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SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases
The standard variable APR for purchases is 29.24%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers
29.24%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. SoFi is currently accepting Balance Transfers from recipients of promotional offers only. We will inform you when this feature is widely available.
Annual Percentage Rate (APR) for Cash Advances
30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases
Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge
If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau
To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore
FEES
Annual Fee
None
Transaction Fees
Balance Transfer Fee
Cash Advance Fee
The greater of $10 or 5% of the Balance Transfer
The greater of $10 or 5% of the Cash Advance
Penalty Fees
Late Payment Fee
Returned Payment Fee
Up to $41
None
How We Will Calculate Your Balance
We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.
Loss of Introductory APR
We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.
Variable Rates
Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.
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We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs.
If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.
The SoFi Everyday Cash Rewards Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued.
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Identity Verification
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.
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In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.
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To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:
Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer
We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.
About Adding An Authorized User
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Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer
If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.
Additional Information
Any benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.
SoFi Everyday Cash Rewards Credit Card Rewards Program
With the SoFi Everyday Cash Rewards Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Everyday Cash Rewards Credit Card Rewards can be foundhere.
SoFi Member Rewards Program
As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem Rewards Points toward active SoFi accounts, including but not limited to your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your Rewards Points will redeem at a rate of 1 cent per every point.
Mastercard World Benefits
You are also eligible for more rewards through the World Mastercard Benefits program when shopping with eligible merchants. More details on the World Mastercard Benefits program can be found here.
Fraud, Misuse, Abuse, or Suspicious Activity
If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:
Taking away the rewards points you earned because of fraud, misuse, or abuse
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Taking legal action to recover our monetary losses, including litigation costs and damages
Some examples of fraud, misuse, abuse and suspicious activity include:
Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes
SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.
Special Notices
California Residents:
If married, you may apply for a separate account.
Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.
Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.
Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.
Additional documents
As a reminder, the SoFi Everyday Cash Rewards Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Everyday Cash Rewards Credit Card.
SoFi Plus. 12+ perks. $1,000+ in annual value with qualifying activities.1
SoFi Plus is America’s most rewarding financial membership—all in one app.2 Now, get $50 in rewards points when you try out SoFi Plus for 90 days.^
SoFi Plus is America’s most rewarding financial membership—all in one app.2Now, get $50 in rewards points when you try out SoFi Plus for 90 days.^
Get SoFi Plus
Get SoFi Plus
1$1,000 value: See assumptions and details below, value is not guaranteed and varies depending on benefits used. Terms apply.
2Based on a series of blinded surveys of financial memberships across banking, borrowing, investing, and credit cards. A nationally representative sample of 900 consumers were asked to rank offerings based on the question “Which financial membership brand is most rewarding?” Results as of January 2025. See SoFi.com/plus-survey for details.
$220 in interest + $600 in cash back rewards + $250 in value
Save $6,000 and earn $220 in interest with our highest APY on SoFi Bank savings.
Spend $2,300 on your SoFi Credit Card each month and earn $600 in cash back rewards.
Meet with a financial planner, a $250 value.
Example 2
Get unlimited access to financial planners
$250 value each time.
Schedule as many one-on-one sessions as you need.
4 sessions x $250 = $1,000.
Example 3
Buy a home. Unlock a $1,000 discount.10
We’ll celebrate you closing a dream home with a dream discount.
Your $1,000 discount is also available on a mortgage refinance.
Must be a SoFi Plus member when approved.
Or find your own path! There are so many ways to save and earn with SoFi Plus, we can’t wait to see what you’ll do.
Get SoFi Plus
1$1,000 value: See assumptions and details below, value is not guaranteed and varies depending on benefits used. Terms apply.
The estimated value of a meeting with our financial planners is based on SoFi’s competitive assessment of similar offerings. See full terms below.
SoFi Plus members are eligible for a one-time discount on loans originated by SoFi Bank of $1,000 off the standard origination fee for home purchase or refinance mortgages. See full terms below.
Live sports, music, and more: SoFi Plus Experiences.15
SoFi Plus members get exclusive chances to enjoy top, live entertainment with SoFi Plus Experiences.
• Mortgage rates in Illinois are influenced by economic indicators and a borrower’s financial profile.
• Fixed-rate mortgages mean monthly payments stay the same. Adjustable-rate mortgages have rates that can fluctuate up or down.
• The better a buyer’s credit and the more money they can put down, the lower the interest rate.
• First-time homebuyers can tap into assistance programs for help with down payments and closing costs.
• Closing costs usually fall between 2% and 5% of the total loan amount.
Introduction to Mortgage Refinance Rates
Welcome to our comprehensive guide to mortgage rates in Chicago. If you’re buying a home in the Windy City, you’re probably also in the market for a home loan. This article is designed to help you gain a solid understanding of how Chicago mortgage rates are determined and, more importantly, how you can secure the lowest possible rate for your upcoming home purchase. Taking the time to learn could save you significant money down the line. Step one? Understand how lenders set mortgage rates in the first place.
