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If you owe money to the IRS, you may be tempted to charge your payment to a credit card.
Whether you should do that, though, depends on your financial situation. Credit cards come with high interest rates, so if you don’t stay on top of your payments, you may be replacing one form of debt with another high-interest one. Luckily, you can use IRS Direct Pay instead. It’s a free alternative that lets you transfer funds from your bank account and avoid high-interest credit card debt.

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Why putting a tax bill on a credit card can backfire
Credit cards are convenient and offer enticing rewards for spending money. However, those same cards have high interest rates that can pull you deep into debt if you aren’t careful. That doesn’t even include processing fees associated with moving IRS debt onto your credit card’s balance.
That extra fee can make a $2,000 tax bill put on a credit card more expensive right away. If you can’t pay off the entire balance right away, interest will accumulate rapidly. That’s why many people turn to IRS Direct Pay, which consists of free transfers from your checking or savings account to the IRS.

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How IRS Direct Pay works
IRS Direct Pay is a free and secure payment method that lets taxpayers pay their tax debt directly from their checking or savings account. You can also use it to cover individual taxes, estimated tax payments and certain business tax payments.
The IRS has payment tools that let you schedule payments in advance. That way, you don’t have to manually log into your bank account each time you want to pay the IRS. These payments can be scheduled up to one year in advance.
You will have to provide your bank account number, routing number, payment amount, tax year and payment type before submitting a payment. Then, the IRS will handle the rest, either right away or on the payment date you have selected, depending on your preference.
When Direct Pay is and isn’t the right move
Direct Pay can be the best option for people who have cash in their bank account to cover IRS bills or will have the necessary amount before the deadline. This route lets people avoid credit card fees and high interest rates, but it’s not the right option for someone who cannot afford the bill when the payment is due.
Many people still use credit cards because the entire amount isn’t due right away. You can pay off credit card debt over multiple months, but it’s often better to aggressively tackle your balance than let it linger on a high-interest card. But don’t ignore your tax bill. You may be able to find a zero percent introductory rate credit card, or set up a payment plan with the IRS. The best decision for one person may not be the best decision for another, so carefully consider your debt, savings and other finances before choosing the best route for you.

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When most people think about Social Security, they’re focused on how their benefits will help support their retirement. But in some cases, Social Security benefits aren’t just for you.
Children can sometimes receive Social Security payments based on a retired parent’s work record. It doesn’t apply to every child, but if it applies in your case, the extra money can make a big difference with school costs, groceries and other expenses. Here’s who is eligible, how much money families can get and how to apply.

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Some children can get Social Security when a parent retires
Unmarried children who are younger than 18 may qualify, and the opportunity also extends to those who are 18 and 19 who are full-time K-12 students. Those 18 or older with a disability that began before age 22 may also qualify. These dependent benefits are tied to the retired parent’s earnings record, and can extend to stepchildren, adopted children, grandchildren, and step-grandchildren under certain circumstances.
Social Security outlines family eligibility criteria and gives retirees the opportunity to apply. This program is different from survivor benefits, which apply after a parent passes away.

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How much families can get
While Social Security lets a dependent receive up to 50% of the parent’s benefit, the math doesn’t always translate to 50% distributions. That’s because Social Security limits the family maximum benefit, typically to between 150% and 180% of your benefits.
The worker’s benefit is never reduced under these rules, but the pie is cut into smaller pieces as more dependents file claims tied to your benefits.
The Social Security Administration found that the average monthly benefit for applicable children of retired workers in June was $960.30. It can help with various expenses and give families more financial flexibility.
How to apply
You can contact Social Security directly about family benefits when applying for retirement benefits. A representative can address family-specific questions and help you determine what your options are. Retirees may have to report changes in their children’s marriage status, school status and income.
Social Security won’t automatically approve every dependent who is eligible. You may have to provide the dependent’s birth certificate, Social Security number and school information during the application process to demonstrate their eligibility. The Social Security Administration’s website has specific steps on applying for children’s benefits, including a number to call.

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Correcting an error on your credit card statement — whether it be for an unauthorized fraudulent transaction, your card being charged twice or another issue — can be challenging. But it’s important to act fast.
Under federal law, you generally only have 60 days from when the statement was sent to notify your credit card issuer and receive money back from an illegitimate transaction.

