What is a good mortgage rate?

A “good” mortgage rate depends on current market rates, your credit profile, loan amount, term, and loan type. What was competitive last year may not be today, and rates differ by lender.

To know whether a rate is competitive for you, get quotes from multiple lenders for the same scenario. Compare the interest rate and APR (which includes some fees). If one lender’s quote is meaningfully higher than others for the same loan structure, you have a clearer picture.

Rates are often quoted as an interest rate and as an APR. The APR reflects the cost of the loan including certain fees, so it’s useful for comparing offers. A lower APR generally means lower total cost, assuming you keep the loan for the full term.

Tracking and comparing your quotes in one place makes it easier to see how each offer stacks up. There’s no universal “good” number—only what’s competitive given your situation and the offers you’ve gathered.