SoFi® Bank, N.A. Review 2025: Digital Banking, High Yields
Key TakeawaysSoFi® is an excellent choice for consumers seeking high-APY checking and savings accounts.Note that there’s a fairly high direct deposit requirement to earn the best APY.This bank is best for people who are comfortable with digital tools and don’t need in-person branches.SoFi is a powerhouse of the online banking industry. While SoFi does not have a wide selection of accounts, its checking and savings accounts offer very competitive annual percentage yields—making these accounts attractive options for consumers seeking to earn interest on funds that they still want to keep fairly liquid.SoFi customers also have access to a network of more than 55,000 ATMs1 nationwide and can pay bills, find ATMs, send money, make mobile deposits, and more via SoFi’s website and mobile app. Rates are current as of Dec. 3, 2025, and are subject to change. SoFi at a glanceSoFi® Checking & SavingsMember FDICTop savings APYUp to up to 3.60%*Minimum Opening Deposit$0Advertiser DisclosureView offerat SoFiCompany insightsYear Founded: 2011Company Headquarters: San Francisco, CACEO: Anthony NotoAPY DisclaimerAnnual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings.Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheetBonus DisclaimerNew and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not receiveda cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.View offerat SoFiN/AProsNo minimum deposit requirementsNo monthly account feesCompetitive rates on deposit accountsConsDirect deposit required for highest savings APYMust open both a checking and savings account (can’t have just one or the other)Direct deposit amount must total $5,000 or more within 25 calendar days to receive max bonusWho is SoFi good for?SoFi’s savings and checking account combo is a good fit for people wanting to earn a high APY on their money. It’s rare to see a checking account APY, let alone one that beats out most savings APYs from big banks. Paired with a high savings APY, these accounts can help you maximize your money.Because the savings account requires you to get direct deposits to earn the highest APY, it’s also best for people with regular paycheck deposits. Finally, you’ll need to be comfortable with online-only banking and using ATMs to get cash, as SoFi doesn’t have in-person branches.Who shouldn’t use SoFi?If you work part-time or don’t receive direct deposit, you likely won’t be able to meet the $5,000 minimum requirement to earn the account’s highest APY. In that case, SoFi wouldn’t be a great pick as you’d only earn a 1% APY on your savings—a rate you can easily exceed at another bank.Also, SoFi lacks some other banking products. If you’re also looking to open a certificate of deposit (CD) or create a money market account (MMA), you won’t be able to do that with this bank. That’s not ideal if you want to do all of your banking with one institution. And, if you prefer traditional brick-and-mortar locations or the ability to deposit cash without a fee, SoFi is probably not the bank for you.Earn an even higher APY for a limited timeNew customers who open both a checking and saving account with SoFi, member FDIC—along with enrolling in SoFi Plus—by Jan. 31, 2026 have an opportunity to earn a 4.30% annual percentage yield (APY) on their savings. This represents a 0.70% APY boost on top the standard up to 3.60% rate. The maximum time period for the boosted APY is six months. (Terms apply. Rates are variable and subject to change.)6SoFi Plus is available at no extra cost for customers with eligible direct deposit. Otherwise, the cost of membership is $10 per month as of this writing.Benefits for Plus members include a 10% boost on cash-back rewards earned with certain SoFi credit cards, a 1% match on recurring deposits to SoFi Invest (paid in rewards points) and unlimited one-on-one planning sessions from SoFi Wealth.ADVERTISEMENTAdvertiser DisclosurePrivacy policyPowered byThe best savings account rates from our partners for December 9, 2025Account Type Savings & MMAsSavings & MMAsMMAs OnlySavings OnlyZIP Code Deposit Amount $FEATURED OFFERSAPYMIN. BALANCE FOR APYEST. EARNINGSLoading...3.75 %December 9, 2025$ 100$ 938Over 1 YearSavings AccountCIT BankMember FDICPromoted Offer Earn up to $300 cash bonus with minimum deposit. Terms apply.OPEN ACCOUNTOFFER DETAILSQUICK LOOKCIT Bank is an online institution that offers competitive annual percentage yields (APYs) on its Savings Connect savings account. It also offers a checking account, a money market account and CDs. CIT Bank offers a competitive yield with its Savings Connect account. It also offers an assortment of CDs to choose from. But some of these CDs, such as the one-year term, weren’t paying a competitive yield during Bankrate’s review.READ BANK REVIEW4.35 %December 2, 2025$ 0$ 1088Over 1 YearSavings AccountNewtek BankMember FDICQUICK LOOK4.20 %December 9, 2025$ 0$ 1050Over 1 YearSavings AccountLendingClubMember FDICEarn our LevelUp rate with $250 in monthly deposits, plus no fees.OFFER DETAILSQUICK LOOKLendingClub Bank is an FDIC-insured online bank known as Radius Bank until it was acquired by LendingClub in February 2021. Consumers looking for an online bank that offers competitive yields, low fees and ample ATM access might consider LendingClub Bank a solid option.READ BANK REVIEW12345...67SoFi rates and productsSoFi offers a combo checking and savings account option—you can’t get one without the other. Both of these accounts have no monthly fees or overdraft fees, helping you save even more cash. Unfortunately, these are the only two banking products it currently offers.SoFi productAPYOnline Checking Account0.50%High-Yield Savings Account1% to up to 3.60%Online Checking AccountAPY0.50%High-Yield Savings AccountAPY1% to up to 3.60%Checking accountsSoFi’s free checking account boasts no fees2, which can offer huge peace of mind. This means you won’t pay any monthly fees to keep the account open or fees if your account balance drops too low. For eligible customers who get at least $1,000 in direct deposits monthly, SoFi’s overdraft coverage will spot you up to $50 to cover a debit card transaction. It’s also free to access your money from certain ATMs. Since SoFi is part of the Allpoint network, you can access over 55,000 free ATMs across the country.SoFi also offers a checking account bonus of $50 or $300 depending on the direct deposit amount. To qualify, you’ll need to have a total of at least $5,000 in direct deposits within the first 25 days of having your account. If you only get direct deposits totaling $1,000 to $4,999.99, you’ll get a $50 bonus instead.Other perks we like about the SoFi checking account is the ability to get your paycheck up to two days early7and automatic roundups on debit card purchases that go straight into your savings. SoFi checking account featuresAccount opening bonus$50 or $300 (depending on direct deposit amount)Minimum opening deposit$0Monthly fees$0Top APY0.50%Overdraft coverageUp to $503ATM fees$0Overdraft fees$0Daily ATM withdrawal limit$2,000Daily debit card use$6,000Bank details checked Dec. 3, 2025#qsWidgetContainer174, #qsWidgetContainer174 [data-widget-id] { background-color: transparent; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; letter-spacing: .5px; padding: 0; } #qsWidgetContainer174 .sizeone .header-section { border-bottom: 0 none; color: #666; font-weight: 600 !important; padding: 6px 0; } #qsWidgetContainer174 .sponsored { font-family: inherit; letter-spacing: .5px; } #qsWidgetContainer174 .sponsored .add-text { color: inherit !important; } #qsWidgetContainer174 .sponsored:not(.sponsored + .sponsored) { color: inherit; font-weight: 600; text-transform: uppercase; } #qsWidgetContainer174 .non_featured_list { background-color: transparent; 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font-weight: 600; } }Savings accountsSoFi’s top APY of 3.80% makes it a competitive option for a high-yield savings account. That’s typically a rate you’d see for a CD, where you’d have to lock away your money for several months or years—not a liquid account with unlimited withdrawals and deposits. But it’s worth stressing that not everyone gets the 3.80% rate. You’ll need a fair amount of direct deposits each month to qualify. Each new member will have a 30-day period to receive at least $5,000 in qualifying direct deposits. If you’re able to do that, you’ll receive the higher APY until another 30-day evaluation period begins. If you don’t, you’ll be stuck with a low 1% APY instead.SoFi savings account featuresMinimum opening deposit$0Monthly fees$0Top APYup to 3.60%Federal Deposit Insurance Corp. (FDIC) insuranceUp to $3 millionMonthly transfer limitUnlimitedInterest depositedMonthlyVault limit20Cash deposit feeUp to $4.95 (charged by partners, not SoFi)Bank details checked Dec. 3, 2025SoFi’s savings VaultsOne feature we like about SoFi’s savings is its Vaults. These are a way to set aside money for specific goals like buying a new car or saving for an emergency fund. You set a goal amount for each Vault, and then you can move dedicated funds into it whenever you’d like. You can also turn on automatic roundups and have them sent directly into your Vaults to fast-track achieving your goals.SoFi PlusSoFi offers a premium membership option, SoFi Plus, at no extra cost to customers. All that’s needed to become a SoFi Plus member is to have eligible direct deposits each month. Members can extra rewards points, its highest APYs on its savings product, cash back rewards on the SoFi credit card, personal loan rate discounts, and financial planning.How to open SoFi checking and savings accountsOpening an account with SoFi is easy, but there are several steps involved. You have to create your login, fill out the application, and agree to the legal terms. First, SoFi will ask for your name, state, email, and a password.Next, you’ll have to decide whether you want to open an individual account or a joint account. After that, you’ll provide your primary address, your date of birth, and your Social Security number.You’ll also need to provide your