You see advertisements for mortgage rates all over the media and internet.  How can you be sure you’re getting the best rate possible? Even if you compare rates, they probably aren’t practical for you. Here are some points for you to take into consideration.

Economy – The global economy drives all interest rates, including mortgage rates

Property location – Lender costs can go up or down depending on state laws

Lender pipeline – How much business a lender is currently processing

Property type – Single family, multi-family, condo, mobile, co-op, etc.

Loan-to-value – Lower values get a better rate

Home use – Is this home being used for personal use, rental, or vacation?

Credit score – The higher the score, the better the rate

Points – Overall, the higher the costs, the lower the rate

Loan features – Term, documentation, rate adjustment, interest-only payments, etc.

Loan amount – If the loan amount is very high or very low, this can mean higher rates

Mortgage Rates Always Change 

It’s true. In fact, rates can change in seconds! Even politics can affect the rates.  For example, when the current President disbanded his business council, it sent rates spiraling down within 20 minutes! So that means the rate you were quoted before and after that situation will be very different than before.

The good thing about this is that current mortgage rates are as low as they've been in 2017. But home prices are climbing around much of the US. In order to get that low rate and make your home as affordable as possible, you’ll need to get several custom quotes from competing mortgage lenders.