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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 To Do When Mortgages Default

Mortgages default every day in the world and they are just a normal part of the business for mortgage lenders. There are a certain number of mortgages that will default every year and it is planned for accordingly. While it is common business practice for lenders, it can be devastating for you individually. If you default on a mortgage, it can ruin your credit and your financial outlook for the future. Mortgage default is a major setback for you, but it is not the end of the road. If you are faced with a default on your home, you can take measures to get back in good standing with the lender. more

FHA Eligibility with Bankruptcy and Foreclosure

FHA mortgage loans require borrowers to wait three years after a foreclosure and two years after a bankruptcy before applying for financing. Good credit since the incident is generally a requirement as well. 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

European Financial Worries Push Mortgage Rates to 16-Month Low

Long-term mortgage interest rates plummeted to their lowest point in 16 months, falling below 4.0 percent for the first time this year, according to data from mortgage giant Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 3.97 percent, excluding fees, during the week ended October 16, 2014. That’s down from 4.12 percent the week before and down from 4.28 percent the year before. That is the lowest the 30-year rate has been since the week of June 20, 2013. “Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week,” said Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe.” Investors were specifically troubled by reports this week from Germany and China showing weaker-than-expected financial progress. That information, combined with fears about the spread of the Ebola virus and the turmoil in the Middle East caused investor to pull out of the stock market and flee to the safety of Treasury bonds. Other interest rates fell as well this week. The 15-year fixed rate mortgage carried an average rate of 3.18 percent, down from 3.30 percent the week before and 3.33 percent the previous year. The one-year adjustable rate mortgage average fell to 2.38 percent from 2.42 percent last week and down from 2.63 percent one year ago. The downward tumble in mortgage rates is great news for homebuyers and those looking to refinance. While troubles and financial woes abound internationally, fundamentals at home have not changed much, making it a great time to get into the housing market at near-rock bottom rates again. more

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