citizenship status. You can choose from United States citizen, green card holder, or nonpermanent resident alien. SoFi also asks about your employment status, occupation, and annual income.To make sure you’re a real person, SoFi will then ask to verify your phone number via a text message. Enter the verification code when prompted.Finally, SoFi will ask if you’re subject to backup tax withholding by the IRS. If you’re not, you’ll be asked to review the final legal documents before agreeing and creating your account.SoFi InvestWith SoFi Invest, you can trade stocks and exchange-traded funds (ETFs) with no commissions right from the SoFi app. But what sets SoFi apart from other investment services is the ability to invest in upcoming initial public offerings (IPOs) before they go public. You can also buy fractional shares of companies to help you diversify your investments.If managing your investments on your own becomes too tricky, SoFi also offers financial planners and automated investing that take care of your portfolio for you. As a bonus, SoFi is offering (at the time of writing) up to $1,000 in free stock when you fund your account with at least $25 in the first 30 days.Other services SoFi offers SoFi offers a number of financial services for personal customers and business owners, including: Student loan refinancing:SoFi’s student loan refinancing loans offer competitive fixed rates starting at 4.49% and zero fees. Private student loans:SoFi’s private student loan offerings include Master of Business Administration (MBA) loans, law school loans, undergraduate loans, parent loans, and more. Personal loans:Consumers who are on the hunt for a personal loan can apply for a SoFi loan directly online and potentially qualify for anywhere from $5,000 to $100,000. Mortgage loans:SoFi’s mortgage loans offer low down payment options, low rates, and flexible repayment terms ranging from 10 to 30 years. Auto loan refinancing:SoFi customers can compare auto refinancing rates from a network of top lenders and submit an application without any fees or obligation. Credit cards:The SoFi credit card offers unlimited 2% cash back rewards on every purchase and no annual fee.Insurance products:SoFi offers auto, life, homeowners, and renters insurance as well as a newly added cyber insurance partnership, which offers coverage to protect yourself against incidents of identity theft, cyber extortion, and more.Estate planning:For consumers who hope to create an estate plan for their financial future can do so online thanks to SoFi’s partnership with Trust & Will. SoFi members may get 20% off select services.Financial insights:Credit monitoring services, budgeting tools, investment trackers, and more are all available on SoFi’s platform. Business financing and solutions:SoFi offers small business financing, as well as tools to help businesses better support their employees.SoFi platform and customer supportCustomers can request assistance 24/7 by reaching out to SoFi via phone, chat, and even sending general questions to the X account at @SoFiSupport. This bank offers both online and mobile banking platforms, available for download on the Apple App Store and Google Play. The app currently has an average rating of 4.8 and 4.4 on each digital storefront, respectively. Is SoFi secure?SoFi uses two-factor authentication (2FA) and biometric login to keep your online account secure. It also provides real-time alerts any time you use your debit card so you can immediately identify a fraudulent transaction. If you think something is amiss, you can freeze your account instantly in the SoFi app.Additionally, SoFi is one of the few banks to offer up to $3 million in FDIC insurance. It does this through its SoFi Insured Deposit Program, which works by depositing your money into different deposit accounts at a network of participating banks. While this sounds convoluted, it won’t take any extra effort on your part, and you can still access all of your cash through SoFi.SoFi user reviewsOn the whole, SoFi Bank customer reviews are mixed. On Trustpilot, SoFi has 4.3 stars with over 9,000 reviews, and many customers appreciate how easy it is to open an account with the bank. However, many don’t like how hard it is to deposit cash—or that the process comes with a $4.95 fee.On the popular forum site Reddit, some users shared that they suffered from account lockouts for no apparent reason, preventing them from accessing their money. They reported that when this happened, they didn’t find customer support especially helpful. On the plus side, many reviewers on Reddit liked the Vault feature and how it helps them save money.Compare SoFi alternativesSoFiAlly BankChimeSavings APYSavings APYSavings APYGet up to 3.60%4 Get a 0.70% Boost on Savings APY to up to 4.30% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply. Terms apply.3.30%Up to 3.50%Savings account monthly feeSavings account monthly feeSavings account monthly fee$0$0$0Checking APYChecking APYChecking APY0.50%Up to 0.25%0%Checking account monthly feeChecking account monthly feeChecking account monthly fee$0$0$0Learn moreLearn moreLearn moreView offerat SoFiView offerat MoneyLionView offerat ChimeBank details checked Dec. 3, 2025SoFi vs. AllyAlly is also an online-only bank with a robust savings APY of 3.30%, although that’s not quite as strong as SoFi’s top rate at the time of writing. It also comes with a free checking account that can earn up to 0.25% APY, again not quite matching SoFi’s rate. Note that the Ally savings account is capped at 10 withdrawals per month, which could be limiting for some consumers. But, Ally also offers round-the-clock customer support and there’s no direct deposit requirement to get the top rates, unlike SoFi.SoFi vs. ChimeAnother online bank that doesn’t charge monthly account fees, Chime also offers checking and savings accounts. But unlike SoFi, its checking account doesn’t earn any interest. However, it does have more robust overdraft coverage. Chime’s SpotMe coverage protects you if you overdraft by as much as $200, compared to SoFi’s lower $50 limit.SoFi beats out Chime when it comes to ATM withdrawals. That’s because SoFi doesn’t charge a fee if you go to an out-of-network ATM, but Chime will charge you $2.50 per withdrawal.See more SoFi alternatives:Quorum Federal Credit Union: Competitive APYs and various account offerings, but limited customer service hours.Rising Bank: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit.Prime Alliance Bank: A diverse mix of business and personal products, but only one physical branch.Ivy Bank: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements.Is SoFi right for you?Overall, we think SoFi works well for technology-savvy customers looking to earn a generous APY. Its online-only infrastructure means you should be comfortable with navigating apps and websites to handle your financial transactions. If that’s you, the ability to earn a high APY on both your savings and checking accounts is a huge selling point. If you’re not, you’ll probably be better off finding a bank that offers brick-and-mortar locations near you instead.#qsWidgetContainer175, #qsWidgetContainer175 [data-widget-id] { background-color: transparent; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; letter-spacing: .5px; padding: 0; } #qsWidgetContainer175 .sizeone .header-section { border-bottom: 0 none; color: #666; font-weight: 600 !important; padding: 6px 0; } #qsWidgetContainer175 .sponsored { font-family: inherit; letter-spacing: .5px; } #qsWidgetContainer175 .sponsored .add-text { color: inherit !important; } #qsWidgetContainer175 .sponsored:not(.sponsored + .sponsored) { color: inherit; font-weight: 600; text-transform: uppercase; } #qsWidgetContainer175 .non_featured_list { background-color: transparent; border-top: 0 none; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-listing { border: 1px solid #F2F2F2 !important; box-shadow: 4px 4px 20px 0 #1111110D; margin-bottom: 40px; 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position: relative; } #qsWidgetContainer175 .prop-conatiner:not(:first-child):before { background-color: #fff; content: ' '; height: calc(100% + 24px); position: absolute; left: -12px; top: -12px; width: 2px; } #qsWidgetContainer175 .sh-row-product-title { color: #666; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 12px; font-style: normal; letter-spacing: .5px; } #qsWidgetContainer175 .see-more-text { background-color: #F2F2F2; } #qsWidgetContainer175 .see-more-text + .row-2 { background-color: #F9F9F9 !important; } #qsWidgetContainer175 .description-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 600; line-height: 120%; text-transform: none; } #qsWidgetContainer175 svg.shArrow path { fill: #111 !important; } #qsWidgetContainer175 #sh-star-icon { top: -2px; } #qsWidgetContainer175 #sh-star-icon svg path:first-child { fill: #007B9D !important; } #qsWidgetContainer175 #see_more_carrier, #qsWidgetContainer175 .see_less_carrier { background-color: #F2F2F2; color: #111; } /** CD Styles */ #qsWidgetContainer175 .cdBankingDesignChanges .sh-listing-container { padding: 0; } #qsWidgetContainer175 .cdBankingDesignChanges #sh-header-container { border-bottom: 1px solid #F2F2F2; margin-bottom: 0; padding: 6px 0; } #qsWidgetContainer175 #sh-star-icon:before { background-color: #007B9D; content: ' '; display: block; height: 10px; left: 0; position: absolute; top: 1.5px; width: 10px; } #qsWidgetContainer175 .listing-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif !important; } #qsWidgetContainer175 .shmktpl-sponsored, #qsWidgetContainer175 .cdBankingDesignChanges .shmktpl-disclosure-button { color: #666 !important; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-weight: 600; line-height: 150%; } #qsWidgetContainer175 .sh-logo { flex-shrink: 1; } #qsWidgetContainer175 .shmktpl-sponsored { text-transform: uppercase; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-listing-content-wrapper { box-shadow: none; gap: 24px; margin-bottom: 0; padding: 24px; } #qsWidgetContainer175 .disclosure-content ul li { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 