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What counts as a credit card billing error
A credit card billing error occurs when a product or service shows up on a card that you did not buy or receive. You can demonstrate that the product never arrived at your door or that a service was fraudulently purchased by someone else who obtained your details.
Unauthorized charges, duplicate charges, charges with the wrong date or amount, math errors, items not delivered as agreed, returned items that were still billed and charges that need clarification are all covered under the Fair Credit Billing Act. You can dispute any of those types of charges, but a dispute isn’t for if you have buyer’s remorse after a product or service was properly delivered to you.
While it’s optimal to resolve the issue with the seller first, you should know your rights as a credit cardholder and file disputes when necessary. This disputing process works for credit cards and revolving credit lines, but installment loans like car loans and personal loans have different rules.

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The 60-day clock
It’s best to pounce on any billing errors the moment you see them, but if you just noticed a mistake, you might have time to correct it. The 60-day window starts when the first bill with the error was sent. That means you may have more than 60 days from the purchase date. However, if this mistake appeared in a previous statement, you may have fewer than 60 days to resolve the issue.
You don’t have to complete the entire process within this 60-day clock. You just have to file a dispute with your card issuer within the 60-day window. Even if the entire process takes more than 60 days, you may receive your money back if your card issuer determines it is an error or a mistake.
Cardholders will have to provide evidence that the transaction is fraudulent. Any relevant copies of emails, delivery confirmations, cancellation notices, screenshots or merchant correspondence can help you prove your case.
Calling a representative or entering a customer service chat is not the same thing as filing a dispute. When you can’t reach a resolution with the seller, it’s important to contact your card issuer right away. You may want to go straight to the card issuer and file a dispute instead of reaching out to the seller if they are close to the 60-day deadline.
What happens after you dispute
A credit card issuer must acknowledge your dispute in writing within 30 days unless the issue has already been fixed, and any dispute must be resolved within 90 days. Consumers do not have to pay the disputed amount while the investigation is ongoing, but they must continue to pay their remaining bills.
The disputed charge generally will not impact your credit score or report if you do not pay it right away. In the event the issuer determines the transaction was legitimate, they must provide a written explanation. Then, you will be responsible for it. However, you can submit an appeal within the issuer’s deadline or 10 days after receiving the explanation, depending on which is later.

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Some people find new love that leads to another marriage. While your finances may not be top of mind at that time, there are some important money-related questions to get the answers to — including around Social Security.
It’s important to understand the rules around survivor benefits based on your former spouse’s records. Here’s what to know and how your age impacts your benefits.

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The age 60 remarriage rule
Survivor benefits are monthly payments to eligible family members of people who paid Social Security taxes before they passed away. Sometimes, ex-spouses are eligible.
If you remarry after 60, you may still be eligible for your former spouse’s survivor benefit. However, marrying before 60 generally makes you ineligible for survivor benefits unless the new marriage ends due to a divorce, death or annulment. The Social Security Administration’s handbook also says that a person with a disability can marry at 50 or older without losing eligibility to their former spouse’s survivor benefit.
The rules are different for ordinary spousal benefits of a living ex-spouse. You cannot receive divorced spousal benefits based on a living ex-spouse’s record if you’re in a new marriage. Though if the new marriage ends, you may qualify again.
The ordinary spousal benefit is only applicable if you stayed married to your ex-spouse for at least 10 years.

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Why this rule matters financially
The rule can have a major impact on your long-term finances if Social Security is a key part of your retirement. A survivor benefit may be much higher than the benefit you would earn based on your own wages. Remarrying before 60 generally prevents widows and widowers from receiving survivor benefits.
While you can claim survivor benefits upon turning 60, you will receive the maximum benefit if you wait until full retirement age to tap into your benefits. These benefits do not accrue delayed retirement credits like regular benefits, so there is no financial incentive to wait until 70 before claiming survivor benefits.
This doesn’t mean you should necessarily delay marriage before turning 60. However, it is important to consider all your options, and how much a marriage will impact your finances if you had to rely on your own benefit instead of the survivor benefit.
What to check before the wedding
The simplest thing to assess is if you will be 60 years or older on the wedding day. People who are 59 can wait an extra year, but it’s a bit more complicated to wait that long if you are in your 40s or early 50s.
You should also assess if the ordinary spousal benefit you will receive from your new spouse is higher than the survivor benefit you can receive from your deceased spouse. The Social Security Administration’s website has plenty of resources and tools that can help you estimate your benefits in various situations.
Social Security isn’t the only thing to check before you remarry. Marrying a new spouse can also affect Supplemental Security Income, pension-related survivor payments and other benefits.

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A health savings account (HSA) can be a great resource for saving money on taxes while giving yourself a financial cushion in the event of a health emergency. But the rules for HSA contributions change when you turn 65 and enroll in Medicare.
Enrolling in Medicare won’t affect the money you have already put into your HSA, but it will affect your ability to make new contributions.

