Are you looking for the best possible mortgage rate in 2023? This comprehensive guide can help navigate you through the process of finding the most competitive mortgage rates to ensure you get the best deal on your new home.

When shopping for a mortgage, understanding current mortgage rates is one of the most important steps. Though rates may fluctuate throughout the year, they tend to stay within a narrow range. In February 2021, the average rate on a 30-year fixed mortgage was 2.772or those with a FICO Score higher than 740, and 3.087or those with a FICO Score lower than 680. As mortgage rates change so often, and the market conditions can become complex quickly, it’s important to stay informed.

What Is A Mortgage Rate and How Is It Determined?

A mortgage rate is simply the interest rate on a home loan. It’s determined by factors like the borrower’s credit score, the loan-to-value ratio, the size of the down payment, the loan term, the type of loan and more. Depending on the specific characteristics of the loan, the mortgage rate can vary greatly.

Generally, mortgage rates tend to decrease over the course of the year. In the spring of 2021, mortgage rates are expected to decrease further ahead of the busy home buying season. However, understanding what the current mortgage rates are and how they may fluctuate can help ensure you get the best possible rate on your new home loan.

What Are Today’s Mortgage Rates?

As of March 2nd 2021, the average APR on a 30-year fixed mortgage is 7.15%. The average APR on the 15-year fixed mortgage sits at 6.34%. For borrowers looking to compare offers from top lenders to find the best rates, has many offerings available with an average APR of 6.55%.

Additionally, for a $300,000 loan, the monthly principal and interest payment with a 30-year fixed mortgage sits at about $1,459, and for a 15-year fixed mortgage it is $2,024. On March 1, 2023, the average 30-year fixed rate mortgage rate was 6.68%, up from 6.63% the prior week.

How To Find The Best Mortgage Rates

When shopping for a mortgage, understanding what the current mortgage rates are is just one part of the equation. There are several additional steps to take to ensure you’re getting the best possible deal.

First, decide what type of loan makes the most sense for you. While a 30-year fixed rate mortgage is the most popular option, there are other types of loans to explore, each with its own benefits.

Next, consider if you should pay points. Paying points can lower the rate of your mortgage, but the associated costs should be weighed to ensure you are getting the best deal.

Finally, compare rates from multiple lenders. By shopping around, you can ensure you’re getting the best rate possible on your loan. You can use or another lender comparison app to view mortgage quotes from numerous lenders. Once you have found a rate you are comfortable with, apply for the loan.

The Best Mortgage Apps for Borrowers

For additional convenience, one of the best mortgage apps available is Mr. Cooper. Through this app, you can compare rates from various lenders and apply for the loan all in one place. Best of all, if you have less than a 680 FICO credit score, you can still use the app to get started.

Additionally, also offers a comprehensive online marketplace for mortgage bidding to ensure you receive the lowest rate. With Bankrate, you can find lenders that offer the lowest rates around and compare terms in an easy-to-use dashboard.


Finding the best current mortgage rates in 2021 can be a tricky process. Despite current market conditions, understanding today’s mortgage rates and how to best compare offers from different lenders is key to getting the best deal. As always, it’s a good idea to talk to a professional before applying for a mortgage.

By following the steps discussed in this comprehensive guide, you can ensure you’re getting the best mortgage terms possible.