Mortgage rates change all the time. Therefore, a good mortgage rate could look drastically different from one day to the next. Right now, a good mortgage rate for a 15-year fixed loan could be in the high range of -3% or low of -4%, while a good rate for a 30-year mortgage is generally in the high range of -4% or low of -5%. The more lenders you consult when looking for mortgage rates, the more likely you are to get a lower interest rate.
If you compare loan offers from mortgage lenders, you'll have a better chance of getting a competitive rate. Just because the advertised mortgage rates are low doesn't mean you get them from the lender. For first-time homebuyers, a traditional 30-year fixed-rate mortgage from a reputable provider, such as Bank of America or Chase, is often a good option. In most cases, someone with a high credit score is generally offered lower mortgage rates than someone with a lower credit score or higher monthly debt obligations.
Personal mortgage rates are determined by your financial health, monetary policy, and economic factors. During the height of the pandemic, 15-year mortgages saw a certain revival, as low interest rates made them affordable to more borrowers than ever before. Consider the factors above and remember that you can't work with a high mortgage rate to live within your means. Fixed mortgage rates are influenced by the 10-year Treasury yield and, more generally, by Federal Reserve policy, which affects banks' borrowing costs that are then transferred to customers who apply for loans.
When the economy is thriving, the Federal Reserve raises rates, which trickles down and affects mortgage rates. Please note that mortgage rates may change on a daily basis and that this data is intended for informational purposes only. Fixed-rate mortgages are the most common type of loan because a stable interest rate means predictable monthly payments over the life of the loan. With inflation still rising and the Federal Reserve responding aggressively, the average 30-year mortgage rate has risen significantly.
The mortgage rate offered to you by a lender is determined by a combination of factors that are specific to you and more significant forces that are beyond your control. Chase Mortgage has designed its brand to serve younger customers, so it has a wide selection of online tools to help first-time homebuyers make smart mortgage decisions.
