What affects your 30-year fixed mortgage rate?

Your mortgage rate is determined by a combination of national market conditions and your personal financial profile. The Freddie Mac weekly survey tracks national averages, but your actual rate depends on your credit score, down payment size, loan amount, property type, and which lender you choose. Borrowers with credit scores above 740 and down payments of 20% or more typically receive the lowest available rates.

How much house can I afford on different incomes?

• $50,000/year income: Typically affords a home in the $150,000–$200,000 range
• $80,000/year income: Typically affords a home in the $250,000–$320,000 range
• $100,000/year income: Typically affords a home in the $320,000–$400,000 range
• $150,000/year income: Typically affords a home in the $480,000–$600,000 range

* Based on 28% DTI ratio at current rates. Use our Affordability Calculator above for a personalised estimate.

Types of mortgage loans explained

• 30-Year Fixed: Most popular. Rate stays fixed for 30 years — predictable payments, lower monthly cost.
• 15-Year Fixed: Higher monthly payments but far less total interest and faster equity building.
• 5/1 ARM: Fixed for 5 years then adjusts annually. Good if you plan to sell within 5 years.
• Jumbo: For loans above $766,550 in most US counties — requires stronger credit and larger down payment.