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What is a mortgage rate?

A mortgage rate is the rate of interest rate you pay on money you either borrow to buy a home, or a rate you pay on a second mortgage, or home equity loan when you borrow money against your home. You can get either a fixed mortgage rate or a variable mortgage rate. Fixed mortgage rates remain constant throughout the entire term of the loan, whereas a variable mortgage rate may change multiple times throughout the life of the loan.

Both fixed mortgage rates and variable mortgage rates are determined by economic conditions, and are normally tied to some index, such as a government security.

What is the best mortgage rate for my needs?

A mortgage rate, when you purchase a home is determined by both economic conditions, and the type of loan program that you choose. The first thing when you look for a mortgage is to determine how long you intend to own the property. A variable rate mortgage will usually have a lower mortgage rate than a fixed rate mortgage and will save you money while you own the property, by giving you lower monthly mortgage payments.

What are the benefits of getting a better mortgage rate?

There are several benefits to having a better mortgage rate. The most obvious benefit is that a lower mortgage rate will result in a lower mortgage payment. Another benefit is that you can handle a higher loan amount than you could at a higher rate.

In fact, if you can handle a higher mortgage payment, the rate on a 15 year fixed rate mortgage is normally lower than the rate on a 30 year fixed rate mortgage, and you could save thousands of dollars in interest over the life of the loan.

Read the fine print when looking for a mortgage rate

Always read the fine print when considering a mortgage rate, for either a purchase or a refinance. There are loan programs such as option ARMs that advertise a very low teaser mortgage interest rates up front, but over time may wind up charging you a higher mortgage rate than you might have received with a different type of loan.

Please refer to the U.S. Federal Reserve's and MBAA's (Mortgage Bankers Association of America) websites for recent forecasts on the housing industry.

Resources when looking for either a mortgage rate a new mortgage rate

Loan.com wants to make your search for a mortgage rate as straightforward as possible by arming you with the tools that will help you to make informed choices when looking for a mortgage rate. These tools include:

  1. The Borrower's Bill of Rights - Our Borrowers Bill of Rights helps you avoid unethical lenders and get the most from ethical lenders.
  2. Truth about Loans - Our in-depth library of helpful articles tells you what to expect at every step of mortgage process.

Loan.com is your ultimate mortgage rate resource, and will help answer all of your questions regarding current mortgage rates. To get even more information on mortgage rates, please visit Freddie Mac.

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