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About Interest Rates
Research Rates
Begin by checking out current interest rates and rate movements when shopping
for a mortgage. Mortgage rates generally rise and fall along with Wall Street
securities and generally reflect the overall direction of interest rates. By
keeping an eye on mortgage market trends and key economic indicators, a
borrower has a better chance of obtaining interest rate savings.
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Search Todays Rates
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30 Day Rate Trends
What is APR?
A tool used to compare loans across different lenders is the Annual Percentage
Rate (APR). The Federal Truth in Lending law requires mortgage companies to
disclose the APR when they advertise a rate. It is designed to represent the
true cost of the loan to the borrower, expressed in the form of a yearly rate.
The purpose is to prevent lenders from hiding fees and upfront costs behind low
advertised interest rates.
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More about APR
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Prequalify Online
Meeting with a Lender
You may prefer to meet with the mortgage company before house hunting to
determine in advance how much you can afford and the mortgage amount for which
you can qualify. This step is called pre-qualification and can save you time
and trouble by making certain you are looking in the correct price range.
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More about meeting a lender
Lock in Your Rate
A lock in, also called a rate lock or rate commitment, is a lender's promise to
hold a certain interest rate and a certain number of points for you, usually
for a specified period of time, while your loan application is processed.
Depending upon the lender, you may be able to lock in the interest rate and
number of points that you will be charged when you file your application,
during processing of the loan, when the loan is approved, or later.
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More about Rate Locks
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