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Why Medicare enrollment changes HSA eligibility
Enrolling in Medicare typically means you can no longer contribute to an HSA. An HSA is designed for someone who has an HSA-eligible high-deductible health plan, and Medicare doesn’t fulfill that requirement.
You don’t have to liquidate and withdraw any of the holdings in your HSA, and you can continue to make tax-free withdrawals if they are for qualified medical expenses. Many Medicare-related costs count as eligible expenses. Notably, the IRS says that Medigap premiums are not qualified expenses for tax-free HSA withdrawals.

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The timing trap: Medicare Part A can be retroactive
Your 65th birthday isn’t the only date to keep in mind when assessing how Medicare can impact your HSA. People who enroll in premium-free Part A after 65 may have coverage start up to six months before they sign up or apply for Social Security benefits. This retroactive coverage never starts earlier than the month you turn 65, but it’s an important detail for HSA contributions.
Medicare.gov suggests that people stop contributing to their HSA plans six months before retiring or applying for benefits to avoid a tax penalty. It’s known as the six-month look-back.
What readers should do before and after turning 65
If you are still working, it’s a good idea to get in touch with HR or your benefits administrators before you turn 65. That way, you will know how to handle HSA contributions and avoid the tax trap that comes with Medicare’s six-month look-back. You should also tell your employer to stop HSA contributions leading up to your enrollment.
Any worker who is receiving Social Security while employed should check if they are already enrolled in Medicare. The government automatically enrolls you in Medicare Part A and Part B if you are receiving Social Security benefits and are 65 years old. In that scenario, you will receive your Medicare card in the mail about three months before you turn 65.
Anyone who is receiving Medicare should immediately stop HSA contributions, but they do not have to make withdrawals right away. A tax professional can help you navigate any excess contributions. They can also help families navigate HSAs if one spouse is eligible for Medicare and the other isn’t.
If you can still contribute to an HSA, it’s often a good idea to capitalize on it, since HSAs come with a triple-tax advantage. The IRS updated limits to $4,400 per year if it’s just you or $8,750 per year for family coverage. Those amounts go up to $4,500 and $9,000 in 2027, respectively.

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Millions of Discover credit card accounts will soon be migrated to Capital One’s systems, the latest step in a $35 billion merger of the two companies. For some, the switch is imminent: Although an FAQ page says Discover card accounts will move “throughout 2026 and early 2027,” many customers have been told to mark July 27 as the transition date.
A Capital One spokesperson confirms to Money that the migration will occur in waves, adding that “all Discover consumer card accounts will gradually be transitioned to Capital One to manage.” The company did not confirm which cards will move first.

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This is happening because Capital One completed its acquisition of Discover in May 2025. Integrating the two financial behemoths is proving to be as complicated as it sounds.
Capital One is keeping the Discover brand but folding Discover accounts into Capital One’s existing credit card systems. This means the Discover website and app will no longer be the point of access for customers’ accounts. The company will, however, continue marketing credit cards at Discover.com.
Current Discover cardholders can continue using their physical cards with the same 16-digit numbers throughout the transition. Credit card product names will not change, and Discover credit card customers will keep their $0 annual fees, APRs and credit limits. Rates for earning rewards and redemption options will also remain largely unchanged.
Capital One has published dozens of FAQs guiding customers through exactly what is changing — and what is staying the same. So if you have an affected Discover card, here are five things to do now:
1. Download the Capital One app
The biggest change when cards switch has to do with logistics: Instead of logging into the Discover website and mobile app for account services, customers will use Capital One to manage their accounts.
Discover cardholders are not yet able to log in through Capital One. While waiting for access, they can prepare for the transition by downloading the Capital One mobile app.
“Customers will receive detailed communications from us regarding when and how to get started with Capital One. Until then, there’s nothing they need to do,” a Capital One spokesperson says. “But we encourage customers to ensure their contact information — including address, phone number and email — is up to date in their Discover account, along with their other settings and account preferences.”
That information will be ported over to the Capital One system when the time comes.
2. Confirm your payment due date
Do you know your current Discover card payment due date, meaning the deadline you have to meet every month in order to dodge fees? If not, make a note of it.
When cards migrate to the Capital One system, most payment dates will remain the same. However, Capital One said on its website that some due dates will be adjusted “to avoid technical issues,” and affected customers will be notified.
The good news: A Capital One spokesperson confirms that due dates are only being pushed out, not moved up.
“The transition to Capital One systems will not negatively affect Discover cardholders’ credit scores,” the spokesperson adds. “The migration will not be reported as a new account, and the account open date will appear as the same date currently reported on a cardholder’s credit file.”

