{"id":40252,"date":"2020-03-23T10:15:22","date_gmt":"2020-03-23T18:15:22","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=40252"},"modified":"2023-03-17T11:39:56","modified_gmt":"2023-03-17T18:39:56","slug":"mortgage-rate","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate\/","title":{"rendered":"What Is a Mortgage Rate and How Do They Work?"},"content":{"rendered":"\r\n<p>If you want the best deal on your <a href=\"https:\/\/www.credible.com\/mortgage\">home purchase<\/a>, then comparing loan offers is critical. But loan estimates are filled with many facts, figures, and calculations which can be complicated \u2014 particularly if you\u2019re a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer\/\">first-time homebuyer<\/a>.<\/p>\r\n<p>Don\u2019t let all those numbers overwhelm you, though. As long as you understand the mortgage rate you\u2019re getting, then you have a good foundation on which to compare your loan offers.<\/p>\r\n<p><b>Here\u2019s what you should know about mortgage rates:<\/b><\/p>\r\n<ul>\r\n<li><a href=\"#what-is-mortgage-rate\">What is a mortgage rate?<\/a><\/li>\r\n<li><a href=\"#how-are-mortgage-rates-now\">How are mortgage rates now?<\/a><\/li>\r\n<li><a href=\"#what-mortgage-rates-are-determined-by\">What mortgage rates are determined by<\/a><\/li>\r\n<li><a href=\"#mortgage-rates-are-personal-and-can-change-between-lenders\">Mortgage rates are personal and can change between lenders<\/a><\/li>\r\n<\/ul>\r\n<p><a name=\"what-is-mortgage-rate\"><\/a><\/p>\r\n<h2>What is a mortgage rate?<\/h2>\r\n<p>A <a href=\"https:\/\/www.credible.com\/mortgage\/rates\">mortgage rate<\/a> reflects how much you\u2019ll pay to take out the loan. It\u2019s the interest you\u2019ll owe annually which will be a percentage of your loan\u2019s total balance.<\/p>\r\n<p>There are both fixed-rate and adjustable-rate mortgage loan options. With fixed rates, your interest is consistent throughout the entire course of your loan.<\/p>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Example: <\/b>A lender quotes you a 4% fixed mortgage rate on a $200,000 loan. This means you\u2019ll pay 4% of your loan balance every year until you sell the home, refinance, or pay it off.<\/div><\/div>\r\n<p>If you have an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/\">adjustable-rate loan<\/a>, your interest rate can fluctuate after a certain amount of time, sending your monthly payment up or down with it. The <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/5-1-arm\/\">5\/1 ARM<\/a> is one of the most popular forms of adjustable-rate mortgages. This gives you a set interest rate for the first five years, then the rate adjusts once per year after that.<\/p>\r\n<p>Credible can help you compare multiple lenders.<\/p>\r\n<div id=\"credible-rate-table\">\u00a0<\/div>\r\n<p><script>\r\n      window.credibleAsyncInit = function() {\r\n        CredibleSDK.initWidget('#credible-rate-table', {\r\n               environment: 'production',\r\n  \t    product: {\r\n  \t       marketplace: 'mortgage-combined',\r\n  \t       type: 'rate-table',\r\n  \t       variation: 'shortened',\r\n               loantype: 'purchase',\r\n  \t    },\r\n          analytics: {\r\n             source: 'credible_blog',\r\n          },\r\n  \t    });\r\n        CredibleSDK.initWidget('#mortgage-combined-rate-widget-simple', {\r\n               environment: 'production',\r\n  \t    product: {\r\n  \t       marketplace: 'mortgage-combined',\r\n  \t       type: 'rate-widget',\r\n  \t       variation: 'simple',\r\n  \t    },\r\n          analytics: {\r\n             source: 'credible_blog',\r\n          },\r\n  \t    });\r\n      };\r\n<\/script> <script async defer src=\"https:\/\/sdk.credible.com\/sdk.js\"><\/script><\/p>\r\n<p><a name=\"how-are-mortgage-rates-now\"><\/a><\/p>\r\n<p><em><strong>Learn More: <\/strong><\/em><\/p>\r\n<ul>\r\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/150000-mortgage\/\">How Much a $150,00 Mortgage Will Cost You<\/a><\/strong><\/em><\/li>\r\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/7-1-arm\/\">7-1 ARM: Your Guide to 7-Year Adjustable-Rate Mortgages<\/a><\/strong><\/em><\/li>\r\n<\/ul>\r\n<h2>How are mortgage rates now?<\/h2>\r\n<p>As of March 5, 2020, mortgage rates were at all-time lows. Rates on 30-year, fixed-rate mortgages are around 3.36%, while 15-year, fixed-rate loans hover at 2.77%. Rates on 5\/1 ARMs are in the low 3% range, as well.<\/p>\r\n<p>Rates have been steadily declining since late 2018. Check out these average mortgage rates over the years:<\/p>\r\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-40263 size-full\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/image1.png\" alt=\"U.S. weekly average mortgage rates as of 03\/12\/2020\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/image1.png 1200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/image1-600x315.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/image1-768x403.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/image1-300x158.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/image1-150x79.png 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\r\n<p><a name=\"what-mortgage-rates-are-determined-by\"><\/a><\/p>\r\n<p><em><strong>Keep Reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-terms\/\">30 Mortgage Terms to Know: Ultimate Glossary for Homebuyers<\/a><\/strong><\/em><\/p>\r\n<h2>What mortgage rates are determined by<\/h2>\r\n<p>Lenders set mortgage rates on a borrower-by-borrower basis. They take into account larger economic factors, as well as the borrower\u2019s personal financial situation.