Compare Current Mortgage Rates Today: You’ve saved up some money and bought your dream home—now all you have to do is find a lender, get pre-approved, apply for the loan, and then close on the purchase. It’s as simple as that, right? Not quite. In addition to choosing the right type of mortgage (fixed or adjustable rate), you’ll also need to carefully research current mortgage rates to make sure you aren’t overpaying or underpaying. The right mortgage can make all the difference in whether your dream home becomes your dream house or your worst nightmare.
Mortgage Interest Rate Trend Statistics
What is your mortgage interest rate? If you don’t know, it may be time to find out. Mortgage rates can and do fluctuate, sometimes wildly. The same thing happened in 2008 when mortgage rates were as high as 15 percent, resulting in many homeowners finding themselves upside down with their mortgages—in other words owing more on their home than it was worth. Thankfully for today’s borrowers, home prices are rising faster than interest rates; but that doesn’t mean you shouldn’t know where your rate is and how much of a risk you face if it changes again. It could save you a lot of money over time.
Why Mortgage Interest Rates Keep Going Up
Mortgage rates are on an upward trend as of late. Then why is complicated, but it boils down to a few factors: 1) Central banks keep pushing down interest rates; 2) investors have fewer places to put their money as economic and political uncertainty persists; 3) home-loan investors are seeking riskier ventures in search of higher returns. Together, these developments have fed into rising mortgage rates. For more information on current mortgage rates and why they’re going up, keep reading. To compare current mortgage rates today, click here!
Mortgage Rate Tables
The tables below show mortgage rates for different types of mortgages. Click on a link to see current rates: Conventional 30-year, 15-year fixed, 5/1 adjustable, and VA home loans. As you will notice there are two different types of fixed-rate mortgages, conventional and government-insured (FHA/VA). Both have their pros and cons which we’ll discuss later in this post but all things being equal a conventional loan is usually your best bet. This is because FHA loans have much more stringent credit requirements than conventional loans thus making it harder for many buyers to get approved. If your credit score is below 720 or so consider waiting until you’ve brought it up before applying for an FHA loan as it will be extremely difficult otherwise.
The Best Times to Refinance
It’s no secret that interest rates on mortgages are low right now. That doesn’t mean, however, that you can expect to get a low-interest rate just because it’s in your best interests. To lock in lower mortgage rates you have to act quickly before interest rates start climbing again. Follow these steps to get started today
How Do I Find The Best New Mortgage?
When it comes to buying a home, it’s important to know that you are not only getting a good price on your mortgage but also securing a low-interest rate. While rates are at historic lows, they can change rapidly and there’s no better time than now to explore options and compare current mortgage rates today. It’s never been easier to research multiple lenders online so you can be confident that you’re getting the best deal. Even if you already have a loan in place, take advantage of low-interest rates by refinancing.
How Can I Get A Lower Interest Rate?
The easiest way to get a lower interest rate is to ask for one. If you have a strong credit score, don’t be afraid to negotiate terms with your lender—you may even be able to get them to throw in perks like closing costs or free mortgage insurance. To make sure you don’t end up paying more than you need to, do some research before talking with a lender so that you know what other interest rates are available out there. Getting pre-approved with another bank can also help give you leverage when negotiating; your current lender will want to match (or beat) another bank’s offer if they think they might lose your business.
What Is an Adjustable Rate Mortgage (ARM)?
With an adjustable-rate mortgage (ARM), your interest rate can change over time based on a published index and margin. The higher or lower your interest rate, the more you’ll pay on your loan overall, with most ARMs starting with lower rates that then rise over time. With fixed-rate mortgages, meanwhile, you’ll know exactly what your monthly payments will be for up to 30 years. This can be particularly helpful if you’re looking to buy a home but aren’t sure how much you can afford; ARMs also tend to have better terms for first-time homebuyers who are just getting started.
How Long Will My Fixed-Rate Loan Stay Fix?
If you plan to live in your home for at least five years, getting a joint mortgage can save you thousands of dollars. But if you’re going to move within that timeframe, taking out separate mortgages is generally cheaper because then both parties would only be responsible for one mortgage payment. If your partner has less income than you do, it could also be worthwhile to get a joint mortgage—you can charge more than 100% on a loan and take advantage of your partner’s low-interest rate, which will reduce your overall monthly costs. And remember: if you think buying real estate with someone might end in tears (or lawsuits), don’t do it.
Should I get A Joint or Separate Mortgage?
Both types of loans have their advantages and disadvantages. If you are married, it may make sense to apply for a joint mortgage with your spouse. If you live in an area with high property values, however, a joint mortgage could be more expensive than two separate mortgages for each spouse—one for his or her share of the house and one for everything else. For example, two $500,000 mortgages at 5% would require a monthly payment of $8,666. But if both people’s names were on each loan (known as co-lending), that payment would rise to $10,250 per month.
