Mortgage Rates
Mortgage rates change daily, and the rate you are offered depends on more than the headline number in the news. The fastest way to know your real rate is a quick conversation with a lender.
What affects your rate
- Credit score – higher scores generally qualify for lower rates.
- Down payment – more equity usually means less risk for the lender and a better rate.
- Loan type and term – conventional, FHA, VA and USDA loans are priced differently, and 15-year loans typically carry lower rates than 30-year loans.
- Points – you can often pay points at closing to buy the rate down.
- Rate lock – once you are under contract, locking protects you if rates rise before closing.