Mortgage Rates: Everything You Need to Know (2022)

If you’re looking to buy a home soon, mortgage rates are going to be something that you’ll want to pay close attention to. It may seem insignificant, but a mortgage rate differing by only a few percentage points can ultimately make or break your home buying decision.

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This post will dive into precisely what mortgage rates are, what affects mortgage rates, and how you can get the lowest mortgage rates possible (and save yourself tons of money in the long run). Ready to take the next step in your home buying journey and learn all about mortgage rates? Let’s get right into it.

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What Are Mortgage Rates?

[{"selector":"#anim-91233f5e-dddd-4627-aa21-622f337a05ba","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6097cc03-ce61-47ef-8cb6-a77a054ee307","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-26f4b563-dcb1-4a5e-b6f0-cba889f5494a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bc3d2252-74be-450d-af47-a62e2000a176","keyframes":{"transform":["translate3d(0px, 1205.75380%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] When you go to buy a house, unless you’re paying it all in cash, you’ll likely need to take out a mortgage. A mortgage is simply a loan from the bank that you’ll need to repay over time. Typically you will put up 20% of the total price (the down payment), and the bank will provide you with the remaining 80%. So if you’re buying a $1 million home, this means you’ll need to go $200,000 out of pocket, and the bank will give you a mortgage loan of $800,000. Read more

All of the factors listed above are things that are (generally speaking) out of your control. Now let’s talk about some things that you have more influence over. For example, when lenders review a mortgage application, they gauge how risky a borrower you are. The more dangerous you tend to be (the less likely you are to repay the loan), the higher the interest rate.

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What Are Mortgage Rates Today?

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If you’re looking at taking out a mortgage, you’ll likely also want to know where to get the best rates and best terms. So it’s always a good idea to shop around to make sure that you end up saving the most money you can. Here are some potential mortgage rate providers to jot down in your bullet journal and keep in mind while you make your comparisons:

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[{"selector":"#anim-da8268d9-702f-44d3-8fc6-cf54febe87ea","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a1a7fa3d-73cc-424f-8bb0-39675b62b694","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-6595fe08-1e66-45ab-9964-daad5ae4c4c1","keyframes":{"transform":["translate3d(135.56486%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-93226391-96a1-4b29-8053-1f81c9253b56","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-748bad4f-c5c7-4026-bc66-2c63c659b343","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-5b6a233a-37ce-4662-9a53-f01fef390f02","keyframes":{"transform":["translate3d(122.96296%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fe1ea858-9e44-4260-8e67-7a49d4f98887","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef02d43c-df3d-4366-8968-8d97b7c54a47","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] – PNC Bank – As one of the largest U.S. banks, PNC offers the largest variety of mortgages and even supplies some mortgage options that require no down payment. – AmeriSave – Also known as AmeriSave Mortgage Corp., AmeriSave offers homebuyers FHA, VA, USDA loans, and more. – Freedom Mortgage – If you have a decent (but not great) credit score, you’ll want to check out Freedom Mortgage. – Bank of America – When going through the mortgage process, you want someone who will be with you every step of the way. Bank of America is famous for having the best face-to-face service out of all big banks. Read more

– Quicken Loans – If you’re a first-time homebuyer with at least a 620 credit score, Quicken Loans could provide you with the most flexible options and best rates. – Rocket Mortgage – With Rocket Mortgage, you can complete most of your application online. If you DON’T want to deal with people in person, Rocket Mortgage may be the way to go as one of the best online lenders in the space.

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Mortgage Rates: Everything You Need to Know (2022)

If you’re looking to buy a home soon, mortgage rates are going to be something that you’ll want to pay close attention to. It may seem insignificant, but a mortgage rate differing by only a few percentage points can ultimately make or break your home buying decision.

What Are Mortgage Rates?

How Can You Lower Your Mortgage Rates?

What Are Mortgage Rates Today?

The Best Lenders for Low Mortgage Rates

Swipe Up To Read More

Read More