First-time homebuyer programs usually consider anyone who hasn’t owned a home in the previous three years to be a “first-timer.” If you think you might qualify as a first-time homebuyer, you could enjoy special benefits such as lower down payment minimums, grants, and closing cost assistance.
Where Mortgage Rates Come From
Mortgage rates are influenced by a number of economic factors that fall into two big buckets: economic factors, which are beyond your control, and personal factors (that’s where you come in). Let’s break it down.
Economic Factors Influencing Mortgage Rates
• The bond market, particularly the 10-year U.S. Treasury Note, is a primary indicator of where mortgage rates are headed. When its rates rise, mortgage interest tends to head in the same direction.
• The health of the housing market plays a role too. When the housing market cools, lenders may lower rates to keep attracting customers.
• Inflation and unemployment are also important. When the economy is strong, mortgage rates tend to rise. A recession is usually accompanied by lower mortgage rates.
Borrower Factors Influencing Mortgage Rates
• Your credit score is a significant predictor of the rate you’ll be offered. The higher the score, the lower the rate you’ll likely obtain. For a conventional mortgage (one not backed by a government program), most borrowers will need a minimum credit score of 620.
• The amount of your down payment plays a role as well. Making a larger down payment can result in a lower interest rate because borrowers who have more equity in their newly purchased property are perceived as a lower default risk by the lender.
• Your debt-to-income (DTI) ratio is also important. Lenders will look at your income in relation to your monthly debts. In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.
Discover how your debt level may impact your mortgage.
Try SoFi’s debt-to-income calculator to calculate your DTI number.
Discover how your debt level may impact your mortgage.
Try SoFi’s debt-to-income calculator to calculate your DTI number.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
Mortgage rates are a big deal. Let’s say you’re looking at a $400,000 loan. At a 6.50% interest rate, you’d be paying $2,528 each month, and your total interest paid would be just over $510,000. But if that rate jumps to 7.00%, your monthly payment goes up to $2,661 and your total interest paid hits $558,000. Over 30 years, that’s about $48,000 in interest payments you’d be saving with the lower rate. That’s why it’s so important to get the best mortgage rate you can.
The term of your mortgage and the rate are intertwined. As you can see from the examples below — again for a $400,000 loan — a shorter term means a higher monthly payment but less interest paid overall.
The Windy City has a lot to offer, but from a financial standpoint, living here isn’t exactly a breeze. At 42% above the average cost of living in the U.S., Chicago is unlikely to be found on any lists of the best affordable places in the U.S. Food, housing, and health care costs are all noticeably higher here.
The median home sale price in Chicago is $363,000, Redfin reports. According to the Massachusetts Institute of Technology’s Living Wage Calculator, an annual living wage before taxes for a single person with no children in Chicago would be $51,752. A family of four with two working adults would need almost $122,000. When examining mortgage rates in Chicago, it’s also important to take the cost of living into account.
Should You Wait for Interest Rates to Fall?
It’s a common question, especially for those stepping into the Chicago real estate market for the first time. Whether it’s a smart move to wait for rates to drop depends as much on your personal situation as on the market as a whole. Projections from Fannie Mae suggest that the average U.S. mortgage rate will be around 6.30% by year end, with relatively little movement in 2026. Given that little change is anticipated, whether it’s time to buy might depend more on whether you need a house. Is your rental lease ending? Is your family growing? Do you want to live in a certain school district in the coming year? If so, make your move, assuming you can afford to purchase a home, and find the best mortgage rate available. If rates do take a dip in the future, you can always explore a mortgage refinance.
Chicago Mortgage Rate Trends
Historical U.S. Mortgage Rates
When you’re seeking a mortgage in Chicago, it helps to have perspective on the history of mortgage rates in the area. Average mortgage rates have risen since hitting a historic low in 2021, but they are still well below the high points of previous decades.
To gain perspective on what “high” and “low” rates have looked like over the last half-century, consider the graph below. The chart shows how Chicago’s average rate has compared to the national average in recent decades. (The Federal Housing Finance Agency stopped compiling this data after 2018.)
Year
Chicago Rate
U.S. Rate
2000
7.74
8.14
2001
6.95
7.03
2002
6.33
6.62
2003
5.49
5.83
2004
5.57
5.95
2005
5.77
6.00
2006
6.58
6.60
2007
6.58
6.44
2008
6.07
6.09
2009
5.22
5.06
2010
4.95
4.84
2011
4.90
4.66
2012
3.67
3.74
2013
3.86
3.92
2014
4.12
4.24
2015
3.86
3.91
2016
3.70
3.72
2017
4.01
4.03
2018
4.61
4.57
Source: Federal House Finance Agency
Types of Mortgages Available in Chicago, Illinois
Which type of loan you opt for can have an impact on the rate you’ll be offered and whether that rate changes over the life of the loan. These are some of the more common types of loans:
Fixed-Rate Mortgage
Fixed-rate mortgages are the bedrock of home financing. They offer the security of knowing your interest rate and monthly payment amount won’t change over the life of the loan, which could be anywhere from 10 to 40 years. If you value predictability and want to protect yourself against the risk of rising mortgage rates, a fixed-rate mortgage may be the right choice for you.
