Finance
Today’s 15- and 30-year mortgage rates hold steady | April 12, 2024
Published
1 year agoon

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Mortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate. (iStock)
The interest rate on a 30-year fixed-rate mortgage is 7.375% as of April 12, which is unchanged from yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.500%, which is also unchanged from yesterday.
With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest rates, terms, and fees to ensure you get the best deal.
Rates last updated on April 12, 2024. Rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).
How do mortgage rates work?
When you take out a mortgage loan to purchase a home, you’re borrowing money from a lender. In order for that lender to make a profit and reduce risk to itself, it will charge interest on the principal — that is, the amount you borrowed.
Expressed as a percentage, a mortgage interest rate is essentially the cost of borrowing money. It can vary based on several factors, such as your credit score, debt-to-income ratio (DTI), down payment, loan amount, and repayment term.
After getting a mortgage, you’ll typically receive an amortization schedule, which shows your payment schedule over the life of the loan. It also indicates how much of each payment goes toward the principal balance versus the interest.
Near the beginning of the loan term, you’ll spend more money on interest and less on the principal balance. As you approach the end of the repayment term, you’ll pay more toward the principal and less toward interest.
Your mortgage interest rate can be either fixed or adjustable. With a fixed-rate mortgage, the rate will be consistent for the duration of the loan. With an adjustable-rate mortgage (ARM), the interest rate can fluctuate with the market.
Keep in mind that a mortgage’s interest rate is not the same as its annual percentage rate (APR). This is because an APR includes both the interest rate and any other lender fees or charges.
Mortgage rates change frequently — sometimes on a daily basis. Inflation plays a significant role in these fluctuations. Interest rates tend to rise in periods of high inflation, whereas they tend to drop or remain roughly the same in times of low inflation. Other factors, like the economic climate, demand, and inventory can also impact the current average mortgage rates.
To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.
What determines the mortgage rate?
Mortgage lenders typically determine the interest rate on a case-by-case basis. Generally, they reserve the lowest rates for low-risk borrowers — that is, those with a higher credit score, income, and down payment amount. Here are some other personal factors that may determine your mortgage rate:
- Location of the home
- Price of the home
- Your credit score and credit history
- Loan term
- Loan type (e.g., conventional or FHA)
- Interest rate type (fixed or adjustable)
- Down payment amount
- Loan-to-value (LTV) ratio
- DTI
Other indirect factors that may determine the mortgage rate include:
- Current economic conditions
- Rate of inflation
- Market conditions
- Housing construction supply, demand, and costs
- Consumer spending
- Stock market
- 10-year Treasury yields
- Federal Reserve policies
- Current employment rate
How to compare mortgage rates
Along with certain economic and personal factors, the lender you choose can also affect your mortgage rate. Some lenders have higher average mortgage rates than others, regardless of your credit or financial situation. That’s why it’s important to compare lenders and loan offers.
Here are some of the best ways to compare mortgage rates and ensure you get the best one:
- Shop around for lenders: Compare several lenders to find the best rates and lowest fees. Even if the rate is only lower by a few basis points, it could still save you thousands of dollars over the life of the loan.
- Get several loan estimates: A loan estimate comes with a more personalized rate and fees based on factors like income, employment, and the property’s location. Review and compare loan estimates from several lenders.
- Get pre-approved for a mortgage: Pre-approval doesn’t guarantee you’ll get a loan, but it can give you a better idea of what you qualify for and at what interest rate. You’ll need to complete an application and undergo a hard credit check.
- Consider a mortgage rate lock: A mortgage rate lock lets you lock in the current mortgage rate for a certain amount of time — often between 30 and 90 days. During this time, you can continue shopping around for a home without worrying about the rate changing.
- Choose between an adjustable- and fixed-rate mortgage: The interest rate type can affect how much you pay over time, so consider your options carefully.
One other way to compare mortgage rates is with a mortgage calculator. Use a calculator to determine your monthly payment amount and the total cost of the loan. Just remember, certain fees like homeowners insurance or taxes might not be included in the calculations.
