To determine the best mortgage rates available today,
click on your state in the map below.
US Map
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!
Be sure to keep track of current
interest rates during your home buying process!
