Quick answer
Rates on the news are usually averages, and they can be out of date by the time you hear them. Your own rate depends on your credit, down payment, loan type, property and the day your loan is priced. As Christopher says, get your information directly from the source. To compare offers fairly, get quotes on the same day and look at the rate, the costs and the annual percentage rate.
Rules on this page were checked on against Freddie Mac and CFPB information. This page doesn’t quote any rate. Program terms are subject to agency and lender guidelines and may change, and individual lenders can set stricter rules.
Mortgage news vs. reality
Transcript: One thing I would encourage is that when you're looking to get a quote or get information in regards to a mortgage, that you get the information directly from the source. A lot of times you may hear on the news or in the media that interest rates are doing one thing or doing the other, but by the time they may get their information, that data may be old.
What does a news rate really mean?
A commonly cited figure is Freddie Mac’s Primary Mortgage Market Survey. It’s a weekly U.S. average, based on thousands of loan applications submitted to Freddie Mac. It’s useful for seeing the trend, but it isn’t a quote for you. Other reports may use other data, and they can move in different ways during a week. For a current snapshot, see today’s rates, then ask for a quote on your file.
What affects your own rate?
| Factor | Why it matters |
|---|---|
| Credit score | The score used on your loan affects pricing |
| Down payment or equity | Loan-to-value affects risk |
| Loan type and term | FHA, VA, USDA and conventional are priced differently, and so are 15- and 30-year terms |
| Property and use | A condo, investment property or cash-out refinance can change pricing |
| Discount points or credits | You may pay more upfront for a lower rate, or take a higher rate for lower costs |
| Timing | Rates can change daily, or even during the day |
General information. No rate is quoted or promised on this page.
Why should you get quotes on the same day?
On WSGI’s One Street Over, Christopher encourages people to get all their quotes as close together as possible. A statement by a political leader or a market move can change pricing, and then you aren’t comparing apples to apples. Hear it from 27:59 in the episode.
How should you compare offers?
- Ask each lender for an official Loan Estimate.
- Use the same loan type, term, down payment and closing date.
- Compare the rate, the points, and the total closing costs.
- Look at the annual percentage rate, which reflects more of the costs of the loan than the interest rate does.
- Ask whether the rate is locked, and until when.
An advertised rate may assume a strong score, a large down payment or discount points. Read the fine print.
How are rates set?
Rates move with the market, and they also depend on what each investor wants at the time. On The Hub, Christopher explains why pricing can change with an investor’s workload on a product. Listen from 10:45. That doesn’t mean any one company will always cost less, so compare actual offers.
Mortgage rate FAQ
Does the Fed set mortgage rates?
Not directly. The Fed influences the broader economy, but mortgage rates depend on market conditions and on each lender’s pricing, so they don’t always move with Fed announcements.
What is a rate lock?
A rate lock holds your rate for a set period, subject to the lender’s terms, as long as your application doesn’t change. Ask about the lock length and any cost to extend it.
Why was I quoted more than the average?
Averages combine many borrowers, and your file may differ in score, down payment, loan type or property. Ask your lender what is affecting your quote and what could change it.
Where these rules come from
| Rule or figure | Source | As of |
|---|---|---|
| Weekly national rate survey | Freddie Mac Primary Mortgage Market Survey | Nov 5, 2026 |
| Interest rate vs. annual percentage rate | CFPB, interest rate and annual percentage rate | Nov 5, 2026 |
| Loan Estimate | CFPB, Loan Estimate | Nov 5, 2026 |
Related answers and guides
- Should you buy a house now or wait?
- Do you need a 1% rate drop to refinance?
- Why is your real payment different from Zillow?
- More answers on your payment and rate.
- About Christopher Armantrout.
Call me at (615) 671-9178. That’s the fastest way to get a straight answer on what you’d qualify for and what your own quote could look like.
If it’s after hours, grab a time on my calendar. Pick a slot that works and I’ll call you then.
If your life is too chaotic for a phone call right now — I understand — start an application and I’ll review it and reach out with a plan.
Valor Mortgage, LLC · Christopher Armantrout, Mortgage Loan Originator, NMLS #1210804 · Valor Mortgage, LLC is powered by Encore Lending Group, LLC, NMLS #1249911 · Licensed in Tennessee · Equal Housing Opportunity
724 S Main St, Springfield, TN 37172 · (615) 671-9178 · christopher@valor.mortgage · NMLS Consumer Access
The dollar figures on this page are illustrative examples for general information only and are not an offer, a rate quote, or a commitment to lend. Actual interest rates and APRs vary based on loan program, borrower qualifications, property, market conditions and other factors. Program fees, limits and terms are set by the agencies named above and change without notice; all loans are subject to credit approval, income verification and property appraisal. Not all applicants will qualify.