Here’s a simple example of what a 15-year fixed-rate mortgage might look like versus a 30-year fixed-rate mortgage:
15-year fixed-rate
- Loan amount: $300,000
- Interest rate: 6.29%
- Monthly payment: $2,579
- Total interest charges: $164,186
- Total loan amount: $464,186
30-year fixed-rate
- Loan amount: $300,000
- Interest rate: 6.89%
- Monthly payment: $1,974
- Total interest charges: $410,566
- Total loan amount: $710,565
Pros and cons of mortgages
If you’re thinking about taking out a mortgage, here are some benefits to consider:
- Predictable monthly payments: Fixed-rate mortgage loans come with a set interest rate that doesn’t change over the life of the loan. This means more consistent monthly payments.
- Potentially low interest rates: With good credit and a high down payment, you could get a competitive interest rate. Adjustable-rate mortgages may also come with a lower initial interest rate than fixed-rate loans.
- Tax benefits: Having a mortgage could make you eligible for certain tax benefits, such as a mortgage interest deduction.
- Potential asset: Real estate is often considered an asset. As you pay down your loan, you can also build home equity, which you can use for other things like debt consolidation or home improvement projects.
- Credit score boost: With on-time payments, you can build your credit score.
And here are some of the biggest downsides of getting a mortgage:
- Expensive fees and interest: You could end up paying thousands of dollars in interest and other fees over the life of the loan. You will also be responsible for maintenance, property taxes, and homeowners insurance.
- Long-term debt: Taking out a mortgage is a major financial commitment. Typical loan terms are 10, 15, 20, and 30 years.
- Potential rate changes: If you get an adjustable rate, the interest rate could increase.
How to qualify for a mortgage
Requirements vary by lender, but here are the typical steps to qualify for a mortgage:
- Have steady employment and income: You’ll need to provide proof of income when applying for a home loan. This may include money from your regular job, alimony, military benefits, commissions, or Social Security payments. You may also need to provide proof of at least two years’ worth of employment at your current company.
- Review any assets: Lenders consider your assets when deciding whether to lend you money. Common assets include money in your bank account or investment accounts.
- Know your DTI: Your DTI is the percentage of your gross monthly income that goes toward your monthly debts — like installment loans, lines of credit, or rent. The lower your DTI, the better your approval odds.
- Check your credit score: To get the best mortgage rate possible, you’ll need to have good credit. However, each loan type has a different credit score requirement. For example, you’ll need a credit score of 580 or higher to qualify for an FHA loan with a 3.5% down payment.
- Know the property type: During the loan application process, you may need to specify whether the home you want to buy is your primary residence. Lenders often view a primary residence as less risky, so they may have more lenient requirements than if you were to get a secondary or investment property.
- Choose the loan type: Many types of mortgage loans exist, including conventional loans, VA loans, USDA loans, FHA loans, and jumbo loans. Consider your options and pick the best one for your needs.
- Prepare for upfront and closing costs: Depending on the loan type, you may need to make a down payment. The exact amount depends on the loan type and lender. A USDA loan, for example, has no minimum down payment requirement for eligible buyers. With a conventional loan, you’ll need to put down 20% to avoid private mortgage insurance (PMI). You may also be responsible for paying any closing costs when signing for the loan.
How to apply for a mortgage
Here are the basic steps to apply for a mortgage, and what you can typically expect during the process:
- Choose a lender: Compare several lenders to see the types of loans they offer, their average mortgage rates, repayment terms, and fees. Also, check if they offer any down payment assistance programs or closing cost credits.
- Get pre-approved: Complete the pre-approval process to boost your chances of getting your dream home. You’ll need identifying documents, as well as documents verifying your employment, income, assets, and debts.
- Submit a formal application: Complete your chosen lender’s application process — either in person or online — and upload any required documents.
- Wait for the lender to process your loan: It can take some time for the lender to review your application and make a decision. In some cases, they may request additional information about your finances, assets, or liabilities. Provide this information as soon as possible to prevent delays.
