What is the current average 30-year fixed mortgage rate?

As of April 2026, the average 30-year fixed mortgage rate typically hovers between 6.5% and 7.5%, influenced by current economic conditions, inflation, and Federal Reserve policy. These rates are subject to daily fluctuations, so it's best to check with a lender for the most up-to-date figures.

How much down payment do I need for a mortgage?

The required down payment varies significantly by loan type. Conventional loans typically require a minimum of 3% to 5%, but 20% is ideal to avoid Private Mortgage Insurance (PMI). FHA loans require 3.5%, while VA and USDA loans often allow for 0% down for eligible borrowers.

What credit score do I need to buy a house?

For conventional mortgages, a credit score of 620 is generally the minimum, but scores of 740 or higher will qualify you for the best interest rates. FHA loans may accept scores as low as 580 with a 3.5% down payment, or even lower with a larger down payment.

What is the difference between mortgage pre-qualification and pre-approval?

Pre-qualification is a preliminary estimate of how much you might be able to borrow, based on a brief review of your finances and a "soft" credit pull. Pre-approval is a more thorough process, involving a "hard" credit pull and verification of your income and assets, resulting in a conditional commitment from a lender for a specific loan amount. Pre-approval is much stronger when making an offer on a home.

Can I get a mortgage with bad credit?

Yes, it is possible to get a mortgage with bad credit, although your options may be more limited and interest rates will likely be higher. FHA loans are often a viable option for borrowers with lower credit scores. You might also consider working to improve your credit score before applying to secure more favorable terms.

How long does it take to get a mortgage?

From application to closing, the mortgage process typically takes 30 to 45 days. However, this timeline can vary depending on the complexity of your financial situation, the responsiveness of all parties involved (borrower, lender, appraiser, title company), and current market demand.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage allows you to pay off your home faster and pay significantly less interest over the life of the loan, but it comes with higher monthly payments. A 30-year mortgage offers lower monthly payments, providing more financial flexibility, but you'll pay more interest overall. Your choice depends on your budget, financial goals, and risk tolerance.

Mortgages Explained: Banking Guide to Homeownership | One…