500; letter-spacing: .5px; line-height: 150%; } #qsWidgetContainer175 .sh-fdic-insured .sh-icon svg path { fill: #666 !important; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-product-title.sh-date { margin-right: 0; padding-top: 0; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { font-style: normal; font-weight: 400; margin-right: 0; margin-top: 4px; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-container { align-items: flex-start; } #qsWidgetContainer175 .cdBankingDesignChanges .product-details-container > .sh-row-container { align-items: center !important; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-first-product .sh-title-container { height: auto; min-height: 0; padding: 12px; } #qsWidgetContainer175 .sh-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 20px; font-weight: 600; text-align: left; } #qsWidgetContainer175 .sh-fdic-insured .sh-text { color: #666 !important; } #qsWidgetContainer175 .sh-first-product .sh-btn__text, #qsWidgetContainer175 .sh-btn__text { border-radius: 0; border-color: #111; color: #111; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-weight: 600; line-height: 150%; height: auto; letter-spacing: .5px; padding: 12px 16px; } #qsWidgetContainer175 .sh-btn__text:hover { border-color: #666; color: #666; } #qsWidgetContainer175 .sh-row-sub-container span.sh-row-value { font-family: var(--graphik-compact), Graphik Compact, Arial Narrow, Helvetica neue Condensed, sans-serif !important; font-size: 16px !important; font-weight: 600 !important; letter-spacing: .5px !important; } @media only screen and (width: 768px) { #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { position: relative; top: initial; } } @media only screen and (max-width: 767px) { #qsWidgetContainer175 .cdBankingDesignChanges .sh-first-product .sh-title-container { padding: 0; } #qsWidgetContainer175 .prop-conatiner:not(:first-child):before { height: 2px; left: 0; top: -12px; width: 100%; } #qsWidgetContainer175 .sh-row2-container { flex-basis: 100% !important; padding-bottom: 8px !important; } #qsWidgetContainer175 .sh-first-product .sh-title-container .sh-row-container { height: auto; padding: 8px; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { font-size: 14px; font-weight: 400; margin-top: 8px; top: 182px; } #qsWidgetContainer175 img.logo-image { margin-left: auto; margin-right: auto; max-width: 200px; } #qsWidgetContainer175 .listing-title { font-size: 20px; font-weight: 600; } }Frequently asked questionsIs SoFi a real bank?Yes. SoFi is an FDIC-insured, nationally chartered bank. Does Zelle work with SoFi?Yes, SoFi offers the option to send and receive money via Zelle from your SoFi bank account. SoFi also has its own peer-to-peer (P2P) payment feature called Pay-a-Friend.Does SoFi have a minimum balance requirement?SoFi does not have any minimum balance requirements. What are the cons of SoFi?SoFi does not have any in-person branches you can bank at. Also, it has a hefty direct deposit requirement if you want to get the account opening bonus.What banks are partnered with SoFi?SoFi partners with many banks for its SoFi Insured Deposit Program, including Comerica, Citizens Bank, HSBC Bank USA, Sallie Mae Bank, Bell Bank, Morgan Stanley, and more.SoFi Disclaimers1.We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.2.We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.3.Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-ratesheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.4.Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings.Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet5.New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not receiveda cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.6: 0.70% Savings APY BoostEarn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.7:Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.
Current refi mortgage rates report for Dec. 2, 2025
The current average refinance rate on a 30-year, fixed-rate home loan is X.XX%, according to data from the popular real estate marketplace Zillow. If you’re a homeowner hoping to refinance your mortgage for a lower rate or perhaps to tap home equity, read on to see average refi interest rates for a variety of loan types and terms. You can also see the prior day’s report here.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the highest CD rates, up to 4.18% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Discover the current price of silver for December 8, 2025.Current refi rates dataConventional mortgages30-year6.28%20-year6.19%15-year5.56%10-year5.75%Jumbo mortgages30-year7.00%15-year6.88%FHA loans30-year5.80%15-year4.63%VA loans30-year5.61%15-year5.41%Note thatFortunereviewed the most recent Zillow data available as of Dec. 1.How mortgage refinancing worksMortgage refinancing involves replacing your existing home loan with a new one. Similar to your initial mortgage application, you’ll need to apply and meet lender criteria, including your credit profile, income verification, debt-to-income (DTI) ratio, and more. This process typically results in a small hit to your credit score due to the hard inquiry, and there’s a risk of denial if you don’t meet the lender’s requirements.What’s happening with mortgage rates in the market?Some observers had hoped that mortgage interest rates would decrease following the Federal Reserve’s cuts to the federal funds rate late last year. However, mortgage rates remained stubbornly near the 7% mark for 30-year, fixed-rate loans nationwide. Although rates dipped slightly toward the end of February, moving closer to 6.5%, they remain significantly higher than the pandemic-era lows in the range of 2% and 3%. As of the third quarter of 2024, 82.8% of homeowners with mortgages had rates below 6%, according to a Redfin report. That means a significant chunk of homeowners have been locked in, unwilling or unable to move or refinance with rates as high as they are currently. Still, homeowners got some relief starting in late August and early September of 2025, when mortgage rates started trending downward ahead of the Sept. 16-17 Fed meeting. They dropped to a low not seen in almost a year, and the Fed delivered a much anticipated reduction of a quarter percentage point to the federal funds rate. The central bank followed up with a second cut of the same amount at its October meeting.When it might make sense to refinance your mortgageRefinancing isn’t free, so it’s crucial to weigh the costs before you apply for a refi. A guideline you’ll often hear is that refinancing makes sense if you can secure a rate that’s a full percentage point lower than your current rate. For example, if you have a 7% loan, refinancing when you’re able to land a 6% rate could be a smart move to save on interest charges over the life of your loan. You might also consider a cash-out refinance to tap into your home equity—which typically requires at least 20% equity in your home. Homeowners have significant flexibility to use the cash disbursement from such a refi however they please, as there aren’t generally restrictions on what you can do with the cash portion of a cash-out refi. For example, you’re free to invest those funds, use them to cover a down payment on a vacation home or rental property, or pay off credit card debt. Refinancing can also allow you to change your loan term. For instance, someone originally took out a 15-year mortgage but finds their budget stretched may benefit from switching to a 30-year term for a smaller monthly payment. And, refinancing can be a way to switch loan types, like moving from an FHA loan to a conventional one to get rid of your FHA loan’s lifetime mortgage insurance (MIP) requirement, or from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.Costs to refinance your mortgageRefinancing involves closing costs, typically ranging from 2% to 6% of the loan amount. For a $300,000 loan, you might pay between $6,000 and $18,000, for example. Some common costs include:Lender origination fees.Appraisal fees.Title search and insurance fees.Loan application fees.Survey fees.Attorney fees (if required in your state).Recording fees.Prepayment penalties (if applicable with your current loan).Different types of mortgage refi loansThere are a wide variety of mortgage refinance loans out there, and the right one for your needs will depend on your goals and what type of mortgage you currently have. Here are some common refi options:Rate-and-term refinance:This is probably the most popular type of refi. It lets you lower your interest rate and/or change your loan term. Note if you opt for a shorter term, while that does typically earn you a lower rate and substantial lifetime interest savings, you’ll be stuck with higher monthly mortgage payments.Cash-out refinance:A cash-out refi taps your home’s equity by replacing your existing loan balance with a new, larger one and withdrawing the difference in cash. You can use the money for a wide variety of purposes, including home improvements, consolidating high-interest debt, or other financial goals.No-closing-cost refinance:With this type of refi, the lender covers closing costs in exchange for levying a higher interest rate. If you don’t have the cash on hand to pay for closing costs and could otherwise benefit from a refinance, this option might be worth evaluating.Streamline refinance:These refis are for existing FHA, VA and USDA loan borrowers, and generally involve less documentation plus offer a more straightforward application and approval process.Refinancing with your existing lender vs. a new oneYou’re not obligated to refinance with your original lender, and shopping around can help you find the lowest interest rate available to you and perhaps the best service as well. However, your existing lender might offer incentives, such as waiving closing costs, if you stay with them. So you should at least broach the topic with your current lender.Also, know that if your mortgage has been purchased by Fannie Mae or Freddie Mac, you might be eligible for programs like Refi Now and Refi Possible.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.
