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Interest Rate Advice
Daily Rate Averages
Search and compare mortgage rates from different lenders in your zip code. Connect with the best mortgage lenders using our free referral service to find the lowest rate for your home loan.
Pay Points For Lower Rate
Paying points is a trade-off between paying money now and paying money later. If you choose to pay points, you will pay an upfront fee that reduces your monthly interest rate and total interest due over the life of a loan.
Home Mortgage Rate Factors
There are several factors that can affect the interest rate of your home loan. Use this rate quote factor chart to determine the general trends associated with an increase or decrease in the value of each factor.
APR – Annual Percentage Rate (APR)
A helpful tool used to compare loans among different lenders is the Annual Percentage Rate (APR). The Federal Truth in Lending law requires mortgage companies to disclose the APR each time they advertise a rate. The APR is designed to standardize the representation of interest rates and convey the true cost of the loan to the borrower, expressed in the form of a yearly rate.
Rate Lock Basics
While your loan application is processed, a lender may promise to hold a certain interest rate and certain number of points for you for a certain period of time. This promise is called a lock, lock rate, or rate commitment.
Closing Costs Explained
Closing costs are the expenses that the lender accumulates from the origination of your new home loan. Some of these costs may be related to your loan application, while other fees are related to the house itself. Unless the lender offers to pay them for you, these expenses are charged to the buyer and often cost between 3 and 6 percent of the amount being borrowed.