Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.
Mortgage interest rates have been at historically low levels for quite some time. No one knows precisely when they will begin to rise, and as a result consumers should consider that mortgage rates will not stay at these low levels forever.
Low rates are particularly significant to home buyers. Every 1% increase in interest rate reduces your buying power by 10% in terms of home price. For example, if you qualify for a $200,000 home, but then mortgage rates go up 1%, you would only qualify for a home priced around $180,000 to maintain the same monthly payment.
Contact your REMN Mortgage Loan Originator today for more details on today’s interest rates and rate lock options.