W. Are Home Loan Interest Rates Today?

Everyone wants to know “w. the rates are?” But first you need to understand how published rates are actually determined.

Most people believe t. is a “rate” for mortgages, and mortgage brokers can get you close to that “rate.”

News broadcasters talk about rates going up, going down, and what’s happening in the market. All of this makes you think t. is a “rate.”

The truth is, the “rates” that they talk about on the news and in the papers comes from a survey. Specifically, the Primary Mortgage Market Survey® (PMMS®) that surveys lenders each week on the rates and points for their most popular 30-year fixed-rate, 15-year fixed-rate, 5/1 hybrid amortizing adjustable-rate, and 1-year amortizing adjustable-rate mortgage products.

The “rates” they talk about online, in the paper, and on the news is simply a look back and an average. So, if you want to get an “idea” about what the average rate was across the United States last week. Go to
freddiemac.com/pmms. This will tell you “w. are home loan interest rates today”–again, an average, last week, for the entire country.

The average might give you a ball park idea, but this will not help you determine your interest rate. The only way to know what you can qualify for is to complete a
mortgage application with a mortgage broker and shop your application to multiple lenders. The lenders will offer you terms and that will determine what interest rates are available to you.