Question 1

What credit score do I need for a mortgage?

Accepted Answer

Conventional loans typically require 620 or higher for best rates; some lenders accept 580 with a larger down payment. FHA loans can be more flexible with credit. USDA and VA loans often have more lenient requirements. Your rate generally improves as your credit score increases.

Question 2

How much down payment do I need?

Accepted Answer

Conventional loans often allow 3-5% down (with PMI). FHA: 3.5% down. USDA and VA: 0% down for eligible buyers. A 20% down payment on conventional loans avoids PMI.

Question 3

30-year fixed vs 15-year fixed: which is better?

Accepted Answer

A 30-year fixed keeps your monthly payment lower and is easier to qualify for; you pay more total interest. A 15-year fixed typically has a lower rate and saves you thousands in interest but requires a higher monthly payment. Choose based on your income, budget, and how long you plan to stay.

Question 4

What's the difference between fixed-rate and adjustable-rate?

Accepted Answer

A fixed-rate mortgage locks in your interest rate for the life of the loan—your payment stays the same. An adjustable-rate mortgage (ARM) starts with a lower rate for a set period (e.g., 5 or 7 years), then adjusts periodically based on market rates. Fixed rates offer predictability; ARMs can save money short-term but add uncertainty later.

Question 5

Does checking rates affect my credit score?

Accepted Answer

No. Viewing the rate table and filling out our form do not run a credit check. You self-report your credit score. A licensed broker will share advice based on their experience, walk you through your options, and help you decide next steps. If you'd like to move forward, they'll verify what you've reported—that's when a credit check happens. One of the benefits of starting with a broker: you get guidance first, without any impact on your credit.

Question 6

What's the minimum credit score required?

Accepted Answer

Lenders typically like to see 680 or above—that's considered good and opens up the best options. But government-backed programs like FHA loans exist for credit scores as low as 500. A broker can help you understand where you stand and what's available for your situation.

Question 7

How can I check my credit without hurting my score?

Accepted Answer

You can check your credit on your own reliably—free tools like Credit Karma let you monitor your score and get instant notifications on changes, with no impact on your credit. After speaking with a broker, they can help you decide if your credit is adequate or if it makes sense to wait and boost it first. We have guides to help: our 90-day credit boost and credit card optimization guides can put you in a stronger position. With modern tools, you never have to suffer a meaningful rate drop from shopping until you're ready.

Question 8

How do I choose between FHA, USDA, and VA?

Accepted Answer

FHA loans are for anyone—3.5% down, flexible credit—a strong option when you have limited down payment or credit challenges. USDA loans are for eligible rural and suburban properties—0% down, income limits apply. VA loans are for eligible veterans and service members—0% down, no PMI, competitive rates. If you're eligible for VA, it's often the best deal. USDA fits if the property qualifies and your income is within limits.

Question 9

What are today's average mortgage rates?

Accepted Answer

Average mortgage rates change daily based on economic data, inflation, and Treasury yields. The table above shows current offers from lenders. For national averages, the Freddie Mac Primary Mortgage Market Survey and similar sources publish weekly figures. Your actual rate depends on your credit score, down payment, loan type, and the lender you choose.

Mortgage Rates for Apr 18, 2026

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30-year fixed mortgage rate average

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