TD Bank review 2025: A full-service bank with round-the-clock customer service.
TD Bank was founded in Canada in 1855 as The Bank of Toronto. Based in Canada, it manages to crack the top 12 largest banks in the United States with over 1,100 branches along the East Coast. It has a full suite of banking services in the U.S., including lending, checking, savings, and some decent certificates of deposit (CDs). Here’s what you need to know about TD Bank. All rates and fees are current as of Nov. 21, 2025, and are subject to change.#qsWidgetContainer175, #qsWidgetContainer175 [data-widget-id] { background-color: transparent; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; letter-spacing: .5px; padding: 0; } #qsWidgetContainer175 .sizeone .header-section { border-bottom: 0 none; color: #666; font-weight: 600 !important; padding: 6px 0; } #qsWidgetContainer175 .sponsored { font-family: inherit; letter-spacing: .5px; } #qsWidgetContainer175 .sponsored .add-text { color: inherit !important; } #qsWidgetContainer175 .sponsored:not(.sponsored + .sponsored) { color: inherit; font-weight: 600; text-transform: uppercase; } #qsWidgetContainer175 .non_featured_list { background-color: transparent; border-top: 0 none; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-listing { border: 1px solid #F2F2F2 !important; box-shadow: 4px 4px 20px 0 #1111110D; margin-bottom: 40px; } #qsWidgetContainer175 .listing { background-color: #fff; 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font-size: 12px; font-weight: 500; letter-spacing: .5px; line-height: 150%; margin-bottom: 8px; } #qsWidgetContainer175 .apy-label, #qsWidgetContainer175 .curDate, #qsWidgetContainer175 .prop-value { font-family: var(--graphik-compact), Graphik Compact, Arial Narrow, Helvetica neue Condensed, sans-serif !important; font-size: 16px !important; font-weight: 600 !important; line-height: 150%; } #qsWidgetContainer175 .curDate { font-size: 12px !important; font-weight: 500 !important; margin-top: 4px; } #qsWidgetContainer175 .listing-title .prod-name:hover { color: #111; } #qsWidgetContainer175 .shmktpl-button { border-radius: 0; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 600; height: auto; letter-spacing: .5px; line-height: 150%; padding: 12px 16px; } #qsWidgetContainer175 .ad-copy-bottom-section { padding: 0; } #qsWidgetContainer175 .prop-value-container { align-items: stretch; } #qsWidgetContainer175 .prop-conatiner { padding: 12px; position: relative; } #qsWidgetContainer175 .prop-conatiner:not(:first-child):before { background-color: #fff; content: ' '; height: calc(100% + 24px); position: absolute; left: -12px; top: -12px; width: 2px; } #qsWidgetContainer175 .sh-row-product-title { color: #666; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 12px; font-style: normal; letter-spacing: .5px; } #qsWidgetContainer175 .see-more-text { background-color: #F2F2F2; } #qsWidgetContainer175 .see-more-text + .row-2 { background-color: #F9F9F9 !important; } #qsWidgetContainer175 .description-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 600; line-height: 120%; text-transform: none; } #qsWidgetContainer175 svg.shArrow path { fill: #111 !important; } #qsWidgetContainer175 #sh-star-icon { top: -2px; } #qsWidgetContainer175 #sh-star-icon svg path:first-child { fill: #007B9D !important; } #qsWidgetContainer175 #see_more_carrier, #qsWidgetContainer175 .see_less_carrier { background-color: #F2F2F2; color: #111; } /** CD Styles */ #qsWidgetContainer175 .cdBankingDesignChanges .sh-listing-container { padding: 0; } #qsWidgetContainer175 .cdBankingDesignChanges #sh-header-container { border-bottom: 1px solid #F2F2F2; margin-bottom: 0; padding: 6px 0; } #qsWidgetContainer175 #sh-star-icon:before { background-color: #007B9D; content: ' '; display: block; height: 10px; left: 0; position: absolute; top: 1.5px; width: 10px; } #qsWidgetContainer175 .listing-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif !important; } #qsWidgetContainer175 .shmktpl-sponsored, #qsWidgetContainer175 .cdBankingDesignChanges .shmktpl-disclosure-button { color: #666 !important; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-weight: 600; line-height: 150%; } #qsWidgetContainer175 .sh-logo { flex-shrink: 1; } #qsWidgetContainer175 .shmktpl-sponsored { text-transform: uppercase; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-listing-content-wrapper { box-shadow: none; gap: 24px; margin-bottom: 0; padding: 24px; } #qsWidgetContainer175 .disclosure-content ul li { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 500; letter-spacing: .5px; line-height: 150%; } #qsWidgetContainer175 .sh-fdic-insured .sh-icon svg path { fill: #666 !important; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-product-title.sh-date { margin-right: 0; padding-top: 0; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { font-style: normal; font-weight: 400; margin-right: 0; margin-top: 4px; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-row-container { align-items: flex-start; } #qsWidgetContainer175 .cdBankingDesignChanges .product-details-container > .sh-row-container { align-items: center !important; } #qsWidgetContainer175 .cdBankingDesignChanges .sh-first-product .sh-title-container { height: auto; min-height: 0; padding: 12px; } #qsWidgetContainer175 .sh-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 20px; font-weight: 600; text-align: left; } #qsWidgetContainer175 .sh-fdic-insured .sh-text { color: #666 !important; } #qsWidgetContainer175 .sh-first-product .sh-btn__text, #qsWidgetContainer175 .sh-btn__text { border-radius: 0; border-color: #111; color: #111; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-weight: 600; line-height: 150%; height: auto; letter-spacing: .5px; padding: 12px 16px; } #qsWidgetContainer175 .sh-btn__text:hover { border-color: #666; color: #666; } #qsWidgetContainer175 .sh-row-sub-container span.sh-row-value { font-family: var(--graphik-compact), Graphik Compact, Arial Narrow, Helvetica neue Condensed, sans-serif !important; font-size: 16px !important; 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font-weight: 600; } }TD BankTD BankChecking accounts$0 minimum to open an accountSavings accountsUp to 3.00% APYCD ratesUp to 3.70% APYView offerat MoneyLionCompany insightsYear Founded: 1955Company Headquarters: Cherry Hill, NJCEO: Leo SalomFortune Rankings#47on Fortune’s 2024 Best Large Workplaces in Fiancial Services and Insurance list#48on Fortune’s 2023 America’s Most Innovative Companies listN/APros1,100+ branches along the East CoastLots of account options to choose from24/7 customer serviceConsMaintenance fees (often avoidable with qualifying activity) High-yield savings account requires a high minimum balanceBanking products not available in all 50 statesWho is TD Bank good for?TD Bank is best for those who want access to in-person banking and live near a TD Bank branch—again, concentrated on the East Coast, from Maine to Florida. It’s also good for those who frequently travel from Canada to the U.S., as it has cross-border services that make this comparatively easy. The checking and savings accounts have monthly fees, but we think the requirements to get them waived are reasonable for most. Who shouldn’t use TD Bank? If you are looking to earn a high APY with your checking or savings accounts, TD Bank is far from the best option. The interest rates on most accounts are significantly lower than what you can find at many other financial institutions. TD Bank is also not great for those who don’t want the hassle of working to jump through monthly hoops (albeit quite easy) to avoid maintenance fees. If that’s you, consider the institutions we highlight for the best free checking accounts instead. TD Bank rates and productsTD Bank has three checking accounts, two savings accounts, and several CD options to choose from. TD Bank productAPYChecking accountsUp to 0.01% APYSavings accountsUp to 3.00% APYCDsUp to 3.70% APYChecking accountsAPYUp to 0.01% APYSavings accountsAPYUp to 3.00% APYCDsAPYUp to 3.70% APYBank details checked Nov. 21, 2025.Checking accountsTD Bank offers three checking account options. While TD doesn’t feature any free checking accounts, the fees can be easily skirted in most cases with some simple monthly activities.TD Checking accountsAccount opening bonusUp to $300 with qualifying activities. Terms apply. Offer valid through Oct. 31, 2025.Minimum opening deposit$0Monthly fees$4.95 –$25 (avoidable)Top APY0.01%ATM fees Up to $3TD Complete CheckingMinimum opening deposit:$0 Monthly fee:$15 , waived by having at least one of the following: $500+ in direct deposits within a statement cycle $500 minimum daily balance $5,000 across all linked TD personal deposit accounts Be aged 17 to 23 APY:N/A Overdraft protection:With linked savings account ATM fees:$3 for transfers and withdrawals at a non-TD ATM (waived for ages 17 to 23) Overdraft fee:$35 Stop payment request fee:$30 Cashier’s check fee:$8 Other perks:Grace period on overdraftsEarly direct depositTD Beyond CheckingMinimum opening deposit:$0Monthly fee:$25 , waived by having at least one of the following: $5,000+ in direct deposits within a statement cycle $2,500 minimum daily balance $25,000 across qualifying linked TD accounts APY:0.01% Overdraft protection:With linked savings account. Also benefits from overdraft payback (automatically reverses first two overdraft fees in a calendar year)ATM fees:$0 (reimbursed for surcharges incurred by the out-of-network ATM when maintaining a balance of $2,500+) Overdraft fee:$35Stop payment request fee:$0Cashier’s check fee:$8Other perks:Rate discount on home equity loans Early direct deposit TD Essential BankingMinimum opening deposit:$0Monthly fee:$4.95 (waived for those aged 13 to 17) APY:N/A Overdraft protection:N/A ATM fees:$3 for transfers and withdrawals at a non-TD ATM (waived for ages 17 to 23) Overdraft fee:$0Stop payment request fee:$0Cashier’s check fee:$8Other unique perks:Early direct deposit Bank details checked Nov. 21, 2025.