The full explanation
On a fixed-rate loan the rate never changes over the life of the loan; on an adjustable-rate loan it can go up or down after an initial period. The rate you are offered depends on your credit score, your down payment, the loan type and the market, and you see it on the first page of the Loan Estimate.
An example
Two banks offer Sofía the same amount at different rates. With the lower rate her monthly payment is smaller and she pays less interest overall, so she compares both Loan Estimates before deciding.
With real numbers
Computed with official data for the whole U.S. In your county the numbers may differ.
- Per month over 30 years (7.18%)
- $1,803
- Per month over 15 years (6.57%)
- $2,329
- Less interest with the shorter term
- $229,919
With a $266,160 loan (a $332,700 home with 20% down) and the average rates of November 5, 2026: over 30 years at 7.18%, you would pay $1,803 a month and $382,942 in interest. Over 15 years at 6.57%, the payment rises to $2,329, but interest drops to $153,023.
Computed with: American Community Survey (ACS) 5-year estimates (2020–2024) · Freddie Mac Primary Mortgage Market Survey (PMMS) (November 5, 2026) · Fannie Mae Selling Guide B7-1-01 — Provision of Mortgage Insurance (October 17, 2026)
In numbers: interest rate
Mortgage rates: each lender offers its own. This is the weekly benchmark from Freddie Mac's survey (PMMS).
- 30-year fixed rate
- 7.18%
- 15-year fixed rate
- 6.57%
If a lender mentions "interest rate", the Freddie Mac benchmark for November 5, 2026 is 7.18% for 30 years and 6.57% for 15 years. Your rate may differ.
Sources: Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026)
Where you see it on the site
You will see it in…
- The Loan Estimate, page 1 (“Interest Rate”)
- Bank advertisements and weekly rate reports
- Our mortgage calculator, where you can change it
