Today’s Mortgage Rates

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Rate / APR

Mortgage Type

5.125% / 5.333% 30 Year Fixed
4.500% / 4.860% 15 Year Fixed
Rates as of May 28, 2023 9:00am PST. See Legal disclosure

Mortgage Agreement

A mortgage is an agreement between the borrower and a mortgage lender to buy a home without having all the cash upfront. This agreement gives lenders the legal rights to repossess a property if you fail to meet the terms of your mortgage, most commonly by not repaying the money you’ve borrowed plus interest.

There are many types of home loans. Each comes with different requirements, interest rates, and benefits. There are two main categories of mortgages: conventional and non-conforming loans. A conventional loan refers to any loan not backed or guaranteed by the federal government. Non-conforming loans are government-backed mortgages geared toward helping first-time, low- to median-wage earners and those with past credit difficulties buy a home.

Below are some of the most common types of mortgages in the market.

Conventional Mortgages

  • As low as 3% down payment
  • Up to $970,800 loan cap
  • At least 620 credit score
  • 36% MTI / 50% DTI

FHA Mortgages

  • 3.5% down payment (10% for 500-579 credit score)
  • Subsidized interest rates
  • 31% MTI /43% DTI
  • At least 500 credit score
  • Up to $970,800 loan cap

Jumbo Mortgages

  • As low as 10% down payment
  • 38% MTI / 45% DTI
  • At least 700 credit score
  • Up to $2,500,000 loan cap

VA Mortgages

  • As low as 0% down payment
  • 38% MTI / 45% DTI
  • No credit score requirement (580+ preferable)
  • Up to $2,500,000 loan cap

Non-Qualified Mortgages

  • Personal or Business Ownership
  • Starts at 350 credit score
  • Up to $5,000,000 loan cap
  • Starts at 20% down payment
  • 55% DTI / .70+ DSCR

Home Possible Mortgage

  • As low as 3% down payment
  • Applicant income can’t be more than 80% of the area median income
  • First time homeowner and primary residence only
  • At least 580 credit score
  • 65% DTI