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Automatic credit card payments will not be interrupted in most cases, according to Capital One. Still, customers who use autopay should double-check their settings before and after the migration to ensure that the payment carries over correctly.
“If we’re not able to transfer your automatic payments to Capital One, we’ll let you know by email or letter,” an FAQ reads.
3. Be aware of disappearing features
Discover cardholders may lose access to several minor features when their accounts migrate.
For instance, customers will no longer be able to apply rewards toward their minimum payments. Rewards will still be redeemable for a statement credit to reduce your balance, but that option will not satisfy minimum payment requirements.
While cardholders can continue to redeem rewards for gift cards, redemptions will be subject to a higher gift card minimum of $25, up from $5 before with Discover.
Also, the “Pay with Rewards” feature in Apple Pay will no longer be an option after the migration to Capital One, and Apple Pay recurring subscriptions may be disrupted.
4. Brush up on your new benefits
For the most part, credit card terms and rewards structures stay the same. Capital One is touting several features that Discover cardholders will gain, including access to Capital One Travel (with 5% cash back or 5X miles on hotels and rental cars booked through the portal), Capital One Entertainment (a ticketing platform), and Capital One Offers (its shopping rewards program).
Cardholders who use Discover’s credit monitoring will be able to access Capital One’s CreditWise, which offers similar functionality.
Other changes are intended to give cardholders more flexibility. For example, Discover It Miles accounts will gain access to gift card redemptions. Discover cardholders will also be able to access additional features like Capital One’s virtual card numbers and spend management tools, the company says.
5. Look out for new cards for authorized users
Unlike primary Discover cardholders, authorized users and joint account holders will receive new physical cards with unique 16-digit numbers. (Previously, Discover authorized users shared the primary cardholder’s card number.)
The new cards will be mailed to the main account holder.
“We will let the primary cardholder know when the new cards are on their way,” an FAQ reads. “Until then, authorized users and joint account holders can continue using their current card.”
When the new cards arrive, those additional users will be able to create their own online Capital One accounts.

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The stock market might be soaring, but the Oracle of Omaha is not impressed. In an interview with CNBC on Wednesday, Warren Buffett lamented what he characterized as a lack of opportunity for value-seeking investors in the stock market today.
The former Berkshire Hathaway CEO criticized the rise of speculative trading that resembles recreational betting more than fundamentals-based investing. “It’s tough to find values when everybody is preferring gambling,” he said.
This isn’t the first time Buffett has criticized a burgeoning derivatives market that is increasingly divorced from traditional Wall Street approaches to wealth-building. At Berkshire Hathaway’s annual shareholder meeting in May, he called the stock market “a church with a casino attached” in an interview with CNBC during the meeting.
“We’ve never had people in a more gambling mood than now. But that doesn’t mean that investing is terrible. It does mean that prices for an awful lot of things will look very silly,” he said.
While there have always been amateur stock-pickers, the number of retail investors skyrocketed during COVID-19 and has been notching record highs ever since. The disruption of lockdowns that disconnected huge numbers of people from their jobs and routines prompted millions to go online and discover the world of financial markets.
Pandemic-era meme stock crazes sent stocks like GameStop on wild swings, while more recent hype around high-flying stocks like SpaceX pulled in an even wider audience.
A JPMorgan Chase analysis found that the amount of money retail investors sunk into the market jumped by 50% from 2023 to 2025. What’s more, a growing share of these new participants are young adults: In 2024, 37% of 25-year-olds used investment accounts, up from just 6% a decade earlier.
Prediction markets drive a growing volume of trades increasingly untethered from market fundamentals. These platforms are nominally derivatives markets overseen by the Commodity Futures Trading Commission, or CFTC. But instead of buying options for coffee or copper, as commodities traders have for years, users of apps like Kalshi or Polymarket trade contracts tied to “yes or no” outcomes for future events in sports, geopolitics, finance and more.
Although loose regulation of prediction markets has raised concerns about insider trading and teens gambling, adoption continues to grow by leaps and bounds.
‘That’s not investing,’ according to Warren Buffett
In his May interview with CNBC, Buffett correctly pointed out that many prediction market users aren’t “investing” in any conventional sense. “There’s nobody that can explain why they’re buying an option for one day,” he said. “If you’re buying one-day options, or selling them… that’s not investing, it’s not speculating, it’s gambling.”
While both Wall Street traders and prediction market bettors are ultimately trying to make money, the latter often don’t have a strategy beyond a get-rich-quick aspiration.
But a lack of strategy doesn’t stop them from spending. Trading volume on prediction markets Kalshi and Polymarket has skyrocketed in recent months, ballooning from less than $5 billion in September 2025 to roughly $24 billion in April, nearly a fivefold increase, according to an analysis from the Pew Research Center.
This year’s FIFA World Cup supercharged that momentum, with U.S. fans projected to bet $2.5 billion on prediction markets over the course of the tournament.
Retail turnover in stocks and ETFs, which reflects both buying and selling, is hovering near record highs, according to VandaTrack. The financial data and analytics platform looked at trading activity going all the way back to 2012 and found that turnover is at the 99.7th percentile.
In other words, speculating investors are flipping assets at a blistering rate — the exact opposite of Warren Buffett’s legendary buy-and-hold patience that made him a billionaire.

