Mortgage rates describe the range of interest charges a lender might apply to a loan for home purchase, refinancing or improvements. The going rates are determined by a number of factors, but are often pegged to such things as mortgage-backed securities or mortgage bonds. In general, mortgage rates will be lower for those with impeccable credit and much higher for those with blemishes in their past. Knowing what mortgage rates will be applied to a loan is essential for determining the true costs of borrowing. The interest rates paid over the course of a loan, which are shown in an amortization schedule, can easily double or even triple the anticipated cost of buying beyond the initial sticker price.
Adjustable rates on mortgages, on the whole, are a bad idea. They leave you with a degree of unpredictability regarding the cost of your... »
Mortgage refinance rates tend to fluctuate based on the state of the economy. Due to the federal bailout of Fannie Mae and Freddie Mac,... »
Mortgage interest rate is the rate at which the interest on your mortgage payments increases. If the rate is high, your payments will grow... »
More Articles in Mortgage Rates
When Adjustable Rates are Beneficial How a Slow Economy Affects Mortgage Refinance Rates How to Calculate your Mortgage Interest Rate Why Mortgage Rates Fluctuate How to Qualify for a Low Interest Mortgage What Kind of Mortgage Rates Should a First Time Home Buyer Expect? What Causes Home Mortgage Interest Rates to Fluctuate? 3 Situations an Adjustable Mortgage Rate Can Be Beneficial 5 Factors that Contribute to Fluctuating Interest Rates on Home Loans Interest Rates on Home Loans in the Current Economic Climate What Determines Mortgage Rates? How a Recession Can Affect Mortgage Rates Mortgate Rate Comparions: Why Lenders Offer Different Rates What You Should Know About Subprime Loan Rates What is a Rate Lock? 4 Mortgage Rate Shopping Tips When to choose interest only loans? When to lock? Is a Balloon Loan better than an ARM? Is rate or APR more important? Is the Interest Only Mortgage Right for You What is a rate lock and what does it cover? When does it make sense to pay points? Can I Trust Rate Quotes? Does refinancing at a higher rate ever make sense? How do ARMs work? How do I know if the fees are fair? How to choose among types of ARMs? How to choose among types of FRMs? How to choose between FRMs and ARMs? Are Libor ARMs a good deal? Are "No Money Down" loans a good idea?