Today's Mortgage Interest Rates

Today’s Mortgage Interest Rates Online

There is no set interest rate for mortgages. Although many lenders follow a certain index - whether it’s the Prime Rate, the LIBOR, or some other index predetermined by the lender – it is up to each individual lender to decide how much to add to each index. For example, a lender may offer a “Prime Plus Two” loan which indicates the interest rate is the Prime Rate plus two interest rate percentage points. To find out today’s mortgage interest rates for the Prime Rate or LIBOR, check with these websites:

• BankRate offers a complete list of interest rate indexes which is updated once a week.
• Bloomberg offers a listing of common mortgages indexes including the Prime Rate and LIBOR. You can also research interest rate historical averages using this website.
• PrimeRate lists the current rates for the LIBOR, Prime Rate, and Treasury Rate. The history of the Prime Rate is listed from over a decade ago up to present day.

Not every lender offers an interest rate cleanly attached to a common index. Some mortgage loan interest rates are based on the credit rating of the applicant.

Lender Interest Rates

You can research the lowest advertised mortgage interest rates every day using one of the many websites available which offer comprehensive listings of rates from several different lenders at once. This can be an excellent tool when shopping around for a low interest rate, or for when you want to research current mortgage rate trends.

• BankRate offers a daily mortgage interest rate comparison including lenders throughout the United States. You do not have to apply for a mortgage loan prior to viewing the interest rate listing.
• Lending Tree offers mortgage interest rate listings, but visitors must supply personal information prior to viewing the available rates.

Websites such as Yahoo Real Estate and the Freddie Mac website offer listings of the current mortgage interest rate averages.

Specific Lenders

Most mortgage lenders post their mortgage interest rates on their websites. If you would like to find the mortgage interest rate for a specific lender then check on their website and it is likely the interest rates will be posted.

It is important to remember that interest rates posted on websites may not necessarily be the interest rate you qualify for. Even if a listing of rates falls under the title “Today’s Mortgage Interest Rates” you should look closer and see if there is any disclaimer cautioning visitors that these rates are the best rates, only available to applicants with the best credit ratings. Applications from people with less than perfect credit may receive counteroffers from the lender for a loan at a higher interest rate.

Here is a brief listing of websites featuring daily mortgage interest rates of some lenders:

• Wells Fargo offers interest rates for both conforming and jumbo mortgage loans.
• Chase Home Mortgage lists interest rates for primary mortgages and refinances.
• Bank of America lists mortgage interest rates specific to each state.
• USAA offers visitors the option of signing up for mortgage interest rate updates via e-mail in addition to offering current interest rates online.

Locking in a Rate

Interest rates listed daily on websites are usually subject to change without notice, although most lenders have a specific time of day when rates are adjusted. If you find an interest rate that you would like to lock in, you should act quickly. Unless you apply for the mortgage loan and lock in the interest rate with the lender you may not be able to obtain the attractive interest rate.