What are mortgage rates today?

You'll see two kinds of mortgage rates online: national averages and lender rates.

• National averages: These show the typical rate across the country. They're useful for spotting trends, like whether rates are rising or falling. Freddie Mac publishes one of the most widely used weekly surveys.

• Lender rates: These are the rates a specific bank or lender offers. They can be higher or lower than the average, depending on the lender and on you.

A national average tells you where the market stands. A lender quote tells you what you would actually pay. It helps to look at both.

The Axos Bank mortgage rates today page shows the daily national average alongside Axos rates for several loan terms.

Your rate depends partly on the type of loan you choose. Here are the most common options:

• 30-year fixed: The interest rate stays the same for the whole loan. Payments are lower each month, but you pay more interest over time.

• 15-year fixed: The rate also stays the same, but you pay the loan off faster. Rates are usually lower than on a 30-year loan, and monthly payments are higher.

• Adjustable-rate mortgage (ARM): The rate is fixed for a set time, often five or seven years. After that, it can go up or down with the market. ARMs often start with a lower rate than a 30-year fixed loan.

Shorter terms usually come with lower rates and less total interest. The tradeoff is a bigger monthly payment, so it's worth checking what fits your budget.

Mortgage rates don't change at random. Several big-picture forces push them up or down:

• Inflation: When prices rise quickly, lenders and investors want higher returns, which tends to push rates up.

• The bond market: Mortgage rates often follow the yield on the 10-year U.S. Treasury note. (A yield is the return investors earn on a bond.)

• Federal Reserve policy: The Fed doesn't set mortgage rates directly. Its decisions on short-term rates can still influence the wider market.

• The economy: Strong job growth and spending can lift rates. Signs of a slowdown can pull them down.

• Housing demand: When lots of buyers compete for loans, lenders may adjust pricing.

You can't control any of these. That's why it helps to focus on the parts of your rate you can influence.

The national average is a starting point. Your own rate depends on your finances and on the loan you want. Lenders usually look at these factors:

• Credit score: A higher score generally means a lower rate, since it shows a history of paying debts on time.

• Down payment: A larger down payment lowers the lender's risk, which can earn you a better rate.

• Debt-to-income ratio (DTI): This is the share of your monthly income that goes to debt payments. A lower DTI can help you qualify for better pricing.

• Loan amount and term: Both can change the rate you're offered.

• Property type and use: Rates can differ for a primary home, a vacation home, or an investment property.

Small changes can add up. Paying down credit card balances or saving a bit more for a down payment before you apply may improve your offer.

When you compare offers, you'll see two numbers. The interest rate is the cost of borrowing the money.

The annual percentage rate (APR) includes the interest rate plus certain fees, like lender charges and discount points. (Discount points are fees you pay up front to lower your interest rate.)

APR is usually a bit higher than the interest rate. It gives you a fuller picture of what a loan costs each year, which makes it a handy way to compare lenders side by side.

Getting a few quotes takes some effort, but it can save you real money over the life of a loan. Here's a simple way to do it:

1. Get quotes the same day. Rates change daily, so quotes collected on different days aren't a fair comparison.

2. Compare the same loan. Ask each lender for the same term, loan amount, and down payment.

3. Look at APR and fees. A low rate can come with high fees, so check both.

4. Ask about discount points. Find out whether the quote includes points and how much they lower the rate.

5. Ask about rate locks. A rate lock holds your rate for a set time while your loan is processed. Ask how long it lasts and whether it costs anything.

It's a fair question, and no one can predict where rates will go. Experts often disagree, and rates can move in either direction for reasons no one sees coming.

Many people focus on what they can afford instead. If a monthly payment fits your budget today, waiting may not be worth the risk of higher home prices or losing a home you love. And if rates fall later, you may be able to refinance. (Refinancing means replacing your current mortgage with a new one, often at a lower rate.) Refinancing has costs, so it helps to run the numbers first.

A financial advisor can help you weigh your options. Terms vary by lender, and your situation is unique.

So, what are mortgage rates today? The answer depends on the day, the loan type, and your finances. The national average gives you a sense of the market, but your own rate comes from your credit, down payment, and the lender you choose.

Checking rates regularly and comparing quotes can help you move when the timing feels right.

Ready to see where you stand? Whether you're buying a home or looking to refinance, you can view current rates and get a personalized quote on the Axos Bank mortgage rates today page.