- Complete the closing process: If approved for a loan, you’ll receive a closing disclosure with information about the loan and any closing costs. Review it, pay the down payment and closing costs, and sign the final loan documents. Some lenders have an online closing process, while others require you to go in person. If you are not approved, you can talk to your lender to get more information and determine how you can remedy any issues.
How to refinance a mortgage
Refinancing your mortgage lets you trade your current loan for a new one. It does not mean taking out a second loan. You will also still be responsible for making payments on the refinanced loan.
You might want to refinance your mortgage if you:
- Want a lower interest rate or different rate type
- Are looking for a shorter repayment term so you can pay off the loan sooner
- Need a smaller monthly payment
- Want to remove the PMI from your loan
- Need to use the equity for things like home improvement or debt consolidation (cash-out refinancing)
The refinancing process is similar to the process you follow for the original loan. Here are the basic steps:
- Choose the type of refinancing you want.
- Compare lenders for the best rates.
- Complete the application process.
- Wait for the lender to review your application.
- Provide supporting documentation (if requested).
- Complete the home appraisal.
- Proceed to closing, review the loan documents, and pay any closing costs.
How to access your home’s equity
If you need to tap into your home’s equity to pay off debt, fund a renovation, or cover an emergency expense, there are two popular options to choose from: a home equity loan and a home equity line of credit (HELOC). Both a home equity loan and a HELOC allow you to borrow against your home’s equity but a home equity loan comes in the form of a lump sum payment and a HELOC is a revolving line of credit.
These two loan types have some other key similarities and differences in how they work:
Home equity loan | Home equity line of credit (HELOC) | |
Interest rate | Fixed | Variable |
Monthly payment amount | Fixed | Variable |
Closing costs and fees | Yes | Yes, might be lower than other loan types |
Repayment period | Typically 5-30 years | Typically 10-20 years |
FAQ
What is a rate lock?
Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.
What are mortgage points?
Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.
What are closing costs?
Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.
If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
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China’s electric car price war shows little sign of letting up, putting more pressure on companies to survive. Tesla ‘s China sales fell by 15% in May from a year ago, China Passenger Car Association data showed. BYD , in contrast, reported a 14% year-on-year sales increase as it held onto first place in the market by volume, but even it had to announce sharp discounts as sales growth slowed from April’s pace. “We expect additional price competition in the coming weeks as BYD is still lagging behind its sales target,” said a team of analyst led by CLSA analyst Xiao Feng in a report Wednesday. While the analysts still have a high conviction, with an outperform rating on BYD’s Hong Kong-listed shares, they see Geely as the ”best positioned” for investors as it is striking the optimal balance with its internal business structure and competing on vehicle price. CLSA has a price target of 483 Hong Kong dollars ($61.55) on BYD, and a 23 HKD target on Geely, also listed in Hong Kong. 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But Li Auto maintained profitability in the first quarter, according to results released on May 29. “We still see ample upside as a better-than-feared 1Q should inspire investor conviction about sequential recovery in 2Q,” Morgan Stanley analysts said in a May 29 report. They have a price target of $36, for upside of more than 20% from Thursday’s close. “The management team has found its pace for a steady and solid comeback, underpinning a more material resurgence of volume/margins into 2H25 amid new model launches,” the analysts added. “Li Auto’s premium model lineup can steer clear of the fierce pricing competition in the mass market.” Li Auto is best known for its SUVs that come with a gas tank for extending the battery’s driving range. Prices start around 244,000 yuan ($34,000). Industry giant BYD in contrast now sells some cars at 55,800 yuan, with most models falling in the 100,000 yuan to 200,000 yuan price range. The company also has a high-end sub-brand called Yangwang, which prices cars at well above 1 million yuan. Analysts that still like the stock see potential in BYD’s overseas expansion. The narrative on BYD among European investors “sounds more optimistic,” contrary to more cautious sentiment in China following the automaker’s recent price promotions, JPMorgan’s Nick Lai, head of Asia Pacific auto research said in a report Wednesday. Lai and his team also cited conversations with senior BYD management in London in the last week. “All in all, we retain our long-term positive view on the company and believe the (earnings) contribution from the overseas market and BYD’s premium portfolio will increasingly play an important role,” the JPMorgan analysts said. “We estimate that BYD’s overseas business and premium brands will together contribute over 40% of its vehicle earnings in 2025 (up from 20-25% last year) even though they account for only about 20% of volume.” The analysts rate BYD overweight, with a price target of 600 HKD. However, the risk of a flood of cheap cars into markets such as Europe have prompted tariff increases. In China, official commentary is also sounding the alarm about excessive competition. “We believe an end to the current price war will come down to simple economics,” the Macquarie analysts said, pointing out that production capacity for both electric and traditional vehicles is more than 50 million units, well above the annual wholesale volume of 25 million to 27 million vehicles. “Thus, the market will likely stabilize either via higher demand or right-sized capacity and consolidation,” the analysts said. “We believe this may take at least another three to five years.” — CNBC’s Michael Bloom contributed to this report.