Adjustable-Rate Mortgage (ARM)
Adjustable-rate mortgages (ARMs) typically offer a lower introductory rate than fixed-rate loans, and that rate will hold steady for 5 to 7 years. But after that, the rate on your mortgage will adjust up or down depending on market factors. Homeowners who think they might sell before the introductory period ends should consider an ARM. Just be sure to weigh the potential for rate increases and how they might impact your monthly payments down the line.
FHA Loan
Backed by the Federal Housing Administration (FHA), these loans are known for their more forgiving eligibility criteria compared to conventional loans. A credit score of 580 is the threshold for a minimum 3.5% down payment, and this opens doors for a wider range of homebuyers. Those with credit scores of 500 to 580 can also get an FHA home loan, albeit with a 10% down payment. The flexible underwriting guidelines are a boon, especially if you’re buying your first home.
VA Loan
VA loans make purchasing a home budget-friendly for eligible active-duty military members, veterans, reservists, National Guard members, and surviving spouses. One of the most significant advantages of a VA loan is the potential to secure a mortgage without a down payment. Moreover, VA loans often feature lower interest rates than loans in the general marketplace.
Jumbo Loan
In most areas, and throughout Illinois, conventional mortgage loans have a 2025 cap of $806,500 for a single-family home. Jumbo loans are for borrowers whose needs exceed this limit. They often come with stricter qualification requirements for approval, including a higher credit score and a larger down payment. However, they can be a good option for those looking to purchase more expensive homes in Chicago.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
How to Get Your Best Possible Rate in Chicago
To get the best mortgage rates in Chicago, you’ll want to focus on your credit score. The higher it is, the lower the interest rate you’re likely to get. Check your credit report for inaccuracies; request a correction if you find anything wrong. And pay your monthly bills on time, of course. You can also work on paying down debts, which will lower your debt-to-income ratio (DTI) to 36% or less to make yourself a more attractive borrower.
A larger down payment can also help you get a better rate, so consider how much you can afford without compromising your emergency fund. Going through a lender’s mortgage preapproval process can help you see exactly how much a lender feels you can afford. And having that preapproval letter when you’re house-hunting will show sellers that you’re a serious buyer. Finally, you’ll also want to consider all the different type of mortgage loans and the mortgage rates being offered in Chicago.
Helpful Tools & Calculators
Online calculators are a house-hunter’s best friend. An affordability calculator can help you set your initial budget for your home search. A mortgage payment calculator can allow you to see how different rates and loan terms can affect your monthly payments and total interest paid. These are some useful calculators you’ll want to keep at hand during your search.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Evaluate Loan Offers in Chicago
Given that even half a percentage point can make a significant difference in the cost of your home loan, it’s important to carefully weigh offers from multiple lenders before you make a decision about your mortgage. Don’t just look at interest rates; be sure to consider the annual percentage rate (APR), which encompasses fees, closing costs, and mortgage points. Once you’ve found an offer that suits you, and if you’re concerned about potential rate hikes, you can pay a fee to the lender to lock in your rate for up to 90 days.
Chicago Mortgage Resources
Illinois offers several resources and programs tailored to assist homebuyers, particularly those stepping into the market for the first time or those with limited financial means. The Illinois Housing Development Authority (IHDA) spearheads several initiatives, such as the IHDA Access Forgivable, which pairs a 30-year fixed-rate mortgage with a forgivable second loan of up to 4% of the home’s price. The Chicago Housing Authority also offers a down payment assistance programs that provides eligible buyers with up to $20,000.
Closing Costs in Chicago
In Chicago, you’re looking at 2% to 5% of your loan value for closing costs. Property value and location play a significant role in where you will fall on the cost spectrum. Loan origination fees, property appraisal costs, and title insurance policies all factor into your costs. It’s vital to include closing costs in your financial game plan when purchasing a new place.
The Takeaway
Chicago’s mortgage landscape offers a diverse range of options for prospective homebuyers. By staying well-informed about current mortgage rates in Chicago and thoroughly exploring available assistance programs, homebuyers can make strategic decisions. Whether you’re a first-time buyer or a seasoned homeowner looking to refinance, understanding the different types of mortgages and the various factors that influence rates can greatly assist you in securing the best possible loan terms and save money over the long run.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
VA loans are available to eligible active-duty military members, veterans, reservists, and surviving spouses. The first step toward qualifying is to obtain a Certificate of Eligibility from the U.S. Department of Veterans Affairs. After that a lender that offers VA loans can help you obtain a loan, assuming you meet minimum credit score and other financial requirements. Good news: VA loans do not require a down payment.
What’s the scoop on fixed-rate versus adjustable-rate mortgages?
