The right rate makes all the difference.

Mortgage rates fluctuate and regularly change from one day to the next. Here are the rates you can expect – right now.

Mortgage Essentials

What exactly is a “mortgage rate?”

A mortgage rate is just shorthand for saying the interest you’ll pay on the loan. When you make your monthly payment, you’ll be paying down –

  • a portion of the loan’s principal balance (the money borrowed)
  • a portion of the interest owed on the loan (think of it as the fee for the money borrowed)

There are plenty of variables that can affect interest rates – the 10-year treasury note, the Federal Reserve, your FICO Score – but the main takeaway to have is this: The lower your rate, the less money you’ll be paying.

What’s the difference between an Interest Rate and an Annual Percentage Rate?

The interest rate is the rate of the loan and just the loan. The annual percentage rate (APR) is a basket of expenses: The interest rate, closing costs and/or closing credits. This basket lets you more easily compare costs across different types of loans.

What Factors Should You Consider When Picking Your Lender?

You’ll want to research the lender's reputation, what their process for handling loans is, and whether or not there are any hidden fees they might not be mentioning. You’ll want to consider what you need from a lender. Are you looking for a quick and efficient process? Do you need a dedicated guide, always just a phone call away? Interest rates can vary from lender to lender, but the experience of a good (or bad) partnership is at the heart of the homebuying experience.

If you have any questions about how you can make the most of today’s rates to accomplish your homebuying or home refinancing goals – give us a call. Our Loan Officers are dedicated to working with you to find the option that works best for your unique situation, needs, and goals.