What are the Mortgage Interest Rates on Conventional Loans?
See today's mortgage interest rates here. Then, these are the 7 factors that determine your customized mortgage interest rate:
- Your credit score—typically, the higher your credit score, the lower your interest rate
- The home’s location—interest rates can vary by state or even by neighborhood
- The home’s purchase price and the amount of your loan
- Down payment amount—in general, if you put more down, you’ll get a lower interest rate
- Loan term—how long you have to repay the loan
- Interest rate type—rates vary for fixed- and adjustable-rate mortgages
- Loan type—different loans have different eligibility requirements and interest rates
To see what interest rates you’ll be offered on a conventional loan, complete a pre-approval with Better Mortgage. It takes as little as 3 minutes and won’t impact your credit score.