What are the Current Rates? What’s the best Interest Rate I can get?

What the current mortgage interest rate is always the first question a buyer or borrower asks their lender. And it is usually the last answer they get. The reason is twofold:

First, there is no one-size-fits-all interest rate out there. Mortgage interest rates are first determined by the marketplace. These rates are a factor of mortgage-backed securities that are bought and sold on the open market. When those investors require a better return, the rates will climb. When they allow a lower return, the rates will drop. Once a lender posts their rates for the day, those same rates are then “adjusted” to your individual situation. These include your credit score, income, debt, assets, loan amount, loan-to-value, and a few other items. So when your mortgage professional asks you for more information before they quote you a rate, don’t be surprised. They are doing their part in giving you a more accurate idea of the interest you may see.

Second, the markets are constantly moving. Rates from lenders can change multiple times throughout the day. So if you try to compare lender’s rates, try to keep them quoted around the same time of the day. One rate in the morning may not be a fair comparison of another rate in the afternoon.

Click this link to view a History of Mortgage Rates

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