Mortgage Rates

Mortgage Rates


Please choose your location from the map below and then follow the instructions presented to determine your local rates and to see which financial institutions are offering those rates.

For example, let’s assume you qualify for a $200,000 loan at 7.0%. Each increase of 1/4 point (e.g.7.0% to 7.25%) increases your payment by approximately $34 a month or $400 a year.

A change of one whole point (1%) increases your payment by approximately $1,600 per year. Put another way, if the maximum conventional loan you qualify for is $200,000 at 7.00%, the maximum sales price of the home you can buy is around $250,000. If the interest rate rises to 8%, the maximum loan you qualify for decreases to $181,000, and the maximum sales price decreases to $226,000. This represents a net decrease of almost $25,000 in purchasing power, which might prevent you from purchasing the home you really want!
Be sure to keep track of current interest rates during your home buying process!

Mortgage interest rates change on a daily basis. These up and down fluctuations directly affect how much you qualify to borrow, which in turn affects the price of the home you can afford.

The net result is that if interest rates rise, a house you could afford last month may become a stretch today — or prevent you from buying that house at all.

For example, let’s assume you qualify for a $200,000 loan at 7.0%. Each increase of 1/4 point (e.g.7.0% to 7.25%) increases your payment by approximately $34 a month or $400 a year. A change of one whole point (1%) increases your payment by approximately $1,600 per year. Put another way, if the maximum conventional loan you qualify for is $200,000 at 7.00%, the maximum sales price of the home you can buy is around $250,000. If the interest rate rises to 8%, the maximum loan you qualify for decreases to $181,000, and the maximum sales price decreases to $226,000. This represents a net decrease of almost $25,000 in purchasing power, which might prevent you from purchasing the home you really want!