Purchasing a home is a significant financial decision. Understanding mortgage rates can help you feel confident in your decision for years to come. Whether you’re a first-time homebuyer, an expert, or somewhere in between, learning what has the biggest impacts on mortgage rates can help you make informed decisions to save you money long term.
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Mortgage rates are interest rates that lenders charge borrowers for borrowing money for a mortgage, and reflect a percentage of your total loan balance. When a borrower takes out a mortgage, they agree to pay back the amount borrowed, plus interest over a specific period of time, typically in 15 or 30 years. Stay ahead of major factors that impact current mortgage rates so you can be prepared for your future mortgage.
There are many factors that can impact mortgage rates including the following:
If you are looking to secure the best mortgage rate, you may want to consider the following options:
At Mortgage 1, we understand the importance of educating homebuyers about mortgage rates. Our Pro SNAP application makes it fast and easy. Get pre-approved in as little as 15 minutes. Get started today, or call us at 1-866-532-0550.