#qsWidgetContainer174, #qsWidgetContainer174 [data-widget-id] { background-color: transparent; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; letter-spacing: .5px; padding: 0; } #qsWidgetContainer174 .sizeone .header-section { border-bottom: 0 none; 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left: 0; top: -12px; width: 100%; } #qsWidgetContainer174 .sh-row2-container { flex-basis: 100% !important; padding-bottom: 8px !important; } #qsWidgetContainer174 .sh-first-product .sh-title-container .sh-row-container { height: auto; padding: 8px; } #qsWidgetContainer174 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { font-size: 14px; font-weight: 400; margin-top: 8px; top: 182px; } #qsWidgetContainer174 img.logo-image { margin-left: auto; margin-right: auto; max-width: 200px; } #qsWidgetContainer174 .listing-title { font-size: 20px; font-weight: 600; } }Savings accountsTD Bank offers two savings accounts, both with monthly fees that can be waived with qualifying activities. The interest rates earned on these accounts are largely unimpressive—but the Signature Savings account does offer up to 3.00% APY for relationship accounts of $100,000+. Check out our picks for the best high-yield savings accounts if earning interest is a priority for you. TD Savings accountsMinimum opening deposit$0Monthly fees$5 –$15Top APY3.00%TD Simple SavingsPerks:Free automatic transfers Enroll in overdraft protection for a TD checking account Minimum opening deposit:$0Monthly fee:$5 , waived by any of the following: Minimum daily balance of $300+ Linked eligible TD Beyond or TD Complete Checking account Being under 18 or 62+ years old APY:0.02% TD Signature SavingsPerks:Non-TD ATM fees waived when you maintain a balance of $2,500+ Improved APY when you link an eligible TD account Free incoming wire transfers, cashier’s checks, money orders, and stop payments Minimum opening deposit:$0Monthly fee:$15 , waived if you do at least one of the following: Maintain a daily balance of $10,000+ Link your account to an eligible TD Beyond or TD Complete Checking account APY:0.01%–3.00% (depending on your account balance) Bank details checked Nov. 21, 2025.Certificates of depositTD Bank offers a variety of CDs with terms ranging between three months and five years. Interest rates vary by term length and whether you have other accounts with TD (you’ll earn a higher rate if you have a relationship with the bank, in most cases). TD’s “Choice CD Rates” are the most generous, offering up to 4.00% APY as of this writing. You can also open “Step Rate” CDs, which come with APY that increases incrementally throughout your term, and “No Catch” CDs that allow you to access your money one time before your account matures without sustaining early withdrawal penalties. TD also issues IRA CDs, with similar terms and varying return rates.TD Promotional CDsMinimum opening deposit$250Available term lengths3, 6, 9, 10, 12, 18, 24, 36, 60 monthsTop APY3.70%Early withdrawal penalty– Terms up to 89 days: All interest earned – Terms between 90 and under 1 year: 3 months’ interest – Terms between 1 year but less than 2 years: 6 months’ interest – Terms between 2 years but less than 3 years: 9 months’ interest – Terms between 3 years but less than 4 years: 12 months’ interest – Terms between 4 years but less than 5 years: 18 months’ interest – Terms of 5 years or more: 24 months’ interestTD Bank Choice CD rates CD TermAPY3 months3.70%6 months3.51%9 months2.00%10 months2.00%12 months3.00%18 months2.75%24 months2.50%36 months2.00%60 months2.00%3 monthsAPY3.70%6 monthsAPY3.51%9 monthsAPY2.00%10 monthsAPY2.00%12 monthsAPY3.00%18 monthsAPY2.75%24 monthsAPY2.50%36 monthsAPY2.00%60 monthsAPY2.00%Bank details checked Nov. 21, 2025.TD No-Catch CDsMinimum opening deposit$250Available term lengths6, 12 months Top APY0.05%Early withdrawal penaltyNone for the first withdrawalTD No-Catch CD ratesCD TermAPY6 months0.05%12 months0.05%6 monthsAPY0.05%12 monthsAPY0.05%Bank details checked Nov. 21, 2025.TD Step Rate CDsMinimum opening deposit$250Available term lengths3, 5 yearsAPYUp to 0.15% averageEarly withdrawal penalty– Terms up to 89 days: All interest earned – Terms between 90 and under 1 year: 3 months’ interest – Terms between 1 year but less than 2 years: 6 months’ interest – Terms between 2 years but less than 3 years: 9 months’ interest – Terms between 3 years but less than 4 years: 12 months’ interest – Terms between 4 years but less than 5 years: 18 months’ interest – Terms of 5 years or more: 24 months’ interestTD Step Rate CD rates CD TermAPY3 years– Year 1: 0.05% – Year 2: 0.10% – Year 3: 0.15%5 years– Year 1: 0.05% – Year 2: 0.10% – Year 3: 0.15% – Year 4: 0.20% – Year 5: 0.25%3 yearsAPY– Year 1: 0.05% – Year 2: 0.10% – Year 3: 0.15%5 yearsAPY– Year 1: 0.05% – Year 2: 0.10% – Year 3: 0.15% – Year 4: 0.20% – Year 5: 0.25%Bank details checked Nov. 21, 2025.ADVERTISEMENTAdvertiser DisclosurePrivacy policyPowered byBest CD Rates for December 9, 2025ZIP Code Deposit Amount $Min. Term Length 6 months1 months6 months1 year18 months2 years3 yearsMax. Term Length 3 years6 months1 year18 months2 years3 years4 years5 years6 yearsFEATURED OFFERSAPYTERMMIN. DEPOSITEST. EARNINGSLoading...4.25 %December 9, 20252yr$ 1000$ 1063Over 1 Year2 years cd AccountUnited Fidelity BankMember FDICQUICK LOOK4.20 %December 2, 20256mo$ 1000$ 1050Over 1 Year6 Mo CD cd AccountLimelightBankMember FDICOFFER DETAILSQUICK LOOKLimelight Bank is the online division of Capital Community Bank. It offers competitive yields on CDs, but it doesn’t offer any other types of bank accounts.READ BANK REVIEW4.15 %December 2, 20259mo$ 500$ 1038Over 1 Year9 Mo CD cd AccountM.Y. Safra BankMember FDICOFFER DETAILSQUICK LOOKM.Y. Safra Bank is an FDIC-insured institution with just one branch in New York City and also offers strictly online accounts. It provides a full range of personal and business deposit products as well as loans and lines of credit. Its online-only CDs offer the most attractive rates the bank has to offer, but its savings and money market accounts also offer decent yields.READ BANK REVIEW12345...160Other services TD Bank offersAs a full-service bank, TD also offers several other products, including: Credit cards:TD offers multiple credit cards for both personal and business purposes. Whether you want to earn cash back, take advantage of a low intro APR period, or build credit, there’s probably a card suited to your goals. Home lending:TD offers both mortgages and home equity lines of credit. Personal loans:You may be able to get a personal loan of up to $50,000 with repayment terms between three and five years. Small business accounts:TD offers several accounts and services for small businesses, including checking, savings, and loans. Online banking You can access your account via TD Bank’s website or mobile app. Once enrolled, you can log in for services such as Zelle and bill pay. You can also check your balance and transactions, view statements, and communicate securely with customer service. The TD Bank platform and customer supportYou can contact TD Bank in a variety of ways. General customer service is available 24/7 by phone at 888-751-9000. TD also has a few self-help options, including a help center with articles, an AI chatbot, and a special QR code via the TD app that will put you in touch with an agent. The TD app is available for both Apple and Android and has similar features to the website. You can also use mobile deposit and receive real-time notifications on your phone. Is TD Bank secure?TD Bank uses up-to-date methods to protect your personal information, including firewalls, constant system monitoring, and employee security training. It also uses two-step verification for passwords, security alerts, and an optional feature called “VoicePrint.” VoicePrint records your voice and creates a digital signature that works in the background to verify