Today's Best Mortgage Rates
Compare current rates across every program Tom offers — conventional, jumbo, FHA, VA, USDA, DSCR, refinance, and HELOC. No hidden fees, no bait-and-switch teaser rate. Real numbers, refreshed automatically every day.
Today's Loan Rates at a Glance
Here's what well-qualified borrowers are seeing today across Southern California, priced with a 1-point origination fee.
| Loan Program | Interest Rate | Term |
|---|
Rates shown are priced with a 1-point origination fee for a well-qualified borrower and are sourced from the Optimal Blue Mortgage Market Indices (OBMMI) via the Federal Reserve's FRED platform, updated daily. High Balance, Cash-Out Refi, DSCR, and Wealth Builder HELOC pricing is estimated from the base index plus a typical spread and is not itself a live index — ask Tom for your actual pricing. Not available to all applicants. Actual rate depends on credit score (FICO), loan-to-value ratio, property type, loan amount, occupancy, and other factors. Rates subject to change without notice and not a commitment to lend. Answer Home Lending — Tom Murphy, NMLS 662141. Licensed in California. Equal Housing Lender.
Can You Qualify at Today's Rates?
Debt-to-income ratio (DTI) is one of the first numbers lenders look at. Enter a loan amount and your income to see where you stand, using today's live 30-year rate.
Tom Murphy — Answer Home Lending
Senior Mortgage Loan Officer · NMLS 662141 · Licensed in California
(858) 342-1377 · tom@tommurphymortgage.com · Debt-to-Income Estimate, generated
Your Numbers
Estimates only, not a loan approval or commitment to lend. Lenders calculate income and debts from your actual documents, and many programs have flexibility on these ratios. The only way to know for sure is a quick conversation with Tom.
What Determines Your Mortgage Rate?
Borrowers often ask why their quote looks different from what they saw online. These six factors are the real answer.
Credit Score (FICO)
Your score is the single biggest lever. A 760+ score typically unlocks the lowest available rate; a 620 score can run half a point to a full point higher. Improving your score before applying can save tens of thousands over the life of the loan.
Down Payment / LTV
Loan-to-value is your loan amount divided by the home's value. A bigger down payment means lower risk for the lender and a lower rate for you — 20% down eliminates PMI outright, and even 25% vs. 20% can shave a touch more off.
Loan Term (15 vs. 30 Year)
Shorter terms carry lower rates — typically half a point to three-quarters of a point below a 30-year fixed. The trade-off is a meaningfully higher monthly payment, so it's a balance worth talking through.
Property Type & Occupancy
Primary residences get the best pricing. Investment properties and second homes carry a premium, and condos or multi-unit properties can price slightly higher than a single-family home.
Loan Type
VA often offers the lowest rate for eligible veterans. Conventional is highly competitive with strong credit. FHA can run a touch higher in rate but opens the door with lower credit requirements. DSCR and other non-traditional programs price higher to reflect the flexibility they offer.
Market Conditions
Mortgage rates track the bond market and Federal Reserve policy more than headlines suggest. When inflation runs hot, rates tend to rise; when the Fed eases, mortgage rates often — not always — follow. Tom watches this daily so timing conversations are grounded in the actual market, not guesswork.
What Rate Range Can You Expect?
Credit score has the most direct impact on your rate. Here's a general guide to what borrowers typically see at different ranges — your specific quote will vary.
| Credit Score | Rating | 30-Yr Fixed (Est.) | FHA Eligible | VA Eligible | Typical Programs |
|---|---|---|---|---|---|
| 760–850 | Excellent | Best rates available | Yes | Yes | All programs, best terms |
| 740–759 | Very Good | ~+0.125% above best | Yes | Yes | Conventional, VA, FHA |
| 720–739 | Good | ~+0.25% above best | Yes | Yes | Conventional, VA, FHA |
| 680–719 | Good | ~+0.5% above best | Yes | Yes | Conventional, FHA, VA |
| 640–679 | Fair | ~+0.75–1% above best | Yes | Yes | FHA, VA, some conventional |
| 580–639 | Below Average | Higher rate, limited programs | 3.5% down | Yes | FHA (3.5% down), VA |
| 500–579 | Poor | Limited options | 10% down | Case by case | FHA (10% down), VA |
| Below 500 | Very Poor | — | No | Case by case | Credit repair recommended first |
General guidance only. Actual approvals and rates depend on the full picture of your file — reach out to talk through your specific situation, regardless of where your score falls today.
How to Get the Best Rate
Strategies Tom walks every client through before they apply.
Before You Apply
- Check your credit score free at AnnualCreditReport.com
- Pay card balances below 30% utilization
- Avoid opening new credit in the 6 months prior
- Dispute any errors on your report
- Stay put at your job — 2+ years helps
- Save extra for a larger down payment
When Shopping Rates
- Compare APR, not just the rate
- Get quotes within a 14-day window — counts as one inquiry
- Ask about total closing costs, not just rate
- Understand lock periods: 30 vs 45 vs 60 days
- Consider points if staying long-term
- Ask about lender credits toward costs
Choosing the Right Loan
- VA often has the lowest rate for eligible veterans
- FHA is flexible on credit but includes MIP
- Conventional suits 620+ credit, 20%+ down
- DSCR lets investors qualify on rental income only
- 15-year saves interest, raises the payment
When to Lock
- Lock once you're comfortable with a rate
- In a rising market, lock sooner
- Standard locks run 30–60 days
- Ask about float-down if rates drop after locking
- Never let a lock expire — it causes real delays
Rate Questions Borrowers Ask Most
Do mortgage rates vary by lender?
Yes, often by half a point or more for the same borrower. Brokers like Tom shop wholesale pricing across many lenders rather than one rate sheet, which is why comparing APRs across a few options within a 14-day window is worth the ten minutes — it counts as a single credit inquiry.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the loan amount. APR layers in the origination fee, points, and other closing costs into one number, so it reflects the true cost of the loan more completely. When comparing lenders, APR is the more honest comparison.
Will rates go down this year?
Nobody can promise that with certainty — rates track inflation data and Fed policy, both of which shift. The more reliable strategy: if a rate works for your budget and the home is right, lock it. If rates drop meaningfully afterward, refinancing is always on the table.
How do I actually get a lower rate?
In order of impact: raise your credit score toward 740+, put down 20% or more, consider buying points to lower the rate further, choose a shorter term if the payment works, and work with a broker who's actually shopping multiple lenders rather than quoting one rate sheet.
Can I get a mortgage with less-than-perfect credit?
Often, yes. FHA allows scores as low as 580 with 3.5% down, or 500 with 10% down. VA has no hard credit floor. Below that range, a short credit-repair conversation upfront usually opens more doors than applying right away.
Get Notified When Rates Drop
Tell Tom your loan type and target, and he'll personally reach out the moment rates move your way. No auto-drip campaign — a real call or text from Tom.