With a fixed-rate mortgage, you’ve got the stability of a consistent interest rate for the life of the loan, which could be anywhere from 10 to 40 years. This means your monthly payments will stay the same as well. Adjustable-rate mortgages (ARMs), on the other hand, tend to start out with a relatively low introductory rate but then the rate can rise or fall according to the market, within certain limits that will be outlined in your loan agreement.
Will mortgage rates in Chicago decrease?
Keeping an eye on economic trends and market conditions is the best way to know what will happen to mortgage rates in Chicago. If the 10-year Treasury Bond rate is falling, mortgage interest rates may fall as well. However, the forecast for interest rates through 2025 is one of relative stability, with the national average rate ending the year at 6.30%.
How do mortgage interest rates work?
Mortgage interest is the cost to borrow money, expressed as a percentage of the loan. Rates depend on each borrower’s finances and economic conditions. Rates can be fixed or variable. When you make a mortgage payment, a portion of the payment goes toward the principal that you owe and a portion of it is interest. To see what amount is going where, a borrower can review the amortization schedule for their loan.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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• Mortgage rates in Pittsburgh are influenced by a variety of economic and personal financial factors.
• Fixed-rate mortgages give you peace of mind with steady monthly payments.
• The better your credit score and down payment, the better your interest rate.
• The good news is that today’s rates are still well below the historical average.
• First-time homebuyers can take advantage of assistance programs to help with the down payment and closing costs.
• Understanding how interest rates affect your buying power is key to saving money on interest.
Introduction to Mortgage Refinance Rates
Welcome to our comprehensive guide on mortgage interest rates, tailored specifically for Pittsburgh. We’ve designed this article to help you understand how mortgage rates are determined in this region and, importantly, how you can secure the lowest available rate. We’ll explore the various factors that influence rates and offer practical tips and advice to help you navigate the mortgage process from start to finish. The first thing anyone seeking a mortgage should understand is how lenders set their rates to begin with.
First-time homebuyer programs usually consider anyone who hasn’t owned a home in the previous three years to be a “first-timer.” If you think you might qualify as a first-time homebuyer, you could enjoy special benefits such as lower down payment minimums, grants, and closing cost assistance.
Where Mortgage Rates Come From
Mortgage rates in Pennsylvania are influenced by a number of factors, including the state of the local and national economies and the bond market. The 10-year U.S. Treasury bond has long been a good indicator of where mortgage rates are headed, and you might find yourself paying closer attention to bond prices than you have in the past. If the yield on the 10-year U.S. Treasury note is moving up, mortgage rates probably are too. But if it’s moving down, mortgage rates could be on the way down as well.
But economic factors are only part of the interest rate puzzle. Your own personal financial statistics add another layer of complexity as a lender determines what rate to offer you, personally. Lenders will examine the following:
• Your credit score A conventional mortgage (one not backed by a government agency) typically requires a credit score of 620 or higher. The higher the score, the lower the rate you’ll likely obtain.
• Your down payment amount Making a larger down payment can result in a lower interest rate because lenders perceive a lower default risk.
• Your debt-to-income (DTI) ratio In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.
Discover how your debt level may impact your mortgage.
Try SoFi’s debt-to-income calculator to calculate your DTI number.
Discover how your debt level may impact your mortgage.
Try SoFi’s debt-to-income calculator to calculate your DTI number.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
In Pittsburgh, mortgage rates can significantly affect the affordability of a home for buyers. Even a small change in the mortgage rate can have a big impact over the long term. Consider a $400,000 loan at 6.50% with a 30-year term. It would carry a monthly payment of $2,528. If the rate increases to 7.00%, the monthly payment increases to $2,661. Over the life of the loan, the borrower with the lower rate ultimately saves nearly $48,000 in interest payments. Below are more examples of costs on a $400,000 loan.
Interest Rate
Loan Term
Monthly Payment
Total Interest
6.00%
30-year
$2,398
$463,353
6.00%
15-year
$3,375
$207,577
7.00%
30-year
$2,661
$558,036
7.00%
15-year
$3.595
$247,156
Pittsburgh Mortgage Rate Trends
Historical U.S. Mortgage Rates
Having a sense of the history of mortgage rates can provide perspective on current rates for those looking to buy a home in Pittsburgh. While rates have gone up in the last few years, they are still relatively low compared to significantly higher rates of, say, the 1980s. The graph shows a half-century of average mortgage rates. The chart shows how Pittsburgh has tended to stack up against national averages.
Year
Pittsburgh Rate
U.S. Rate
2000
8.02
8.14
2001
6.98
7.03
2002
6.51
6.62
2003
5.81
5.83
2004
5.85
5.95
2005
5.98
6.00
2006
6.22
6.60
2007
6.10
6.44
2008
5.87
6.09
2009
5.05
5.06
2010
4.68
4.84
2011
4.48
4.66
2012
3.61
3.74
2013
3.94
3.92
2014
4.20
4.24
2015
3.97
3.91
2016
3.76
3.72
2017
4.07
4.03
2018
4.57
4.57
Source: Federal House Finance Agency
Types of Mortgages Available in Pittsburgh
Pittsburgh offers ever type of mortgage loan a prospective homebuyer might need. Each type of mortgage has its own benefits and requirements, so it’s important to compare your options and find the right fit for your financial situation and homeownership goals. These are the more popular types you’ll encounter.
