- Makes it easy to browse current rates and get a customized mortgage rate quote.
Cons
- Does not offer FHA or VA government-backed loans.
- No renovation mortgage options.
EXPLORE QUOTEon FourLeaf Federal Credit Union
on FourLeaf Federal Credit Union
FourLeaf Federal Credit Union: NMLS#449104Conventional 30-year fixed
APR
7.414%
Interest rate
7.375%
Mo. payment
$2,763
Insurance $0
Total fees
$1,520
About this lender
Pros
- Specialty loans include financing for co-ops and nonwarrantable condos.
- Offers conventional loans for manufactured homes.
- Highly rated mobile app.
Cons
- Interest rates are on the high side, according to the latest federal data.
- Doesn’t offer renovation, construction or USDA loans.
- Can’t get a preapproval online.
EXPLORE QUOTEon Rocket Mortgage, LLC
on Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
Great for digital convenience | customer service
Conventional 30-year fixedAPR
7.908%
Interest rate
7.875%
Mo. payment
$2,901
Insurance $0
Total fees
$1,250
About this lender
Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
Cons
- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.