<\/p>\r\n<p><b>Here\u2019s a breakdown of what is typically considered:<\/b><\/p>\r\n\n<table id=\"tablepress-259\" class=\"tablepress tablepress-id-259 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Larger economic factors<\/strong><\/th><th class=\"column-2\"><strong>Personal economic factors<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\"><ul><li>Strength of the economy<\/li><li>Inflation rates<\/li><li>Employment<\/li><li>Consumer spending<\/li><li>Housing construction and other market conditions<\/li><li>Stock and bond markets<\/li><li>10-year Treasury yields<\/li><li>Federal Reserve policies<\/li><\/ul><\/div><\/td><td class=\"column-2\"><div style=\"text-align: left; padding:0px 25px;\"><ul><li>Credit score<\/li><li>Credit history<\/li><li>Down payment size<\/li><li>Loan-to-value ratio<\/li><li>Loan size, type, and term<\/li><li>Debt-to-income ratio<\/li><li>Location of the property<\/li><\/ul><\/div><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\r\n<h3>Larger economic factors<\/h3>\r\n<p>The bigger financial picture plays a big role in what rates mortgage lenders are able to offer. The strength of the economy, inflation rates, employment numbers, and things like consumer spending, construction, and the stocks and bonds markets all play a role. The 10-year Treasury yield, which is how much investors make on federal bonds and notes, also plays a role. As yields rise, so do fixed-rate mortgage rates (and vice versa).<\/p>\r\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate-lock\/\">Mortgage Rate Lock<\/a><\/strong><\/em><\/p>\r\n<h3>Personal economic factors<\/h3>\r\n<p>It\u2019s not all external, though. Your own personal financial scenario will also impact what mortgage interest rates you\u2019ll be offered. Your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/credit-score-for-home-loan\/\">credit score<\/a> will be a big influencer, as will things like your down payment size, the amount of money you\u2019re borrowing, your income, and more.<\/p>\r\n<p>Generally, to get the lowest interest rate, you should have a:<\/p>\r\n<ul>\r\n<li>Credit score of 760 or above<\/li>\r\n<li>Down payment of 20% or more<\/li>\r\n<li>Low loan-to-value ratio (low loan balance compared to the home\u2019s value)<\/li>\r\n<li>Low debt-to-income ratios (low total debts compared to your total household income)<\/li>\r\n<\/ul>\r\n<p>Whether or not you choose to buy <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-points\/\">discount points<\/a> will also impact your rate. Discount points work as sort of a tradeoff: You pay your lender an upfront fee and, in exchange, they give you a lower interest rate on your loan.<\/p>\r\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Be careful here. <\/b>You\u2019ll need to make sure you stay in the home long enough to reach the break-even point \u2014 when your lower interest rate saves you more than you paid your lender for those points at closing.<\/div><\/div>\r\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/apr-vs-interest-rate\/\">APR vs. Interest Rate: Understanding the Difference<\/a><\/strong><\/em><\/p>\r\n<p><a name=\"mortgage-rates-are-personal-and-can-change-between-lenders\"><\/a><\/p>\r\n<h2>Mortgage rates are personal and can change between lenders<\/h2>\r\n<p>Mortgage rates aren\u2019t cut and dry. While economic conditions and your own personal finances play a role, so does the lender you choose. Keep in mind that you can also influence your rate by paying points, so be sure to factor this in when comparing your loan options.<\/p>\r\n<p>If you want the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">best mortgage rate<\/a>, it\u2019s critical that you compare loan offers from multiple mortgage lenders. Credible makes this fast and easy: Just fill out some information, and you\u2019ll be able to compare lenders without it affecting your credit score.<\/p>\r\n<p><em><strong>Find Out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/negotiating-better-mortgage-rate\/\">How to Negotiate a Better Mortgage Rate<\/a><\/strong><\/em><\/p>\r\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\r\n","protected":false},"excerpt":{"rendered":"<p>If you want the best deal on your home purchase, then comparing loan offers is critical. But loan estimates are filled with many facts, figures, and calculations which can be complicated \u2014 particularly if you\u2019re&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate\/\">Continue reading<\/a><\/p>\n","protected":false},"author":101,"featured_media":40278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1534,1524,1521],"class_list":["post-40252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-home-loans-101","tag-mortgage-purchase","tag-mortgage-rates-sidebar","mortgage-rate","post_tag-home-loans-101","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is a Mortgage Rate and How Do They Work? - Credible<\/title>\n<meta name=\"description\" content=\"Your mortgage rate is what you\u2019ll pay to borrow money to buy your home. It is influenced by larger economic conditions and your own personal finances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is a Mortgage Rate and How Do They Work? - Credible\" \/>\n<meta property=\"og:description\" content=\"Your mortgage rate is what you\u2019ll pay to borrow money to buy your home. It is influenced by larger economic conditions and your own personal finances.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-23T18:15:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-17T18:39:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/03\/what-is-a-mortgage-rate.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aly J. 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