Fixed-Rate Mortgage
Fixed-rate mortgages are a popular choice across the U.S. because they offer stability. With this type of mortgage, the interest rate on your loan remains the same throughout the entire loan term, which could be anywhere from 10 to 40 years. This means the monthly payment stays the same as well. Fixed-rate mortgages are especially beneficial if interest rates are rising because they protect you against future interest rate increases.
Adjustable-Rate Mortgage (ARM)
An adjustable-rate mortgage (ARM) could be the savvy choice for some home purchasers in Pittsburgh. ARMs tend to kick off with a lower interest rate than their fixed-rate counterparts. After an introductory period, however, rates can rise or fall according to the market. ARMs are often popular for those who think they will move after only a few years (before the introductory rate period ends). If you go with an ARM, knowing how much the rate adjustment might be (there are caps) is key to preventing unexpected financial jolts.
FHA Loan
FHA loans, backed by the Federal Housing Administration, are a popular choice for those who are buying their first home in Pittsburgh. These loans typically have more lenient eligibility requirements. Those with a minimum credit score of 580, for example, can make a down payment as low as 3.5%. And even people with lower credit scores of 500-579 can qualify for a loan if they put down 10%. This makes homeownership more accessible, especially for those with limited financial resources.
VA Loan
VA loans are for eligible active-duty military members, veterans, reservists, National Guard members, and surviving spouses. One of their standout features is the lack of a down payment requirement, making them a compelling choice for those with limited savings. Moreover, VA loans do not mandate mortgage insurance, which can translate to substantial savings over the loan’s lifetime.
Jumbo Loan
In most areas of Pennsylvania, the conventional mortgage loan limit is $806,500 for a single-family home. If you’re eyeing a property that will require a mortgage in excess of this amount, you’ll need a jumbo loan to make it yours. These specialized loans can come with stricter qualification criteria, but they’re still a great option for purchasing a dream home in Pittsburgh.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Should You Wait for Interest Rates to Take a Dip?
If you’re considering purchasing in Pittsburgh — and especially if you’re a first-time buyer — you might be wondering if waiting for interest rates to drop is the right move. Current predictions suggest that interest rates are expected to remain relatively stable through 2025, ending the year at 6.30%. Rates in 2026 aren’t expected to change significantly, either, although financial unrest could change that outlook. Remember, though, that if you buy now and rates do fall, you can always consider a mortgage refinance to take advantage of the lower rate.
Pittsburgh made SoFi’s list of best affordable places in the U.S. so it’s no surprise that it has a moderate cost of living. The average sale price of a home in Pittsburgh is $242,000 and while it has risen about 6% over the last year, it is still well below the U.S. average. These factors come together to paint a picture of Pittsburgh as an appealing choice for those considering a fresh start in the area. Here’s how Pittsburgh compares to other Pennsylvania cities on a cost-of-living index where 100 equals the average cost of living in the U.S.
City
Cost of Living
Allentown
102.2
Philadelphia
103.3
Pittsburgh
106.3
Scranton
90.9
Wayne County
87.0
Wilkes-Barre
89.2
Get Your Best Possible Rate in Pittsburgh
To obtain the most favorable mortgage rate available to you in Pittsburgh, it’s essential to focus on two key factors: your credit score and your debt-to-income (DTI) ratio. A higher credit score and a DTI under 36% can translate to more attractive interest rates from lenders. Step one? Check your credit report and make sure it doesn’t contain any errors. Then focus on paying every bill on time. As for your DTI, to the extent you are able, pay down debts, such as credit-card debt, before applying for a loan.
Boosting your down payment, maintaining a stable income, and having sufficient assets can further bolster your application. It’s wise to go through the mortgage preapproval process with a lender and to explore the array of mortgage options, including fixed-rate and government-backed loans, which often come with more competitive rates.
Helpful Tools & Calculators
Online tools can be a lifesaver during the home-buying process. You can figure out your budget, see how different interest rates affect your payments, and more. These are a few of our favorite calculators.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Evaluate Loan Offers in Pittsburgh
Given how important a competitive mortgage rate is to your financial well-being, you’ll want to spend some time comparing loan offers in Pittsburgh. Once you’ve gotten interest rate numbers and fee information from several lenders, do a side-by-side comparison. Don’t just look at interest rates — focus on the annual percentage rate (APR), which encompasses fees, closing costs, and discount points. Once you have zeroed in on a loan that is attractive to you, you can usually lock in the rate for up to 90 days, providing peace of mind in a potentially volatile market. (Lenders do tend to charge a fee for a rate lock.)
