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| Most consumers know that interest rates fluctuate. What many
of these people don't understand is that rates for real estate mortgages fluctuate almost constantly. Rates can change daily, even several times in the same day. Mortgage rates also vary from one lender to
another—sometimes
drastically—depending on the type of loan, amount of money being borrowed and other factors. To find the best rate* in your area, you'll need to
shop.
To help shop for the right interest rate, you'll need
a guide for comparing the quotes you get. Click the "Current
Rates" button below to review the Federal Reserve Board's most current
table of interest rate data. Rates from the Federal Home Loan Mortgage Corporation, or "Freddie Mac,"
are listed near the bottom of the table as "Conventional
Mortgages." |
The Federal Reserve quotes
rates from Freddie Mac because rates from such large, institutional
lenders influence the market for mortgage interest rates charged by
other lenders. The Federal Reserve Board is the national body that guides monetary policy for the United States
government. * Don't
shop only by interest rates. Also check a company's other fees, the company's experience at making real estate loans, the services you'll get, how fast you can expect to get your loan, and so on.
Click the "Advice Center" link in the navigation bar at left
for more information about how to find the right lender. |
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