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Variable & Fixed Interest Rates Overview, Current Home Mortgage Rate
This article introduces fixed and variable mortgage loan rates. Individuals interested in buying a new home or refinancing an existing home mortgage need to know current mortgage loan rates – find out where to obtain a quick quote.
Also, find links below to related home mortgage articles, including a profile of the Motley Fool mortgage refinance calculator.
Fixed Mortgage Loan Rates
A fixed mortgage loan rate is just what it sounds like – a percentage that never changes. Home buyers who obtain a fixed mortgage loan rate lock in the same interest for the entire length of the loan. Individuals who buy a home in a period of low mortgage interest rates may want to lock in a fixed rate before interest rates climb.
A fixed mortgage loan rate is especially attractive to consumers who plan on living in the same house for years. Those homeowners can lock the low rate in once and enjoy stable payments for many years to come.
Variable Mortgage Loan Terms – Adjustable-Rate Home Mortgages
A popular, yet less stable, alternative to fixed mortgage loan rates are adjustable-rate home mortgage loans. With adjustable-rate home mortgages, buyers typically enjoy lower rates in the early months or years of the mortgage but take the risk of experiencing higher interest rates as the term progresses. Sometimes, an interest-only mortgage payment is part of the deal.
According to bankrate.com, after the shorter fixed-rate period, buyers experience a longer period “during which the rate changes at preset intervals.” Any homeowner entering into an adjustable-rate home mortgage will potentially experience higher loan rates when the interest adjusts, so variable interest rate terms may not be desirable in periods of rising interest rates or appropriate for homeowners without the ability to make higher mortgage payments.
Popular topics
Luckily for homeowners, according to bankrate.com, many adjustable-rate mortgages are limited as to how high the interest rate may go. Each homeowner should carefully read mortgage loan documents to determine if and how any caps apply to a specific adjustable-rate mortgage.
Current Mortgage Loan Interest Rates – Daily Quotes on Quickenloans.com
The Quicken Loans website, quickenloans.com, offers a handy tool that consumers can use to quickly find out current home mortgage loan rates without entering any personal information. Users must only enter the following information:
- The purpose of the loan (home purchase or refinance)
- State of residence
- Purchase price
- Down payment amount
The results will display mortgage loan interest rates for fixed rate and adjustable-rate mortgage options. On the same page, American consumers can search mortgage loan rates by state. On the bottom right of the page at the link above, look for the United States map; to use the map, click directly on a particular state or choose a state from the drop-down list, then click “Go.”
Related articles:
$7,500 & $8,500 First-Time Homebuyer Tax Credits
IRS Form 5405 – First-Time Home Buyer Credit
Refinance Monthly Mortgage to Reduce House Payments – Learn about the Motley Fool’s mortgage refinance calculator.
Resources:
How Do I Find the Best Mortgage Rate? by Jessica Seubert. Retrieved from bankrate.com on August 31, 2009.
How Long Will Low Mortgage Rates Last? by Chris Kissell. Retrieved from bankrate.com on August 31, 2009.
Quickenloans.com
Understanding Adjustable-Rate Mortgages. Retrieved from bankrate.com on August 31, 2009.