Pittsburgh Mortgage Resources
Pittsburgh offers several programs to aid homebuyers, especially those stepping into the market for the first time or with limited financial means. The Pennsylvania Housing Finance Agency (PHFA) is your go-to, with offerings like the Keystone Advantage Assistance Loan program and the HOMEStead Down Payment and Closing Cost Assistance Loan. Down payment assistance programs and loans with forgiving terms can significantly ease the financial load of purchasing a home. And don’t forget to explore the city and county programs for added support.
Closing Costs in Pittsburgh
If you’re purchasing a home in Pittsburgh, you can anticipate closing costs to range from 2% to 5% of the loan value. These costs can fluctuate based on a variety of factors, including property value and location. Common closing costs include loan origination fees, appraisal fees, and title insurance. To keep these expenses in check, it’s wise to shop around. By understanding the breakdown of closing costs, you can budget more effectively and avoid unwelcome surprises.
The Takeaway
The mortgage market in Pittsburgh is ripe with possibilities, waiting for you to make the right move. By keeping your finger on the pulse of current mortgage rates in Pittsburgh and delving into assistance programs, if needed, you can make savvy decisions that will bring you closer to your dream of owning a home in the Steel City.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
While it’s tough to pinpoint the future where mortgage rates are concerned, the forecast through the end of 2025 is that rates will not change dramatically but rather will end the year around 6.30%.
Will mortgage rates ever go back to normal?
What is “normal” for mortgage rates is going to vary for each person. Some homebuyers may remember the double-digit rates of the 1980s, and others may only remember the dramatic dip in rates that happened around 2021. Rather than focus on what’s normal, watch economic factors, such as inflation, bond prices, and housing market conditions. This will help you make strategic decisions about when to lock in your best rate.
Will Pittsburgh home prices ever decrease?
Pittsburgh home prices have risen a bit over the last year, but for the last five years or so, they have been up, down, then up again. So if that pattern continues, they may drop a bit. One leading indicator of home prices is population, and over the last couple decades, Pittsburgh has had a net loss of residents, with people moving south to North and South Carolina and Florida. If this trend continues, there could be a softening market for housing in the city.
How do you secure a mortgage rate?
Locking in a mortgage rate typically secures the rate for up to 90 days and is often a smart move. You can easily do this by reaching out to the lender that offers you the best overall rate and terms. Sometimes there is a fee involved.
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SoFi Mortgages
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• Mortgage rates in Miami are influenced both by economic conditions and by your personal financial history and situation.
• You can choose between fixed-rate mortgages, which offer stable monthly payments, and ARMs, which have fluctuating rates.
• A larger down payment can mean lower rates and no private mortgage insurance requirement, which saves you money.
• Even if your credit score isn’t perfect, there are mortgage choices that may work for you, including FHA and VA loans.
• First-time homebuyers in Florida can tap into a wealth of state and federal assistance programs.
Introduction to Mortgage Rates
Understanding mortgage rates in Miami is crucial for anyone interested in buying a home there.
This guide will break down how these rates are determined and explain how you can work to secure the best rate possible in your specific situation. Whether you’re a first-time buyer or a seasoned homeowner looking to refinance, knowing more about what influences mortgage rates in Florida can help you make well-informed decisions. Buying a home is a milestone, and the more you know about what you’re doing, the smoother the process is likely to be -– and the happier you’ll probably be with the results.
Where Mortgage Rates Come From
Mortgage interest rates are not the same everywhere or for every individual. They’re strongly influenced by the bond market, with the 10-year U.S. Treasury Note as the primary benchmark for lenders. When interest rates on the note rise, mortgage rates typically go up as well. Unsurprisingly, the housing market also plays a key role. A strong housing market, combined with increasing inflation, can nudge mortgage rates higher.
Mortgage rates are also personalized to the borrower. The rate you are offered is influenced by your credit score, in particular. The higher your score is, the lower the rate you’ll probably be offered. Making a larger down payment can also decrease your interest rate, since lenders often consider borrowers who have more equity in their new home a lower default risk.
Your debt-to-income (DTI) ratio is an important metric as well. In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum. In Miami, all these factors play a significant role in the determination of mortgage rates.
See how your debt level may affect your mortgage
Use SoFi’s debt-to-income calculator to determine your personal DTI number.
See how your debt level may affect your mortgage
Use SoFi’s debt-to-income calculator to determine your personal DTI number..
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
Mortgage rates have a significant impact on your home’s affordability, as they directly influence how much house you can afford.
Let’s look at an example. On a $400,000 loan, a 6.50% interest rate would yield a $2,528 monthly payment. But if the rate jumps to 7.00%, the payment increases to $2,661.
And it’s not just the monthly difference that matters. Over 30 years, the borrower with the lower rate would save almost $48,000 in interest. This is especially important to consider if you’re in the market for a home in Miami, where home prices can be high.
