Mortgage rates change daily and vary regionally and by loan type. Our filter lets you compare rates in your area from reputed national lenders. Click the rates to learn more about how to apply.
Tips on Shopping for Mortgage Rates
It’s easy to spot a low mortgage rate, isn’t it? Not exactly. When it comes to mortgage rates, the interest rate is only one part of the entire cost of the loan: You must also consider points and closing costs.
- Interest Rate: A mortgage interest rate represents the amount of the loan you will pay annually in finance charges. The lowest mortgage interest rates are best. Also, the shorter the loan, the less interest you will pay (for example, you pay less interest on a 15-year mortgage than on a 30-year mortgage).
- Points: Mortgage points are pre-paid interest. One point is one percent of the total loan amount. So if you borrow $200,000, one point costs $2,000. Many lenders will give you a lower interest rate if you pay a certain number of points. In other words, you can pay more up front to get a lower monthly payment.
- Closing Costs: These costs include everything else it takes to write a mortgage. Closing costs include home appraisals, credit check fees, title insurance, title transfer fees, underwriting fees, escrow charges, and others. It’s important to check with potential lenders and get a good-faith estimate of closing costs so you don’t get blindsided by fees you didn’t expect.