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Interest
Rates

The Lowdown on Rates

Finding the right interest rate for your loan is a pretty big deal—it's not just about what you pay each month but also about the long-term impact on your wallet. Getting a competitive rate can make a world of difference. Even shaving off just a fraction of a percentage point can mean keeping thousands of extra dollars in your pocket over the life of your loan, but rates are not the only thing to look at when considering your home financing. Finding the best solution that fits YOUR financial goals is most important.

So, take your time and do your homework. Explore various loan options, and don't hesitate to ask questions. By putting in the effort to compare rates, fees, and programs, you're not only making a smart financial move but also setting yourself up for a brighter financial future. After all, who doesn't want to keep more of their hard-earned cash where it belongs—in their own pocket?

What Drives Interest Rates?

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Is The Lowest Rate Really The Lowest?

When it comes to interest rates, what's "lowest" for one person might not be the best for you. Your financial situation, credit score, and the type of loan you're after all play into what rate you'll get. If you see ads promising rock-bottom rates, don't get too excited. There's no one-size-fits-all lowest rate out there. For instance, someone with a stellar 800 credit score and a hefty down payment might snag a different rate compared to others.

 You're not just a statistic—you've got your own financial story. And there are loads of loan options tailored to different goals. So, what you'll really qualify for depends on a bunch of factors, not just what some ad claims.

What Drives Interest Rates?

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Inflation

Mortgage rates are very sensitive to inflation. When inflation rates go higher, interest rates often rise as well.

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Economy

When GDP and employment rise, it’s a sign of a growing economy and greater demand for real estate. When demand rises, so do interest rates as there is more demand than money to lend.

Read how surprise factors play a role.

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Investors

Bonds are typically a safe investment so when the economic outlook is poor, they flood to the bond market. When there are more investors in bonds, the bond yield rises, and mortgage rates tend to rise as well.

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Fed. Reserve

When the Fed raises or lowers the federal fund's rates (the rate lenders charge each other), it creates a ripple effect and typically results in an impact to mortgage rates.

Want to Learn More?

Get your hands on our full infographic that covers everything you need to know about what influences interest rates.

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