Mortgage rates fluctuate daily based on the Federal Reserve policy, inflation, and market conditions. Your personal rate...
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Frequently Asked Questions
What factors affect my personal mortgage rate?
Credit score (biggest factor — 100-point difference = 0.5-1% rate change), down payment (lower down = higher rate), loan type (conventional lowest, FHA higher), loan term (15-year lower than 30-year), and lender pricing.
Should I lock in my rate or wait?
Lock when rates are favorable to you and you're ready to close. Floating when rates might drop before closing. Typical lock period is 30-45 days; extensions are available. Lock costs vary ($0-$1,000+); compare total cost including lock fees.
Are mortgage rates better with points or lower rate with higher upfront cost?
Mortgage points (discount points) = 1% of loan amount to lower rate 0.25%. If you'll keep the loan 7+ years, points usually pay off. Use break-even analysis: (points cost ÷ monthly savings) = months to break even.
How often do mortgage rates change?
Rates change daily, often multiple times per day based on Fed decisions and market activity. Weekly averages are more meaningful than daily swings. Trends emerge over weeks/months, not hours.
What's the difference between APR and interest rate?
Interest rate is the base cost of borrowing. APR includes interest + fees (origination, appraisal, title, etc.), expressed as an annualized percentage. APR is always higher than the rate. Compare APRs when evaluating lender quotes.