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Lenders Are Keeping High Standards For Mortgage Approval
The 2008 housing crisis was fueled by a surge in risky lending practices throughout the mortgage industry. The current boom may cause a bubble, but it won’t be a credit bubble. Only applicants with great credit profiles are currently receiving mortgage approvals. This is the time to comb through your financial statements and credit reports. The tight lending standards don’t show any signs of easing, so start polishing your financial profile if you want to buy.
30 Year Fixed Mortgage Rate
|Today’s Mortgage Rate||2.945%|
|Change From Yesterday||+0.026|
|Change From One Week Ago||+0.757|
|Change From One Year Ago||-0.525|
15 Year Fixed Mortgage Rate
|Today’s Mortgage Rate||2.201%|
|Change From Yesterday||+0.010|
|Change From One Week Ago||-0.008|
|Change From One Year Ago||-1.269|
Today’s Financial Headlines
One of the factors that determines your mortgage rate is the city and state where you are purchasing your home. There are many reasons why interest rates vary from state to state. If foreclosure rates are high in the state, rates will also be higher. If there are many mortgage companies in the state, rates will be lower. You can save on your mortgage by buying in an area with low interest rates. Bookmark this comprehensive guide to interest rates by state.
The daily interest rates that you see on this website are a computed average of the rates being offered by various lenders across the country. Each lender also has an individual range of rates. The published rates are the lowest rates you can get, and are only offered to applicants with perfect financial profiles. Many different factors affect the rate you will be offered by your mortgage company. Some are within your control and some are not. Take the time to learn this formula. Then you will be able to shop for the best loans.
Mortgage companies lost many employees at the beginning of the pandemic, and many more left the industry due to burn-out from huge pandemic workloads. The mortgage industry is engaging in large scale hiring initiatives in order to bring staffing back to pre-COVID levels. This will reduce the amount of time that it takes for loans to be approved and processed.