Mortgage rates directly impact your monthly payment and the total cost of your home. Heres everything you need to know.
Fixed vs. Adjustable Rate
Fixed-rate mortgages offer predictable payments, while ARMs may start lower but can adjust over time. Consider your timeline and risk tolerance.
Factors Affecting Your Rate
- Credit score (760+ gets the best rates)
- Down payment amount
- Loan type (conventional, FHA, VA)
- Property type and location
- Current market conditions
How to Lock In Your Rate
Once you find a favorable rate, ask your lender about rate lock options. Most locks last 30-60 days.
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