dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

Where can I find mortgage rates?

By   |  Posted in Ask The Expert

Both prospective homebuyers and homeowners who are interested in refinancing should frequently check mortgage rates. In both cases, reviewing mortgage rates can be beneficial.

What mortgage rates mean to homebuyers

For homebuyers, a lower interest rate on a home loan can make a big difference in affordability. If you need to borrow $200,000, for example, and you want a 30-year fixed-rate loan, you will pay $1,074 at 5 percent and $1,264 at 6.5 percent. If you are on the borderline of being able to qualify for a loan, a higher interest rate might mean you will be unable to borrow as much as you need to buy the home you want.

In addition, at a higher interest rate you will pay more interest over the life of the loan.

What mortgage rates mean to homeowners

If you are considering a refinance, checking on today's mortgage rates is extremely important, particularly if you are refinancing in order to reduce your monthly payments. If the mortgage rate is not lower than your current rate or the difference is insignificant, it may not make sense to refinance. Crunching your numbers through HSH.com's Refinance Calculator is a great way to determine not only if a refinance is right for you, but also the best way to finance it.

Where to find mortgage rates

The easiest place to locate today's mortgage rates is on HSH.com. The site offers a weekly round-up of average interest rates for a variety of loan products such as a 30-year fixed-rate, a 15-year fixed-rate and several adjustable-rate loans.

In addition to average rates from HSH's editorial surveys, you can find advertised rates in your area and historic mortgage rates (compare today's rates with long-term trends).

Michele Lerner contributed to this answer.

More help from HSH.com

  • Advantages of a FHA mortgage in 2017

    FHA loans have become more affordable in 2015, thanks to a drop in the annual mortgage insurance premium that the Federal Housing Administration charges.
  • Streamline Refinance Program to Replace HARP

    The HARP refinance program for troubled or underwater homeowners will come to an end in 2017, but a new streamline refinance program will takes its place.
  • Flex Modification: An outline of HAMP's replacement

    The Making Home Affordable Home Affordable Modification Program comes to an end on December 31, 2016, but is being replaced by a new Flex Modification program from Fannie Mae and Freddie Mac.
  • HSH.com’s yearly outlook: 2017 - Nine forecasts and outlooks

    At the start of each year, HSH.com details the important factors we think are most likely to influence the mortgage and real estate markets in the coming year.
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.