Compare Today’s Mortgage Rates

A mortgage rate is the percentage of interest charged on the total amount of a mortgage loan. Mortgage rates can be either fixed, meaning they stay the same for the duration of the loan, or variable, meaning they can change over time. Fixed mortgage rates are usually higher than variable rates, but they offer borrowers the stability of knowing what their monthly payments will be for the life of the loan. Variable mortgage rates are typically lower than fixed rates, but they can increase or decrease over the life of the loan, which could lead to higher or lower monthly payments.

The lender considers a number of different factors before determining your mortgage rate such as your credit score, down payment, loan amount, loan type, interest rate type etc. As well as other factors that are out of your control, such as inflation, job growth, and many more economic factors. 

It’s important to note, that lenders do not use the same formula to determine your mortgage rate, hence why, you should shop around, and not go with the first lender right away.  

Interest rate and APR are two terms that are often used interchangeably, but they are two very different things.

The interest rate is the cost of borrowing money expressed as a percentage. The APR is the cost of borrowing money expressed as an annual percentage rate. APR takes into account not only the interest rate, but also other costs associated with your loan such as points and fees.

For example, let’s say you apply for a mortgage and the lender tells you that your interest rate is 3%. While this sounds like a good deal, it doesn’t take into account any fees that may be associated with the loan. To get an accurate picture of what your monthly payment will be on this mortgage, you would have to add any fees to this figure and then divide it by 12 months. In other words, instead of saying “your interest rate is 3%,” which sounds great, it should be stated more accurately as “your true interest rate is 3%+Fee/Month*12 Months=Monthly Payment Amount+Fee/Month*.

A point is a unit of measurement used in real estate lending. Mortgage lenders use the term “points” to refer to any one-time fee that’s paid at closing in addition to the principal amount and interest rate. The most common type of point is called a “loan origination point,” which is based on the size of your loan and how long it takes for the lender to process your application. Other types include discount points, which lower your interest rate by paying off part of your loan principal; and annual points, which increase your monthly payment by adding them as part of it.

 A point is equal to 1% of the loan amount, and it is charged as an upfront fee when you take out a mortgage. For example, if you borrow $300,000 and pay two points, or 2%, you’ll pay $6,000 up front.

Mortgage origination fees are fees charged by lenders for processing a loan application and approving it for funding. These fees can vary significantly from lender to lender, so it’s important to shop around and compare offers before choosing a mortgage.

Origination fees are just one of many costs associated with getting a mortgage, so it’s important to factor them into your overall budget. In addition to origination fees, you’ll also have to pay for things like appraisal fees, home inspection fees, and closing costs.

Closing costs are fees paid to cover the costs of processing and finalizing your mortgage loan. These fees can vary significantly depending on your lender, loan amount, and location, but they typically range from 2% to 5% of your loan amount.

Closing costs are an important factor to consider when you’re shopping for a mortgage. Be sure to ask your lender for a detailed estimate of closing costs so you can compare offers and choose the best loan for you.

Your mortgage closing costs will include your origination fee.

A mortgage rate lock is a commitment by a lender to give a borrower a set interest rate on their loan, provided the loan closes within a certain period of time. This can be an extremely valuable tool for borrowers who are trying to minimize their interest costs.

For example, let’s say you’re locked in at a 4% interest rate on a 30-year fixed-rate mortgage. Then, rates unexpectedly rise to 5%. If you’re still within your rate lock period, you can rest assured knowing that you’re getting the 4% interest rate that you originally locked in at. If you had not locked in your rate, you would be subject to the higher, prevailing interest rate.

Mortgage rate locks can protect borrowers from rising interest rates and help them save money over the life of their loan. If you’re considering a mortgage, be

There are a lot of factors to consider when deciding whether or not to lock in your mortgage rate. It’s important to think about your current financial situation and your plans for the future. You also need to be aware of the current market conditions and how they might impact your decision.

If you’re not sure what to do, it’s always a good idea to speak with a financial advisor. They can help you weigh the pros and cons of locking in your mortgage rate and make a decision that’s right for you.