Buying a used car can be a great way to save money — but only if you pick the right car.
It’s important for buyers to determine if the car was maintained and how soon it will need repairs. But here’s another detail you should consider: whether the used car model has any recalls. A recall is issued when a car or piece of its equipment has a safety risk or doesn’t meet federal safety standards, and a recall check lets you verify if the model has any current recalls. Performing this small step can end up saving money down the road, and keep you safe.

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Why recall checks matter before buying a used car
Used cars are cheaper than new ones when you look at the buying price. However, those same vehicles can become a lot more expensive than new models if they need to undergo significant repairs and frequent maintenance.
Recalls are issued when a vehicle, part, tire or equipment has a safety defect or doesn’t meet federal safety standards, so it’s not something to be taken lightly. The National Highway Traffic Safety Administration (NHTSA) requires manufacturers to repair, replace or refund the recalled model free of charge.
Even if a car looks like it’s in good condition, it can still have a recall for one of its parts. Buyers who do not conduct their due diligence can end up with a money-sucking vehicle. The risk of recalls is actually quite common. Carfax found that 57.7 million cars in the U.S. had safety recalls in 2024. That’s one out of every five vehicles.

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How to run the NHTSA recall check
You can use the NHTSA’s recall lookup tool to determine if there were any recalls for the vehicle you are considering. This tool will require a 17-character vehicle identification number (VIN).
You can ask the seller for this number, but it’s also typically visible on the lower left corner of the windshield. The VIN may also be located on the driver-side doorjamb label. A license plate is sometimes sufficient for this search.
This tool won’t tell you if a car has been in an accident, maintained well or incurred a mechanical problem. You will still need other tools to assist with your research, but the NHTSA recall lookup tool will contain information about recalls from the past 15 calendar years, incomplete safety recalls and other vital information.
What to do if the car has an open recall
A recall isn’t a dealbreaker since you can get recall repairs done for free, even if you are not the vehicle’s original owner. However, you should know the severity of the defect and whether it’s a problem that may impact other parts of the car in the future. Buyers should also assess the rarity of the parts that need repairs. It’s often easier to repair a common car with parts that are readily available than an exotic model that doesn’t have as many repair shops.
You can also request that the seller take advantage of the recall and fix the vehicle before closing the deal. Buyers can use the recall as a negotiating point to get a lower price on the car. But keep in mind that a serious safety issue involving brakes, steering, airbags, seat belts, fire risk or loss of power should be avoided, regardless of the deal.
Even after buying the vehicle, it’s a good idea to check for recalls. The NHTSA recommends checking for recalls twice per year and using the SaferCar app for alerts. You can follow these steps with your current vehicle as well.
Recalls are just one part of assessing if a used car is right for you. Money’s car buying guide includes the steps you can take to prepare for buying a car and how to compare different vehicles.

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Social Security acts as a financial cushion for many older adults. That’s why it’s important to carefully consider how long you work and at what age you should start receiving your monthly checks so you can maximize benefits.
If you are age 65 and still working, it can be especially important to review all your options before you stop working — and potentially work for a few extra years. You’re still just short of full retirement age, and working beyond age 65 can make a significant difference for your finances. While you may be thinking of claiming at age 65 since that’s when you become eligible for Medicare, there are a few key details to consider.

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Age 65 is not full retirement age
The moment you turn 65, you become eligible for Medicare. While Medicare doesn’t cover all health-related expenses, it can be a good insurance policy when you are approaching retirement. However, that doesn’t necessarily mean you should also begin receiving Social Security benefits. Full retirement age is 67 for anyone born in 1960 or later, and claiming before full retirement age while working can result in withheld benefits.
Social Security will withhold a portion of your benefits if you earn above certain thresholds and are younger than 67. Delaying your benefit a little longer can prevent withholding, and delayed retirement credits can accumulate if you further delay Social Security. You can maximize your Social Security benefits by waiting to claim them until you turn 70.
Social Security has multiple benefit calculators you can use to estimate how much you will receive based on your lifelong earnings and when you plan to claim benefits. These calculators show the advantages of waiting a little longer, and doing so can also boost your lifetime earnings, especially if you have a strong salary at your current job. Higher lifetime earnings translate into higher Social Security benefits.