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Finance
Swiss government proposes tough new capital rules in major blow to UBS
Published
2 days agoon
June 6, 2025
A sign in German that reads “part of the UBS group” in Basel on May 5, 2025.
Fabrice Coffrini | AFP | Getty Images
The Swiss government on Friday proposed strict new capital rules that would require banking giant UBS to hold an additional $26 billion in core capital, following its 2023 takeover of stricken rival Credit Suisse.
The measures would also mean that UBS will need to fully capitalize its foreign units and carry out fewer share buybacks.
“The rise in the going-concern requirement needs to be met with up to USD 26 billion of CET1 capital, to allow the AT1 bond holdings to be reduced by around USD 8 billion,” the government said in a Friday statement, referring to UBS’ holding of Additional Tier 1 (AT1) bonds.
The Swiss National Bank said it supported the measures from the government as they will “significantly strengthen” UBS’ resilience.
“As well as reducing the likelihood of a large systemically important bank such as UBS getting into financial distress, this measure also increases a bank’s room for manoeuvre to stabilise itself in a crisis through its own efforts. This makes it less likely that UBS has to be bailed out by the government in the event of a crisis,” SNB said in a Friday statement.
‘Too big to fail’
UBS has been battling the specter of tighter capital rules since acquiring the country’s second-largest bank at a cut-price following years of strategic errors, mismanagement and scandals at Credit Suisse.
The shock demise of the banking giant also brought Swiss financial regulator FINMA under fire for its perceived scarce supervision of the bank and the ultimate timing of its intervention.
Swiss regulators argue that UBS must have stronger capital requirements to safeguard the national economy and financial system, given the bank’s balance topped $1.7 trillion in 2023, roughly double the projected Swiss economic output of last year. UBS insists it is not “too big to fail” and that the additional capital requirements — set to drain its cash liquidity — will impact the bank’s competitiveness.
At the heart of the standoff are pressing concerns over UBS’ ability to buffer any prospective losses at its foreign units, where it has, until now, had the duty to back 60% of capital with capital at the parent bank.
Higher capital requirements can whittle down a bank’s balance sheet and credit supply by bolstering a lender’s funding costs and choking off their willingness to lend — as well as waning their appetite for risk. For shareholders, of note will be the potential impact on discretionary funds available for distribution, including dividends, share buybacks and bonus payments.
“While winding down Credit Suisse’s legacy businesses should free up capital and reduce costs for UBS, much of these gains could be absorbed by stricter regulatory demands,” Johann Scholtz, senior equity analyst at Morningstar, said in a note preceding the FINMA announcement.
“Such measures may place UBS’s capital requirements well above those faced by rivals in the United States, putting pressure on returns and reducing prospects for narrowing its long-term valuation gap. Even its long-standing premium rating relative to the European banking sector has recently evaporated.”
The prospect of stringent Swiss capital rules and UBS’ extensive U.S. presence through its core global wealth management division comes as White House trade tariffs already weigh on the bank’s fortunes. In a dramatic twist, the bank lost its crown as continental Europe’s most valuable lender by market capitalization to Spanish giant Santander in mid-April.

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