The term of your loan also has an impact on what you pay. A shorter term may mean higher monthly payments, but it also saves you money in interest over the lifetime of the loan. The table below shows how much difference changes in your interest rate and loan term can make on a $300,000 fixed-term loan.
Interest Rate
Loan Term
Monthly Payment
Total Interest
6.00%
30-year
$1,799
$347,515
6.00%
15-year
$2,532
$155,683
7.00%
30-year
$1,996
$418,527
7.00%
15-year
$2,697
$185,367
Miami Mortgage Rate Trends
Looking at historical mortgage rates in Miami can help you get a sense of what to expect. Although rates have increased in recent years, they’re still lower than the historical high. In October 1981, for example, weekly rates peaked at 18.63%. Today, rates in Miami are near the 50-year average.
Historical U.S. Mortgage Rates
The history of mortgage rates in the U.S. shows significant fluctuations over the years. In the 1970s, the yearly average rate for 30-year fixed-rate loans climbed to around 13.00%, reaching a peak in 1981. But rates have seen dramatic dips, too -– for example, in 2021, as the world struggled with the Covid-19 pandemic, the yearly average dropped to 2.96%.
For a visual on how much rates have varied during the past 50 years, see the graphic below.
Historical Mortgage Rates in Miami
The chart below shows how Miami’s interest rates compare to the national average during recent decades. (The Federal Housing Finance Agency stopped compiling this city-level data after 2018.)
You can see that historically, Miami rates have closely followed national trends.
Year
Miami Rate
U.S. Rate
2000
7.79
8.14
2001
7.01
7.03
2002
6.48
6.62
2003
5.72
5.83
2004
5.73
5.95
2005
5.88
6.00
2006
6.72
6.60
2007
6.64
6.44
2008
6.25
6.09
2009
5.16
5.06
2010
4.85
4.84
2011
4.51
4.66
2012
3.85
3.74
2013
3.81
3.92
2014
4.18
4.24
2015
3.90
3.91
2016
3.72
3.72
2017
4.08
4.03
2018
4.63
4.57
Source: Federal House Finance Agency
Should You Wait for Interest Rates to Drop?
Many prospective homebuyers wonder if they should postpone their purchase until rates in Miami dip. Current forecasts, however, suggest that rates are likely to remain relatively stable in the near term. According to March 2025 financial commentary, the average mortgage rate is expected to end the year at approximately 6.30%.
It’s worth noting that you can always explore the option to get a mortgage refinance later if rates happen to decline.
See How Miami’s Costs Stack Up
At 120.9% of the national average, the cost of living in this energetic and culturally diverse city is high but still affordable for many homebuyers eager to enjoy the city’s exciting atmosphere and warm weather. It’s important to consider Miami’s cost of living if you’re thinking of buying a home here, since it will have an impact on property prices. It also influences how easy it will be to fit mortgage payments into your budget.
Here’s how Miami compares to other Florida cities on an index where 100 equals the average cost of living in the U.S.
To secure the best mortgage rates in Miami that you can get, consider taking these steps.
• Review your credit score. If it’s not where you’d like it to be, work to build a stronger credit history.
• Lower your debt-to-income (DTI) ratio. You can do this by paying down as much debt as you can.
• Increase your down payment. Savings and gifts from friends and family can both be used to up the amount.
• Compare rates from different lenders. There can be variations, so it’s worthwhile to review the full range of rates available to you.
• Consider going through the mortgage preapproval process. This will give you a better idea of what you can afford.
Tools & Calculators
Mortgage tools and calculators can help you make well-informed decisions about Miami mortgage rates, especially if you’re buying your first home. For example, a mortgage payment calculator can help you determine what your monthly payments would be for different loan amounts, interest rates, and repayment terms. This can help you understand how various Miami mortgage rates can affect both your monthly budget and your long-term financial goals.
Below are three mortgage calculators that may be useful.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Types of Mortgages Available in Miami, Florida
There are many different kinds of mortgages that would-be homeowners can access in Miami. With conventional home loans, you’ll generally need a credit score of 620 or above. Fortunately, the median score for a resident of Miami is 652.
If your score’s a bit lower, there are other types of mortgage loans, too. FHA loans are a popular choice thanks to their more lenient credit requirements and lower down payments, while VA loans don’t require down payments and offer potentially lower interest rates. Let’s take a closer look at some of your choices.
Fixed-Rate Mortgages
Fixed-rate mortgages are helpful if you hate financial surprises. That’s because, with an interest rate that stays the same for the entire loan term, you know exactly how much you’ll be paying every month during the life of the loan. You can choose your term -– typically 15 or 30 years — depending on what works best with your budget and future plans.
Adjustable-Rate Mortgages (ARM)
Adjustable-rate mortgages (ARMs) are less predictable, but also have advantages. They start off with a lower rate than fixed-rate loans for a set period, after which the rates adjust regularly in keeping with market trends. ARMs can be a good deal if you’re thinking of selling your home before the fixed period ends.