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Working while claiming can temporarily shrink your checks
If you would receive $2,000 per month from Social Security if you claim at 65, you won’t actually end up with $2,000 per month if you are still working. That’s because Social Security will withhold $1 in benefits for every $2 earned above a predetermined income limit if you are below your full retirement age.
That limit is $24,480 in 2026. Withheld benefits don’t just disappear; the Social Security Adminsitration recaluclates your future benefits to give you credits for the months your benefit was reduced.
The limit is more generous the year you reach full retirement age. Then, Social Security only withholds $1 for every $3 above a higher limit, which is $65,160 in 2026.
Medicare, taxes and cash flow should be part of the same decision
When you turn 65, you aren’t just deciding about Social Security. You become eligible for Medicare at that age, even if you are still employed and do not take out Social Security. Some workers can delay Medicare Part B without a penalty as long as they have qualifying employer coverage. However, if you do not qualify, you can face late enrollment penalties.
It’s also important to consider how taxes will impact your take-home pay if you claim Social Security. A high income will make more of your Social Security benefits eligible for taxation. Receiving immediate benefits may not be worth the long-term impact of losing out on cash flow growth, especially if you can sufficiently cover your living expenses.
Two other details to consider are spousal benefits and how long you plan to work. Spouses who are the higher earner may want to delay until 70 or as close to that number as possible. That’s because the surviving spouse benefit is based on the higher earner’s Social Security benefit. People who plan to work for a few more years after turning 65 are also incentivized to wait until 70 or as close to that age as possible.

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Freddie Mac’s average rate for a 30-year, fixed-rate mortgage increased to 6.55%, its highest level since the end of May. Despite rising rates, increased housing supply and stable home prices mean homebuying conditions are slowly improving.

Average mortgage rates today

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Rate
APR

30-Year Fixed
Most Popular
6.55%
6.7%

30-Year FHA
Lower Credit
6.25%
6.65%

30-Year VA
Military
6.35%
6.6%

30-Year Jumbo
High Balance
6.7%
6.8%

15-Year Fixed
Shorter Term
6.02%
6.11%

7/1 ARM
Shorter Term
5.83%
6.03%

HELOC
Home Equity
7.04%
6.05% – 8.15%

Home Equity Loan
Home Equity
6.98%
6.60% – 7.49%

Updated on 06/29/2026

Average mortgage rates shown are national averages compiled from a range of sources, including major U.S. lenders and financial institutions. Accuracy and completeness are not guaranteed, and rates may change without notice. Rates do not constitute an offer or guarantee of credit. Actual APRs vary based on lender, creditworthiness, loan amount, term, and lender fees. Not all products are available in all states.

Key Takeaways
Freddie Mac’s average rate for a 30-year, fixed-rate loan inched up to 6.55% for the week ending July 16.

Freddie Mac finds that one additional rate quote saves borrowers about $600 over the loan’s life, up to $1,200 with three.
Discount points cost 1% of the loan to cut the rate 0.25%, while closing costs typically run 2% to 5% of the mortgage.

Mortgage rate trends
Mortgage rates edged higher over the past week as tension in the Middle East mounted, sending Treasury yields and the rates that follow them higher. Uncertainty about the war’s outcome, on the other hand, is counteracting the relatively good news that inflation was lower than anticipated in June, which would typically lead to downward pressure on rates.
With mortgage rates caught between these two opposing forces, prospective borrowers should expect rates to remain within their current mid-6% range for the time being.
Freddie Mac’s mortgage rates for the week ending July 16, 2026
Freddie Mac mortgage rate trends

For its weekly rate analysis, Freddie Mac reviews rates offered for the week ending each Thursday. The average rate reflects what a borrower with strong credit and a 20% down payment can expect to obtain when applying for a mortgage at this time. Borrowers with lower credit scores will generally be offered higher rates.
If you’re offered a higher rate than expected, ask why and compare offers from multiple lenders. (Money’s list of the Best Mortgage Lenders is a good place to start. Homeowners considering a mortgage refinance should consider our list of the Best Mortgage Refinance Companies.)
Use Money’s mortgage calculator to estimate your monthly payment, considering different rate scenarios.