your voice if you call customer service. TD Bank user reviewsOnline reviews of financial institutions often lean (heavily) negative. That’s because customers tend to write reviews out of frustration. It’s not often that a perfectly successful experience motivates someone to run to the computer and write a review. With that in mind, online customer reviews are poor, earning only 1.5 stars on Trustpilot from more than 2,700 reviews. The majority of complaints are with the in-person customer service, saying that reviewers felt tellers they dealt with in-branch were unhelpful or unfriendly. Reddit reviews have a slightly rosier outlook on TD, with many users expressing satisfaction with competitive rates, excellent fraud detection, and a simple mortgage process. Compare TD Bank alternativesTwo household names that are well worth considering are Capital One and Discover, as long as you’re comfortable doing the bulk of your banking online. Note, Capital One acquired Discover in 2025, but the two brands maintain distinct products as of this writing. TD BankCapital OneDiscoverTop savings APYTop savings APYTop savings APY3.00%3.50%3.40%Top checking APYTop checking APYTop checking APY0.01%0.10%Not interest bearing (but debit card that earns up to 1% back on purchases)Top CD APYTop CD APYTop CD APY3.70%4.05%3.50%View offerat MoneyLionView offerat BankrateView offerat DiscoverBank details checked Nov. 21, 2025Is TD Bank right for you?It’s key to note that TD only offers services to select East Coast states. If you live outside of eligible states, TD’s services aren’t available to you. TD Bank is probably great for someone who frequently travels between the U.S. and Canada. Its cross-border banking has several services meant to make visiting or living part-time in either country easy. And because its customer service is 24/7, TD Bank is good for those who want to know they have constant help when they need it—even on the weekends. Frequently asked questionsIs TD Bank American or Canadian?TD Bank is based in Canada but has both Canadian and U.S. accounts. The U.S. accounts are insured by the Federal Deposit Insurance Corp. (FDIC), and the Canadian accounts are insured by the Canada Deposit Insurance Corp. (CDIC).Are TD Bank and TD Ameritrade the same?TD Bank and TD Ameritrade are separate companies. Charles Schwab acquired TD Ameritrade in 2020, and Schwab now services all accounts.What is TD Bank’s customer service phone number and hours?TD Bank’s customer service phone number is 888-751-9000. Representatives are available 24/7.How do I open a TD Bank checking account online?You must live in an eligible East Coast state or district to open a TD checking account. Otherwise, you can use the bank’s website or mobile app to open a checking account.What states does TD Bank operate in?TD Bank operates in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, DC.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.
Current ARM mortgage rates report for Dec. 2, 2025
If you’re planning to buy a home and the idea of a mortgage with an interest that fluctuates doesn’t scare you, you might be the target customer base for adjustable-rate mortgages. While fixed-rate mortgages are by far more popular, ARMs can be a smart financing option for folks who intend to rent out or flip the property they’re buying, or who know they’ll move before the ARM’s fixed-rate period ends and adjustment periods begin.Keep reading and we’ll explain what’s involved with an ARM, evaluate when you might want to consider an ARM instead of a fixed-rate mortgage, and look at ARM rates from a few top lenders.You can see the previous business day’s ARM rates report here.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the highest CD rates, up to 4.18% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Discover the current price of silver for December 8, 2025.Average ARM mortgage ratesFortune reviewed the most recent data available as of Dec. 1. These are sample rates provided by the institutions. Each one is based off specific assumptions about a hypothetical borrower’s credit profile and location. Estimates may include an assumption of mortgage discount points. If you choose to apply, know that the rate you receive may vary from the sample rates shown here.Bank of America 7/6 ARMU.S. Bank 7/6 ARMZillow Home Loans 7/6 ARMInterest Rate5.625%5.875%6.000%APR6.477%6.462%6.553%Interest RateBank of America 7/6 ARM5.625%U.S. Bank 7/6 ARM5.875%Zillow Home Loans 7/6 ARM6.000%APRBank of America 7/6 ARM6.477%U.S. Bank 7/6 ARM6.462%Zillow Home Loans 7/6 ARM6.553%A 7/6 ARM is one with a fixed rate for seven years, then adjustment periods every six months.Fixed-rate vs. adjustable-rate mortgagesApproximately 92% of households with mortgages opt for fixed-rate home loans. Unlike adjustable-rate mortgages (ARMs), which feature interest rates that may change after an initial fixed period, fixed-rate mortgages maintain the same interest rate throughout the loan’s term. It’s no surprise that this stability makes them a popular choice.Still, ARMs can be advantageous in certain scenarios. In fact, you might find yourself among the 8% of mortgage holders who see this type of loan as an opportunity.When you might consider an adjustable-rate mortgageHere are three groups of homebuyers who might benefit from considering an ARM:Short-term/starter home buyers:If you’re confident you won’t stay in your home long-term, an ARM can be a strategic choice. You can likely enjoy the lower fixed-period rate and sell the property before the adjustment phase begins.Real estate investors:ARMs appeal to investors for similar reasons as in the point above. These buyers may secure a low initial rate, then sell the property before the adjustment period starts or adjust the monthly rent amount if the rate increases.Buyers during high-interest-rate periods:Buyers may turn to ARMs when rates are high, as these loans can sometimes offer lower initial rates and potentially even reduced rates later if economic conditions improve.Pro tipSaving up for a down payment? Make sure you have a high-yield savings account.How adjustable-rate mortgages workARMs begin with a fixed interest rate for a set duration—commonly three, five, seven, or 10 years—before transitioning into an adjustment period. During the adjustment phase, several factors influence rate changes. These include:Benchmark rates:Many ARMs base their rates on benchmarks like the Secured Overnight Financing Rate (SOFR), which reflects the cost banks themselves face for borrowing cash. The U.S. Treasury publishes a new SOFR daily.Margins:Lenders add a fixed margin to the benchmark rate to calculate your ARM’s interest rate. Margins typically range from 2% to 3.5%, but of course will vary based on factors like the loan, the lender, and your creditworthiness. Rate caps:Caps limit how much your rate can increase during specific periods or over the loan’s lifetime. These include initial adjustment caps, subsequent caps, and lifetime caps.It’s typical for ARMs to have 30-year terms. Common ARM structures include the 5/1 ARM (five years fixed, then annual adjustments) and the 10/6 ARM (10 years fixed, then adjustments every six months). There are also structures such as 3/1 ARMs, 7/1 ARMs and 10/1 ARMs. Learn more:Why the Secured Overnight Financing Rate might matter for your mortgage.Refinancing from an ARM to a fixed-rate mortgageIf circumstances change after you take out an ARM, such as if you decide you’re going to stay in the home longer than expected, it may be beneficial to refinance to a fixed-rate loan. For example, many Millennial and Gen Z homeowners can’t afford to upgrade and are making do with their starter homes. So, know that you’re not alone if you crunch the numbers and determine the smart move is staying put until the market improves.The process of refinancing from an ARM to a fixed-rate mortgage is much the same as refinancing from a fixed-rate loan to another fixed-rate loan. You’ll shop rates at various lenders, provide documentation, close on your new loan, and pay off the old one.If circumstances change—such as deciding to stay in your home longer—you can refinance from an ARM to a fixed-rate loan. This process is similar to refinancing other mortgage types: shop rates, provide documentation, close on your new loan, and pay off the old one.Pros and cons of adjustable-rate mortgagesAs with any mortgage type, ARMs have their benefits and their drawbacks. Working with a trusted loan officer can help you settle on the right mortgage for your needs. But, here are some basics to be aware of as you start your journey.N/AProsChance for lower initial interest rates compared to fixed-rate loans.Potential for lower monthly payments if rates drop prior to adjustments. Possibility for less stringent borrower requirements.ConsMonthly payments may also increase after the fixed period ends.Complex terms make rate shopping more challenging than with fixed-rate loans.Less long-term stability compared to fixed-rate mortgages.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.
