How To Compare Mortgage Rates in US 2024
When you apply for a mortgage with multiple lenders, you’ll be able to compare rates and fees, which could save you thousands of dollars. Use these tips to make accurate comparisons:
Apply on a single day:
Since mortgage rates change daily, you won’t be able to tell which lender offers the best rate for your circumstances unless you submit all your applications to different lenders on the same day.
Apply for the same type of loan:
Interest rates can vary by loan type, so you’ll get the best information by applying for the same loan type and term with each lender. In other words, don’t apply for a 15-year FHA loan with one lender and a 30-year conventional loan with another.
One lender might charge you mortgage points for the same interest rate that another lender will give you without points. Check the first section of your loan estimate for this cost. Lenders are often willing to adjust the points and interest rate in your loan estimate within a range that still allows you to qualify.
Consider the big picture:
Loan fees can vary by hundreds or thousands of dollars among lenders. The longer you plan to keep your mortgage, the less important the fees are and the more important the interest rate is. If you expect to move or refinance in a few years, consider keeping your fees as low as possible even if it means a slightly higher interest rate.