Where the weekly rate comes from
The number quoted in most US headlines is the Freddie Mac Primary Mortgage Market Survey, published on Thursdays for a 30-year fixed loan. It is an average of lender quotes, not the rate your lender will offer. Credit score, down payment, points, and the loan type move the quote. Read the latest survey on Freddie Mac’s PMMS page, then type that rate into the comparison box.
Why a quarter point matters more on a long loan
Interest is charged on the remaining balance every month. Early payments are mostly interest, so a small change in the annual rate compounds across 360 payments. A 15-year loan shows a smaller dollar gap because there are fewer payments, and a larger monthly payment because principal is repaid faster. The refinance calculator answers a different question: whether the monthly savings cover the closing costs.
What this page leaves out on purpose
- Property tax, insurance, and HOA fees. Add those in the full payment calculator.
- Mortgage insurance when the down payment is under 20%.
- Points paid upfront to buy a lower rate.
To see a price ceiling from income and debts, start with the affordability calculator. For the decision clock that often moves these rates, see the next Fed meeting date and time.