Current mortgage rates report for Dec. 1, 2025
The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.144%, according to data available from mortgage data company Optimal Blue. That’s down approximately 5 basis points from the prior day’s report, and down approximately 10 basis points from a week ago. Read on to compare average rates for a variety of conventional and government-backed mortgage types and see whether rates have increased or decreased.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the highest CD rates, up to 4.18% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Discover the current price of silver for December 8, 2025.Current mortgage rates data:30-year conventionalCurrent rate6.144%One week ago6.244%One month ago6.156%30-year jumboCurrent rate6.437%One week ago6.434%One month ago6.442%30-year FHACurrent rate5.990%One week ago6.102%One month ago5.968%30-year VACurrent rate5.764%One week ago5.853%One month ago5.720%30-year USDACurrent rate5.975%One week ago6.079%One month ago5.798%15-year conventionalCurrent rate5.443%One week ago5.508%One month ago5.341%Note thatFortunereviewed Optimal Blue’s latest available data on Nov. 27, with the numbers reflecting home loans locked in as of Nov. 26. What’s happening with mortgage rates in the market?If it feels like 30-year mortgage rates have been stuck near 7% forever, that’s not far from the truth. Many observers were hoping that rates would soften when the Federal Reserve started cutting the federal funds rate in September 2024, but that didn’t happen. There was a brief dip preceding that meeting, but rates shot back up afterward.In fact, by January 2025 the average rate on a 30-year, fixed-rate mortgage topped 7% for the first time since last May, according to Freddie Mac data. That’s a far cry from the historic average low of 2.65% we saw in January 2021, when the government was still trying to stimulate the economy and stave off a pandemic-induced recession. Barring another massive catastrophe, experts agree we won’t see rates in the 2% to 3% range in our lifetimes. And right now, with President Donald Trump pursuing policies such as tariffs and deportations, some observers have feared the labor market could tighten and inflation could reignite. Against that backdrop, U.S. homebuyers have been stuck with high mortgage rates—though some found ways to make their purchase more affordable, such as negotiating rate buydowns with a builder when purchasing newly constructed housing.But, homebuyers (and homeowners considering refinancing) finally got some relief starting in late August and early September of 2025. Leading up to the Fed’s Sept. 16-17 meeting, mortgage rates started trending noticeably downward in anticipation that the central bank would reduce the federal funds rate.The Fed did indeed deliver the expected cut, reducing its benchmark rate by a quarter percentage point—the first cut of 2025. Then, it made a second cut of the same amount at the end of October.With another meeting set for December, the potential remains for at least one more reduction in the federal funds rate during 2025.How to get the best mortgage rate possibleWhile economic conditions are out of your control, your financial profile as an applicant has a major impact on the mortgage rate you get. With that in mind, strive to do the following:Ensure your credit is in excellent shape.The minimum credit score to get a conventional mortgage is generally 620 (for FHA loans, you may be able to qualify with a score of 580 or a score as low as 500 and a 10% down payment). But, if you’re hoping to get a low rate that could potentially save you five or even six figures in interest over the life of your loan, you’ll want a score quite a bit higher. For example, lender Blue Water Mortgage notes that a score of 740 or higher is considered top tier. Keep your debt-to-income (DTI) ratio low.You can calculate your DTI by dividing your monthly debt payments by your gross monthly income, then multiplying by 100. For example, someone with a $3,000 monthly income and $750 in monthly debt payments has a 25% DTI. It’s typically best when applying for a mortgage to have a DTI of 36% or below, though you may get approved with a DTI as high as 43%.Get prequalified with multiple lenders.You may wish to try a mix of large banks, local credit unions, and online lenders and compare offers. Plus, getting connected with loan officers at several different institutions can help you evaluate what you’re looking for in a lender and which one will be best able to meet your needs. Just make sure when you’re comparing rates that you’re doing it in a way that’s apples to apples—if one estimate relies on you purchasing mortgage discount points and another does not, it’s important to realize there’s an upfront cost for buying down your rate with points.Mortgage interest rates historical chartRates feel high because practically everyone recalls the ultra-low rates that prevailed over the last 15 years or so. A unique set of historical circumstances drove that market: The long period when the Fed held its key rate at zero to recover from the Great Recession, followed by the unprecedented policies put in place as the country battled the global Covid-19 pandemic.Now that more normal economic conditions prevail, experts agree we’re unlikely to see such dramatically low interest rates again. Taking the long view, rates around 7% are not abnormally high. Consider this St. Louis Fed chart tracking Freddie Mac data on the 30-year, fixed-rate mortgage average. In the 1990s, 7% rates were more or less the norm. Compared to rates in the 1970s and 80s, 7% rates look like a deal. In fact, September, October, and November of 1981 all saw mortgage interest rates above 18%.Historical context is scant comfort for homeowners who want to move but feel locked in with a once-in-a-lifetime low interest rate. Such situations are common enough in the current market that low pandemic-era rates keeping homeowners put when they’d otherwise move have become known as the “golden handcuffs.”Factors that impact mortgage interest ratesThe current state of the U.S. economy is the biggest factor impacting mortgage interest rates. If lenders fear inflation, they raise mortgage rates to protect their long-term profits. Another big-picture factor is the national debt. When the federal government runs large deficits and has to borrow to make up the difference, that can put upward pressure on interest rates.Demand for home loans plays a key role. If demand for loans is low, lenders may lower rates to attract more borrowers. On the other hand, high demand means lenders might decide to raise rates as a way of covering costs for handling a higher volume of loans.And of course, we must consider the Federal Reserve’s actions. The Fed can influence interest rates on financial products such as mortgages both through deciding to hike or cut the federal funds rate and through what actions it decides to take regarding its balance sheet.The federal funds rate gets significant media attention, as increases or decreases to this benchmark rate (which is the rate banks charge each other for borrowing money overnight) often coincide with increases or decreases to the interest rates for home loans and other forms of credit. That said, the Fed does not set rates for mortgages or other credit products directly, and such interest rates do not always track perfectly with the fed funds rate.Another way the Fed influences mortgage rates is via its balance sheet. In times of economic distress, the central bank buys financial assets and holds them on their balance sheet, injecting liquidity into the economy. Mortgage-backed securities (MBS) are a key type of asset for the Fed in such situations. However, since 2022, the Fed was slimming down its balance sheet—allowing assets to mature without buying new ones to replace those that have aged off it. That puts an upward pressure on mortgage interest rates. But, that policy (known as “quantitative tightening”) has ended as of Dec. 1, 2025.Why it’s important to compare mortgage ratesComparing rates on different types of loans and shopping around with different lenders are both important steps in getting the best mortgage for your situation.If your credit is in stellar shape, opting for a conventional mortgage might be the best choice for you. But, if your score is sub-600, an FHA loan may give you a chance a conventional loan would not.When it comes to shopping around with different banks, credit unions, and online lenders, it can make a tangible difference in how much you pay. Freddie Mac research shows that in a market with high interest rates, homebuyers may be able to save $600 to $1,200 annually if they apply with multiple mortgage lenders.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.
