Mortgage Rates | Smart Change: Personal Finance

Besides economic factors, the interest rate you are offered will also depend on the type of rate you chose. Adjustable-rate mortgages, for example, feature lower interest rates that will change periodically depending on real estate market conditions. Whereas a fixed-rate mortgage will remain the same for the life of the loan.

Meanwhile, a higher credit score and lower DTI could help you snag a more affordable rate, as lending you money will entail less risk on the part of the lender.

If you’re not eligible to qualify for a rate you feel comfortable with, you can work on improving your credit score and pay down debts, such as credit card or student loans, to lower your debt-to-income ratio.

Finally, don’t forget to shop around. Different lenders offer different rates and products. Each lender’s credit and income requirements will also vary. Comparing rates and loan products could help you get the lowest possible rate for your situation.

What Makes Our Data Different?

Money’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for. Our rates reflect what a typical borrower with a 700 credit score might expect to pay for a home loan right now. These rates were offered to people putting 20% down and include discount points.

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