As I often say around here, it’s important to compare mortgage lenders to ensure you receive favorable pricing on your mortgage. If you only gather a single mortgage rate quote, which many individuals do, especially first-time home buyers, you won’t know if it’s good or bad relative to what else is out there.
Sometimes the key to a lower interest rate is simply shopping around so you can pit mortgage lenders against one another. With multiple quotes in hand, you might be able to negotiate more effectively.
Aside from the interest rate, it’s also important to consider the fees being charged, including any mortgage discount points that must be paid to obtain the rate in question. Together, this makes up the APR, which is a more accurate representation of the loan.
Below are today’s mortgage rates from a variety of local and national home loan lenders.
You can compare purchase and refinance rates on a variety of home loan programs from the popular 30-year fixed to adjustable-rate mortgages like the 7/1 ARM, and everything in between.
As a rule of thumb, loan types with a shorter fixed period, such as the 5/1 ARM, will come with lower interest rates, all else being equal. And shorter-term mortgages, such as the 15-year fixed, will be cheaper than 30-year mortgages.
Read this: How are mortgage rates determined?