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Average mortgage rates fell moderately yesterday. The last seven days have been good. And those rates are appreciably lower than they were this time last week
There's very little on the calendar over the next seven days that's likely to alter the benign mood in markets. So, barring unscheduled events that affect markets, I'm optimistic that mortgage rates next week might continue to move gently lower.
Find and lock a low rateA mortgage rate is the rate of interest charged by a mortgage lender. Mortgage rates can be either fixed (it stays the same for the term of the loan) or variable (the rate will adjust at some point during the term of the loan). Mortgage rates are determined by the lender and can vary depending on your unique situation — your credit score, loan term, and downpayment can all affect your mortgage rate.1
The more lenders you compare when shopping for mortgage rates, the more likely you are to get the lowest interest rate available for you. Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the loan. Yes, it definitely pays to shop around.2
* Source: http://www.freddiemac.com/research/insight/20180417_consumers_leaving_money.page
1. Source: Freddie Mac
2. Advertising disclosure: we receive advertising revenue from some partners.
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