30-yr fixed 6.43% ▾ 0.06 wk
15-yr fixed 5.79% ▾ 0.04 wk
HELOC avg 7.90% — no change
Auto 60-mo new 6.82% ▴ +0.03 mo
Personal 24-mo 11.57% ▾ 0.12 qtr
Credit card APR 21.52% ▴ +0.09 qtr
as of Jul 2, 2026 · Federal Reserve / Freddie Mac via FRED (St. Louis Fed)
Glossary

Hard inquiry

A credit check triggered by a real application, which can cost a few points and stays on your report for two years.

A hard inquiry happens when you formally apply for credit and a lender pulls your full report to make a decision — unlike a soft inquiry, it is visible to other lenders and can shave a few points off your score. The effect is usually small and fades within months, though the inquiry itself stays listed for two years. Scoring models generally treat multiple inquiries for the same loan type (mortgage, auto) within a 14–45 day window as a single inquiry, so rate-shopping within that window does not multiply the damage.

Ready to use it? See hard inquiry in context →

Related terms

  • PMI Private mortgage insurance — a monthly premium that protects the lender, not you, when your down payment is under 20%.
  • Deed of trust A three-party document (borrower, lender, trustee) some states use instead of a mortgage to secure a home loan against the property.
  • Secured A loan backed by an asset the lender can seize if you default — a house, a car, or a deposit.
  • Credit score A 300–850 number summarizing your credit risk. It is the single biggest lever on the rate a lender offers you.
  • Escrow A holding account your servicer uses to collect and pay property taxes and insurance alongside your mortgage payment.
  • Lien A legal claim against property that secures a debt — the lienholder can force a sale to collect if the debt goes unpaid.

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