Current mortgage rates report for Nov. 27, 2025: Rates tick slightly down again
The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.169%, according to data available from mortgage data company Optimal Blue. That’s down 2 basis points from the prior day’s report, and down about 6 basis points from a week ago. Read on to compare average rates for a variety of conventional and government-backed mortgage types and see whether rates have increased or decreased.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the highest CD rates, up to 4.18% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Discover the current price of silver for December 8, 2025.Current mortgage rates data:30-year conventionalCurrent rate6.169%One week ago6.230%One month ago6.155%30-year jumboCurrent rate6.453%One week ago6.501%One month ago6.531%30-year FHACurrent rate5.978%One week ago6.104%One month ago6.114%30-year VACurrent rate5.766%One week ago5.933%One month ago5.726%30-year USDACurrent rate6.073%One week ago6.137%One month ago5.999%15-year conventionalCurrent rate5.424%One week ago5.457%One month ago5.389%Note thatFortunereviewed Optimal Blue’s latest available data on Nov. 26, with the numbers reflecting home loans locked in as of Nov. 25.What’s happening with mortgage rates in the market?If it appears 30-year mortgage rates have been stuck on the brink of 7% for an eternity, that impression is not too far off from reality. Many watching the market expected rates to decrease when the Federal Reserve began reducing the federal funds rate last September, but that hope did not materialize. There was a brief decline leading up to the September 2024 Fed meeting, but rates swiftly increased afterward.In fact, by January 2025 the average rate for a 30-year, fixed-rate mortgage passed 7% for the first time since last May, according to Freddie Mac figures. That’s considerably higher than the historic average low of 2.65% witnessed in January 2021, when the government was still attempting to boost the economy and prevent a pandemic-induced recession.Barring another catastrophe, experts agree we won’t see mortgage rates in the 2% to 3% range in our lifetimes. And, with President Donald Trump’s pursuit of policies such as tariffs and deportations, some analysts have long feared the labor market could tighten and inflation could reignite. Against that backdrop, U.S. homebuyers have faced high mortgage rates for some time—though some found ways to make their purchase more affordable, such as negotiating rate buydowns with a builder when buying newly constructed housing.Would-be homebuyers did get some relief beginning in late August and early September of 2025, and continuing through October. Mortgage interest rates trended notably downward, falling closer to 6%—for 30-year, fixed-rate conforming loans—leading up to the Fed’s meeting in September. The Fed delivered a quarter percentage point rate cut to the federal funds rate at that meeting, and another cut of the same amount when it met in October.While the fed funds rate and mortgage interest rates don’t move in tandem 100% of the time, it’s often true that the market adjusts ahead of expected action by the central bank.How to get the best mortgage rate you canWhile economic conditions are out of your control, your financial profile as an applicant also has a major impact on how low a mortgage rate you’re offered. With that in mind, strive to do the following:Ensure your credit is in excellent shape.The minimum credit score to get a conventional mortgage is generally 620 (for FHA loans, you may be able to qualify with a score of 580 or a score as low as 500 and a 10% down payment). But, if you’re hoping to get a low rate that could potentially save you five or even six figures in interest over the life of your loan, you’ll want a score quite a bit higher. For example, lender Blue Water Mortgage notes that a score of at least 740 is considered top tier.Keep your debt-to-income (DTI) ratio low.You can calculate your DTI by dividing your monthly debt payments by your gross monthly income, then multiplying by 100. For example, someone with a $3,000 monthly income and $750 in monthly debt payments has a 25% DTI. It’s typically best when applying for a mortgage to have a DTI of 36% or below, though you may get approved with a DTI as high as 43%Get prequalified with multiple lenders.You may wish to try a mix of large banks, local credit unions, and online lenders and compare offers. Plus, getting connected with loan officers at several different institutions can help you evaluate what you’re looking for in a lender and which one will be best able to meet your needs. Just make sure when you’re comparing rates that you’re doing it in a way that’s apples to apples—if one estimate relies on you purchasing mortgage discount points and another does not, it’s important to understand there’s an upfront cost for buying down your rate with points.Mortgage interest rates historical chartAn important piece of context to the discussion surrounding high mortgage rates is that recent rates in the ballpark of 7% feel high because of the not-too-distant memory of rates in the range of 2% to 3%. Those rates were possible as the federal government took virtually unprecedented action trying to prevent recession as the country battled a global pandemic.However, under more typical economic conditions, experts agree we’re unlikely to see such dramatically low interest rates again. And, historically, rates in the vicinity of 7% are not abnormally high.Consider this St. Louis Fed (FRED) chart tracking Freddie Mac data on the 30-year, fixed-rate mortgage average. From the 1970s through the 1990s, such rates were more or less the norm, with a massive spike in the early 1980s. In fact, September, October, and November of 1981 all saw mortgage interest rates above 18%.Still, that historical context is scant comfort for homeowners who may want to move but are locked in with a once-in-a-lifetime low interest rate. Such situations are common enough in the current market that low pandemic-era rates keeping homeowners put when they’d otherwise move have become known as the “golden handcuffs.”Factors that impact mortgage interest ratesThe state of the U.S. economy may well be the biggest thing impacting mortgage rates. If lenders are worried about inflation, they can hike rates to protect their future earnings. And, the national debt is another big factor. When the government has to borrow large sums to cover its spending, that can push interest rates higher.Demand for home loans plays a big role too. If not many consumers are seeking loans, lenders might cut rates to attract borrowers. But if demand is high, they might raise rates to cover the costs of handling more loans.The Federal Reserve’s actions are also crucial. The Fed can influence mortgage rates both by adjusting the federal funds rate and by managing its balance sheet.That first factor, the federal funds rate, gets a lot of coverage in the media. When the Fed hikes or cuts it, mortgage rates often follow. But keep in mind, the Fed doesn’t set mortgage rates directly, and they don’t always move in perfect step with the fed funds rate.The Fed also impacts rates on long-term financial products like mortgages via its balance sheet. During economic downturns, the central bank can buy assets like mortgage-backed securities (MBS) to inject money into the economy.But recently, the Fed has been trimming its balance sheet, letting assets mature without buying new ones. This tends to push interest rates up. So while everyone watches for federal funds rate decisions, what the Fed does with its balance sheet might matter even more for your mortgage rate.Why it’s important to compare mortgage ratesComparing rates on different types of loans and shopping around with different lenders are both important steps in getting the best mortgage for your situation.If your credit is in stellar shape, opting for a conventional mortgage could very well be the best choice for you. But, if your score is sub-600, an FHA loan may give you a chance a conventional loan would not.When it comes to shopping around with different banks, credit unions, and online lenders, it can make a tangible difference in how much you pay. Freddie Mac research shows that in a market with high interest rates, homebuyers may be able to save $600 to $1,200 annually if they apply with multiple mortgage lenders.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.