Current mortgage rates vs. rate you get

Current mortgage rates are at historic all-time lows, which could mean it's a good time to refinance your mortgage. The rate you pay on the mortgage is dependent on a number of factors, including your credit score.

Current mortgage rates are historically low, but depending on your circumstances, you might not be granted access to the best rates available. When brokers determine the rate you pay on the loan, they take into account several factors, including:

  • Length of the loan.
  • Type of loan.
  • Size of the loan.
  • Credit score.
  • Ratio of how much you want to borrow compared to value of your home.
  • Whether you are refinancing a primary residence or a second home.

What it takes to get the best rate

To take advantage of the lowest mortgage rates, you need an excellent credit score and to make a down payment of 20 percent or more on the house. The interest rate on the loan also will be lower if it is for your primary residence.

As a rule of thumb, a 15-year mortgage has a rate lower than a 30-year fixed loan. Adjustable-rate mortgages have even lower rates.

A jumbo loan, taken out to buy a higher-priced home, typically has a higher interest rate. Current mortgage rates vary from state to state, which impacts how much you are paying.

To get the best current mortgage rates, do your homework. That means comparing rates at Bankrate and perusing mortgage lender websites to get more information. Mortgage lenders offer different rates, so to find the best current mortgage rate, it pays to call three or more lenders.

Once you get the best current mortgage rate, make sure to lock it in as quickly as possible. After all, mortgage rates fluctuate.

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