Today's Mortgage Rates
Rates provided by Land Home Financial Services.
How Mortgage Rates Work
Mortgage rates represent the interest charged on your home loan. Even small differences in rate can translate to tens of thousands of dollars over the life of a 30-year loan. That is why shopping for the best rate matters.
As a direct lender, we set our own rates based on wholesale market pricing. Because there is no broker middleman adding a margin, you often get a lower rate or reduced closing costs compared to going through a broker.
The rate you see advertised is a starting point. Your actual rate depends on your unique financial profile. The best way to know your rate is to get a personalized quote.
Frequently Asked Questions About Rates
Your rate is influenced by your credit score, down payment size, loan type, loan term, property type, and current market conditions. Borrowers with higher credit scores and larger down payments typically qualify for the lowest rates.
The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees and mortgage insurance, giving you a more complete picture of the loan's total cost.
Fixed-rate mortgages lock your rate for the life of the loan, providing payment predictability. Adjustable-rate mortgages (ARMs) start lower but can change over time. Fixed rates are generally better for long-term homeowners, while ARMs may benefit those planning to move or refinance within a few years.
Mortgage rates can change daily or even multiple times per day. They are influenced by the Federal Reserve's actions, inflation data, employment reports, and global economic events. Locking your rate when you find a favorable one protects you from increases.