For example, a 5/1 ARM gives you a fixed rate for the first five years, after which it can adjust annually. This could be a smart choice if you’re only planning to keep your house for four years. Just be aware that if your plans change and rates in Florida climb, your monthly payments could follow suit.
FHA Loans
FHA loans, which come with the Federal Housing Administration’s backing, are known for their relatively forgiving eligibility criteria. A 3.5% down payment and a credit score requirement of 580 open the doors to homeownership for many first-time buyers. These loans often come with lower mortgage rates than conventional loans, too, making them a popular choice.
VA Loans
Loans guaranteed by the U.S. Department of Veterans Affairs can be a great choice for people who have served or are currently serving in the military, including active-duty members, veterans, reservists, National Guard, and some surviving spouses. The most significant benefit of a VA loan is that it doesn’t require a down payment, making it an appealing option for those with minimal savings. Additionally, VA loans often have lower mortgage rates and don’t require private mortgage insurance (PMI).
Jumbo Loans
In most parts of the country, including Miami, the 2025 limit for a conventional mortgage loan on a single-family home is $806,500. But if you want a prestige property that costs more, you may be able to access a jumbo loan. These extra-large loans may come with higher mortgage rates and more stringent qualification requirements, such as higher credit scores and larger down payments. However, they can be a good choice for someone looking to buy a luxury home in Miami.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
How to Evaluate Loan Offers in Miami, Florida
A competitive mortgage rate is the cornerstone of smart savings over the life of your loan. Even half a percentage point can add up to substantial savings, as we’ve already seen.
That’s why it’s so critical to compare the different interest rates and terms you’re offered by various lenders. And don’t forget to look at the annual percentage rate (APR), which includes fees, closing costs, and mortgage points.
Once you’ve settled on an offer, you might want to lock in your rate for up to 90 days if you’re concerned about rates going up. This may require a fee, depending on your lender.
Florida has many resources for aspiring homeowners, particularly if you qualify as a first-time homebuyer or have limited financial means.
The Florida Housing Finance Corporation administers programs such as the Florida Hometown Heroes program, which provides lower than market rates on FHA, VA, and other specified loans as well as assistance with down payments and closing costs for first-time homebuyers who work for Florida-based businesses or are serving in the military. (The program considers you a first-time homebuyer if you haven’t owned a primary residence in the past three years.)
In addition, Florida Housing provides several closing costs and down payment assistance programs, too, including the Florida Assist and the Florida Homeownership Loan Program Second Mortgage, among others. Just note that these are not available as freestanding options and can only be accessed when you get your first mortgage through Florida Housing.
Closing Costs in Miami
If you’re contemplating buying a home in Miami, it’s a good idea to figure closing costs into your budget. You can generally expect these costs to include common expenses like loan origination fees, appraisal fees, and title insurance.
Closing costs typically run between 2% and 5% of your total loan value. The average cost of a home in Miami is about $590,000, so closing costs are likely to range between $11,800 and $29,500.
The exact amount you’ll be charged for these costs is influenced by a variety of factors, from the property’s value to its specific location. To keep these costs in check, be proactive with potential lenders and don’t hesitate to negotiate fees.
The Takeaway
The mortgage market in Miami, Florida, is as diverse as the city itself, offering a multitude of options for anyone looking to make a home purchase. Whether you’re new to the market or a seasoned buyer, understanding the different types of mortgages, such as ARMs, FHA, and VA loans, can help you find the best fit for your needs. Staying in the know about the current mortgage rates in Miami and the available assistance programs can help you make sound financial decisions that will set you up for successful homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Many economists are predicting that mortgage rates will remain fairly consistent through the end of 2026, but it’s impossible to know for sure. Watching where rates are going can be helpful when you want to buy a home. But working on your financial situation -– strengthening your credit score, paying down debt, saving up a down payment -– will help you be ready to act when the moment is right.
Will mortgage rates ever be normal again?
Mortgage rates have certainly risen since the lows of the Covid-19 pandemic, but they’re still significantly lower than the peaks seen in earlier decades. That suggests that, looked at historically, today’s rates may be “normal.” For most would-be homebuyers, focusing on assessing and improving their financial standing is probably more productive than waiting for mortgage rates to drop.
How do I lock in a mortgage rate?
To find the best possible mortgage rate available to you, comparison shop offers from different lenders. After you’ve chosen the offer you like, ask your lender about locking in the rate. Rate locks, which usually last between 30 and 60 days, are sometimes free but often cost between 0.25% and 0.50% of the loan amount.
How do mortgage interest rates function?
Mortgage interest is essentially the fee you pay your lender for the privilege of borrowing money to buy a home. Your mortgage interest rate tells you how much that fee will be. It’s usually expressed as a percentage of your loan amount. With a fixed rate loan, that percentage never changes and you pay the same amount every month for the life of your loan. With a variable or adjustable rate, the percentage can change, so you won’t necessarily know exactly what you will owe each month.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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