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Mortgage Rates

If there’s one lone, single factor that influences your home purchase the most, it’s the mortgage rates you receive. Why? Because this is a loan that will set you back, most likely at least, several hundred thousand dollars.

Gulp. Mortgage Rates: Making a Difference

When you consider how much money you’re borrowing, it can get a little daunting. Which is why you need to ensure that you qualify for the best mortgage rates on the market. Even the slightest increase or decrease can sway your monthly payments by a considerable amount — it’s why many need to think about mortgage refinancing.
The mortgage rates available to you are dependent on a number of factors, including, but surely not limited to:

  • Your credit score.
  • Your financial situation and history.
  • What length of mortgage you wish to borrow.
  • Whether you receive a fixed-rate or adjustable-rate loan.

If you have a poor credit history, you may find that a bad credit mortgage is the best option for you — or the only option. This will likely entail higher mortgage rates than a standard loan.

A lot also depends on whether you wish to take out a 15-year or 30-year loan. The longer your loan, the lower the payments — but the higher your mortgage rates will probably be. In exchange for you accepting a shorter loan, you can save yourself a bundle on interest. The only problem is that most people, first-time buyers in particular, can’t swing payments that big.

Of course, mortgage rates also fluctuate based on market conditions.

If the Federal Reserve fears inflation, it will continue to raise primary interest rates in order to quell those worries. As a result, mortgage rates will rise. On the flip side, the U.S. central bank may encourage rates to remain low as to boost the economy. While these fiscal regulators have no direct control over mortgage interest rates — the market sets them and always will — they wield considerable impact, so it is always worth keeping an eye on what the Fed is up to.
Mortgage rates vary by lender as well. Some offer unique discounts, others will hook you up if you are a preferred customer. You will never know what’s out there until you shop around, so get out there and do it. Try out a free mortgage calculator, for starters, and see where your costs stack up. Then give the experts a call!

Now is as good a time as any to get started.

Mortgage rates are too important for a buyer to overlook, and getting in touch with us only takes a moment. Talk to the Mortgage Foundation and its team of experts. We know the lenders and can get you the best home mortgage rates out there. Period.