What determines mortgage rates? Mortgage rates aren't so much determined by your lender as they are by what's happening in financial markets.
So, it's things that affect the broader economy like inflation, job growth, issues that take place in foreign economies that really dictate the direction of interest rates over time. Now, not every lender charges the same price. Think of it like gasoline prices. When gasoline prices are rising, every station in town is raising the price. But, not every station charges the same price.
The same is true with mortgages. As consumers, we can exploit this difference to our advantage. It's really important to shop around, and it doesn't matter which way the rates are moving. There's still a tangible advantage if you're shopping around, because not everybody charges the same price.
Photo credits: © Minerva Studio/Shutterstock.com; © Andy Dean Photography/Shutterstock.com; © karamysh/Shutterstock.com; © racorn/Shutterstock.com; © steheap – Fotolia.com; © Orhan Cam/Shutterstock.com; © Pressmaster/Shutterstock.com; © Goodluz/Shutterstock.com; © welcomia/Shutterstock.com; © wavebreakmedia/Shutterstock.com; © Sidarta/Shutterstock.com; © Nikita Waller/Shutterstock.com