What you need to know about current mortgage rates
Mortgage rates, along with home prices, are key components of the formula for homeownership. Most importantly, they can help determine how much home you can afford. This guide addresses some of the most frequently asked questions about rates and their impact on the housing market.
Types of mortgage rates
When shopping for a mortgage, you may be offered two types, each with a different interest-rate arrangement: fixed-rate and adjustable-rate loans. Understanding the differences between the two is important when deciding which best suits your needs.
Fixed-rate mortgages
As the name implies, fixed-rate loans have a fixed interest rate that remains constant throughout the loan term. The most common term lengths are 30 and 15 years; however, some lenders offer additional options. Generally, the interest rate on a 30-year loan will be higher than that on a 15-year loan, but the monthly payment will be lower because you’re extending the payback period.
Most homebuyers prefer fixed-rate loans because their monthly mortgage payments remain relatively constant throughout the life of the loan. However, other costs typically rolled into the mortgage, such as homeowners’ insurance and property taxes, can change, leading to fluctuations in your monthly payment over time.
Adjustable-rate mortgages (ARMs)
The interest rate on adjustable-rate mortgages does not adjust from the beginning. Instead, the rate will be fixed for a predetermined number of years. Once the fixed period ends, the rate becomes variable and adjusts at regular intervals, known as the “adjustment period,” with the length of this period defined in the mortgage terms. Depending on market conditions, rates could increase or decrease at the end of each period.
The most common type of ARM is a 5/6 loan, in which the interest rate is fixed for 5 years and then adjusts every six months. There are also options for 7/6 loans and 10/6 loans. Because the interest rates on ARMs tend to be lower than those on fixed-rate loans during the initial (fixed-rate) phase, adjustable-rate loans are a good option for borrowers who don’t plan to stay in the home beyond the fixed-rate period.
Other information you should know about mortgage rates
When comparing rates from different lenders, you’ll see two different numbers: the interest rate and the annual percentage rate (APR).
The interest rate is the amount a lender charges on the principal amount borrowed. Consider it the basic cost of borrowing money for a home purchase.
An APR represents the total cost of borrowing money, including interest and other fees. It includes the interest rate plus any fees associated with generating the loan. The APR will always be higher than the interest rate.
For example, a $300,000 loan at 3.1% interest and $2,100 in fees would have an APR of 3.169%.
When comparing rates from different lenders, look at the APR and the interest rate. The APR represents the total cost of the loan over the full term, including loan origination and lender fees. The interest rate is the amount of interest the lender charges on the borrowed loan amount, excluding additional fees. You’ll also need to consider what you can pay upfront versus what you can pay over time.
Mortgage refinance rates
Homeowners may decide to refinance for various reasons, including lowering their interest rate, extending the loan term, or tapping into their home equity. Refinance rates tend to be higher than purchase rates, so carefully weigh the pros and cons before deciding whether a “refi” is the right step.

Factors affecting today’s mortgage rates
Rates alone do not fully determine the loan’s cost or your monthly payment. The following factors, detailed in your lender’s loan disclosures, also apply.
Loan term
As a general rule, the longer the loan term, the smaller the payments but the more costly the loan overall. Choosing a 15-year mortgage instead of a 30-year mortgage will increase the monthly payment but reduce total interest paid over the life of the loan.
Loan type
With a fixed-rate mortgage loan, payments remain the same throughout the life of the loan. Adjustable-rate mortgages reset regularly (after an introductory period), and the monthly payment adjusts accordingly.
A mortgage whose size exceeds the federal loan limit is known as a “jumbo” or “non-conforming” loan. Such mortgages usually have lower rates but more stringent credit requirements.
Taxes, HOA fees, insurance
Home insurance premiums, property taxes and homeowners association fees are often bundled into your monthly mortgage payment. Consult your real estate agent for an estimate of these costs.
Private mortgage insurance
Private mortgage insurance can cost up to 1.5% of your home loan’s value each year. Borrowers with conventional loans can avoid private mortgage insurance by making a down payment of at least 20% of the property’s purchase price or by building at least 20% equity in the loan principal. FHA borrowers pay a mortgage insurance premium throughout the life of the loan.
Closing costs
Closing costs include origination fees and other loan expenses. These extra charges typically range from 2% to 5% of the mortgage amount and are usually paid up front. Some buyers finance their new home’s closing costs into the loan, which increases the principal and raises their monthly payments.
Loan-to-value ratio (LTV)
The LTV measures the risk a lender takes when financing a property. The figure compares the loan amount to the home’s value. The higher the LTV, the greater the lender’s risk — and, ultimately, the higher the mortgage rate for the borrower.
Economic factors
Lenders use several factors to determine daily mortgage rates. While every lender’s formula varies slightly, it typically factors in the current federal funds rate (a short-term rate set by the Federal Reserve), competitors’ rates, and other relevant factors, sometimes including the number of underwriters available. Your qualifications as a borrower will also affect the rate you are offered.
In general, rates track the yields on the 10-year Treasury note. Average mortgage rates are usually about 1.8 percentage points higher than the yield on the 10-year note. In times of economic uncertainty, such as periods of high inflation, Treasury yields tend to rise. That, in turn, pushes all types of interest rates higher, including those on home loans.
How mortgage rates affect affordability
The rate on your mortgage can make a big difference in how much home you can afford and the size of your monthly payments. That’s true whether buying your primary residence, an investment property or refinancing an existing loan.
Here’s an example. If you bought a $250,000 home and made a 20% down payment of $50,000, you would end up with a starting loan balance of $200,000. On a $200,000 home loan with a fixed rate for 30 years, here’s what you would pay:

At a 3% interest rate = $843 in monthly payment (not including taxes, insurance, or HOA fees)
At a 4% interest rate = $955 in monthly payment (not including taxes, insurance, or HOA fees)
At a 6% interest rate = $1,199 in monthly payment (not including taxes, insurance, or HOA fees)
At an 8% interest rate = $1,468 in monthly payment (not including taxes, insurance, or HOA fees)

Experimenting with a mortgage calculator allows you to find out how much a lower rate or other changes could impact what you pay. A home affordability calculator can also estimate the maximum loan amount you may qualify for based on your income, debt-to-income ratio, mortgage interest rate and other variables. The Consumer Financial Protection Bureau can also provide a range of rates offered by lenders in each state.

How to get the best mortgage rate
One of the most effective ways to find the best mortgage rate is to shop around, according to Freddie Mac. Borrowers who get a rate quote from just one additional lender save an average of $600 over the life of the loan. Those savings can increase up to $1,200 if you obtain three quotes. A larger down payment amount will also result in a lower interest rate.
The best mortgage lender for you is the one that offers the lowest rate and the terms you want. Your local bank or credit union is a good place to start. Online lenders have expanded their market share over the past decade and promise to get you pre-approved within minutes.
You can also lower the offered rate by buying discount points, also known as mortgage points. A point typically costs 1% of the loan amount and can reduce the interest rate by 0.25 percentage points.
Compare loan options, rates, and terms, and ensure your lender offers the mortgage type you need. Not all lenders write FHA loans, USDA-backed mortgages or VA loans, for example. If you’re unsure about a lender’s credentials, request its NMLS number and verify its reputation online.
Once you find the best rate, get a rate lock to guarantee it won’t change before you can close the loan. Obtaining a preapproval letter can also be helpful.

Current mortgage rates FAQ
When will mortgage rates go down?
Mortgage rates have been trending lower after hitting a high of 7.08% last November. While most experts believe rates will eventually move into the 5% range, borrowers should expect them to remain between 6% and 7% for the foreseeable future.
Should I lock in my mortgage rate today?
Yes. Obtaining a mortgage rate lock as soon as you have an accepted offer on a house (and find a rate you’re comfortable with) can help guarantee a competitive rate and affordable monthly payments on your loan. A rate lock means that your lender will guarantee your agreed-upon rate, typically for 45 to 60 days, regardless of market fluctuations. Ask your lender about “float-down” options as well, which allow you to snag a lower interest rate if average rates drop during your lock period. This option usually comes with a fee that ranges between 0.50% and 1% of the loan amount.
What are discount points on a mortgage?
Discount points are a way for borrowers to reduce the interest they pay on a mortgage. By buying points, you’re basically prepaying some of the interest the bank charges on the loan. In return, you get a lower interest rate, which can lead to lower monthly payments and additional savings on the cost of the loan over its full term. Each mortgage point normally costs 1% of your loan amount and could shave up to 0.25 percentage points off your interest rate.
Why is my mortgage rate higher than average?
You may have a higher-than-average mortgage rate for a number of reasons. Credit scores, loan terms, interest rate types (fixed or adjustable), down payment size, home location and loan size will all affect the rate offered to individual home shoppers. One of the best ways to lower your rate is to improve your credit score.
Different mortgage lenders offer different rates. It’s estimated that about half of all buyers only look at one lender, primarily because they tend to trust referrals from their real estate agent. But shopping around for a lender will help you snag the lowest rate out there.
Should I refinance my mortgage when interest rates drop?
Refinancing your mortgage when interest rates drop could make sense if it provides a tangible benefit; be it lower monthly payments or a shorter loan term. Determining whether now is the right time to refinance your home loan involves a number of factors. Most experts say you should consider refinancing if your current mortgage rate exceeds today’s rates by at least 0.50 percentage points. But since there are fees involved, it doesn’t make sense to refinance every time rates inch down.