Current Interest Rates

Current interest rates are naturally of major concern to most mortgage shoppers. However, the average mortgage shopper or prospective borrower shouldn't put too much stock into current, interest-rate reports or feeds, like the one published here, and updated 14-times daily. The average borrower should be using these reports only as a benchmark, and shouldn't be disappointed when the interest rate they're quoted is more than just slightly higher than those published rates they've researched. Here's why...

For a variety of reasons, the average borrower won't be offered a rate that's as low as the current published rate. First, the lowest published rates represent national averages which may not be available in all states. Next, the published current rates are usually those offered to the most well-qualified borrowers who are borrowing funds under optimum conditions. This means borrowers who have down payments for purchases, borrowers who can document their incomes, borrowers who are financing properties which will be owner-occupied, and borrowers who have midscore FICOs which are higher than the reported national average FICO score of 678... to name just a few.

And, be wary of mortgage brokers who quote you a rate or suggest they can obtain a specific rate without first pulling your credit and submitting your 1003 loan application to at least one lender. There isn't a mortgage broker in the country who's going to write the check which funds your loan at closing. Consequently, the only valid, bona fide quote you can be confident about is the one you're offered when you're preapproved by an actual lender. At Mortgage Match, you can get a fast, free and accurate quote on interest rates after a short interview with a Senior Loan Consultant for preapproval by clicking here. Or, you can get preapproved entirely online and through email, and know eveything there is to know about your loan by clicking here.