Everything You Need To Know About Mortgage Rates in 2022

If you’re looking to buy a home soon, mortgage rates are going to be something that you’ll want to pay close attention to. 

It may seem insignificant, but a mortgage rate differing by only a few percentage points can ultimately make or break your home buying decision. 

Here's what you need to know about mortgage rates before you buy your dream house!

A mortgage is simply a loan from the bank that you’ll need to repay over time.  A mortgage rate is just the rate of interest charged on your mortgage.

What Are Mortgage Rates?

Many factors can affect your mortgage rate. These include things you have control over, like your credit score, and things you don't, like the overall economy.

What Affects Your Mortgage Rate?

The more dangerous you tend to be (the less likely you are to repay the loan), the higher the interest rate. Those with higher credit scores, less debt, and lower home values can get lower rates

How Can You Lower Your Mortgage Rate?

– Average 30 year fixed interest rate: 3.25% – Average 15 year fixed interest rate: 2.52% – Average ten year fixed interest rate: 2.49%

Mortgage Rates Today

f you’re looking at taking out a mortgage, you’ll likely also want to know where to get the best rates and best terms. So it’s always a good idea to shop around to make sure that you end up saving the most money you can.

Best Lenders for Low Rates