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Applying for a Mortgage after a Bankruptcy

By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.

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What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

What Lenders Don't Reveal About Home Equity Loans

It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. more

Should You Refinance? Make Sure the Timing is Right

Deciding whether or not you should refinance depends on your personal financial situation. If interest rates are lower today than they were when you first took out your mortgage, refinancing makes sense. more

Fixed Rate Mortgages

These mortgage loans have fixed interest rates for the duration of the loan. Fixed rate mortgages do not change and they are not tied to an index, unlike adjustable rate mortgages. The interest rate is fixed in advance at a specific interest rate.

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Rates Tumble Making Way for More Home Sales

After rising the week before, long-term mortgage rates fell in the latest week on mixed economic data, a move that helped push applications for purchase mortgages higher. The average interest rate on a 30-year fixed rate mortgage sank to 4.34 percent, excluding fees, according to mortgage backer Freddie Mac, a three-week low, down from 4.41 percent the previous week. While still very historically low, rates have moved up considerably from a year ago when they averaged 3.43 percent. The drop in rates came in reaction to a mix of positive and negative market data, according to Freddie Mac. “Mortgage rates eased a bit following the decline in 10-year Treasury yields,” commented Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.” Lower interest rates paved the way for more home purchases, as this week the Mortgage Bankers Association reported a three percent increase in its Purchase Index, a measure of total home purchase mortgage request volume. Part of that increase may simply be attributed to the beginning of the spring buying season, but lower rates certainly make purchases more enticing. At the same time however, the MBA’s Refinance Index declined five percent and has fallen to a low not seen since July 2009. Refinance requests made up 51 percent of all mortgage applications this week, down from 53 percent the week before and is down 14 percent from April 2013. Refinance loans have made up the bulk of mortgage applications since the Great Recession, but as the housing market recovers and rates are trending slowly upward, home purchase requests should start to balance out refinancing. more

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