X

See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

Where do I find a lender's current mortgage rates?

If you are a prospective homebuyer or a homeowner interested in a refinance, one of the most important steps to take is to find a lender. Not only do you want to find a responsible, reputable lender, but you should also check each lender's current mortgage rates. You can find a list of lenders by state with their current mortgage rates on the HSH.com's lender showcase.

Current mortgage rates and local lenders

While some lenders are licensed to approve loans in every state, not every lender can offer loans in every area. Start by searching for a local lender so that you can be sure you are working with someone who understands the financing and settlement requirements in your state. Then compare current mortgage rates among lenders.

Questions to ask your lender

As a borrower, you should consider contacting two or three lenders to make sure you are getting the best deal. Make sure you compare loan programs and understand the differences between various loan offers. It is important not only to check current mortgage rates, but also to determine whether you will need to pay points in order to qualify for a particular rate.

Here are some questions you should ask each lender about the loan you are offered:

  • Is this an adjustable-rate mortgage or a fixed-rate loan?
  • What is the minimum down payment requirement for this loan?
  • Will I need to pay points at closing to get the quoted rate?
  • Will I need to pay private mortgage insurance?
  • What will my entire monthly total be, including principal, interest, taxes and insurance?
  • Is there a prepayment penalty on this loan?
  • How long can I lock in the interest rate?

The key to financing your home and being comfortable with your monthly payment depends on the loan's interest rate and your personal understanding of any risks the loan might pose.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: How are mortgage interest rates determined?
AUG 18, 2022
A:

Mortgage rates fluctuate from day to day, depending on a number of factors related to the economy and to choices made by investors. While some mortgage money comes from deposits held by banks and credit unions, most of the funds for borrowers come from investors in capital markets.

Read More
Q: Will today's stock market influence tomorrow's mortgage rates?
AUG 16, 2022
A:

Mortgage rates are influenced by a variety of factors, rather than moving in lockstep with any one economic indicator. The stock market rises and falls for a wide variety of reasons, including global, economic and political issues, but as a broad rule of thumb, a rising stock market indicates optimism among investors about the economy.

Read More
Q: Should I pay private mortgage insurance out of pocket or finance the cost?
AUG 12, 2022
A:

For the most part, this is a discussion about time. You should compare the total costs of the difference in the two interest rates over your given time horizon.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen