— What You Need to Know
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While buying a home is very exciting, the process can be overwhelming. From shopping for houses to putting in an offer and then going through the mortgage process, you might be feeling confused over all the information you've received.
The Mortgage Store is an online mortgage brokerage firm that offers customized mortgage solutions and personalized service you can't find elsewhere. Our mortgage loan officers have over 50 years of combined experience, and they are experts at finding the right home mortgage, the right terms, and the right rates for you. If you are in need of a mortgage or a home refinance, look no further. Contact us today!
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MORTGAGE RATES UNPACKED
A home loan is a mortgage. The interest rate assigned to a mortgage is the mortgage rate. Most people when searching for "mortgage rates" online only want to know what the current mortgage rate is or will be in a few months when they are ready to buy a home. They would be shocked to learn that mortgage rates are determined by the bond market and the price of mortgage-backed securities. The price of these mortgage-backed securities fluctuate based on supply and demand like most goods.
Of course, that's only half the story. Mortgage-backed securities are influenced by the state of the economy and by political matters. They are a risk-avoidance security bond, meaning they attract investors looking for a safe investment when the economy or politics are uncertain. Mortgage interest rates are also influenced by adjustments, which are price changes made by the agency which holds the bonds, such as Fannie Mae or Freddie Mac. The other big determining factor of what your mortgage rate will be is your credit. The higher your credit, the lower the rate.
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ABOUT MORTGAGE RATES
- Mortgage rates are not controlled by the 10-year treasury note
- The Federal Reserve does not control mortgage rates
- Congress does not control mortgage rates
- Actions from our legislature can indirectly influence mortgage rates by affecting demand for mortgage-backed securities, and they can change how loan-level pricing adjustments are used
WHY YOUR MORTGAGE INTEREST RATE MATTERS
Let's be blunt, a mortgage rate is something you should care about almost as much as which home you are purchasing because this is the amount you will be paying for your home to the mortgage company as their fee for lending you the money to buy your home. Now, consider that this is the rate you might be paying for 30 years (if you get a fixed-rate, 30-year mortgage), and this can add up quickly. In addition to the total amount you will pay over the lifetime of your mortgage, the mortgage rate determines your mortgage payment, which, of course, you want as low as possible. Partnering with a reputable mortgage broker is your best bet to secure the lowest mortgage interest rate for you.
MORTGAGE RATES ARE UNPREDICTABLE
If a mortgage broker assures you 100% of a mortgage rate, it's time to find a new mortgage brokerage firm, such as The Mortgage Store. Mortgage rates move at random, period. They change with no warning or signs. While it's true they can be influenced by current events, what really matters is how people are feeling about the economy as a whole. And that can change on a dime. Thus, when looking for a great mortgage rate, it's imperative that you partner with a top-notch mortgage broker, such as our team, who can get you the best.
TO GET THE BEST MORTGAGE RATE
CHOOSE THE MORTGAGE STORE AS YOUR MORTGAGE BROKER OF CHOICE
When you choose The Mortgage Store as your mortgage brokerage firm, you'll have an entire team of mortgage professionals working diligently to find you the right mortgage for your needs. With our years of experience and knowledge of the industry, you can rest assured that you're in good hands. Reach out to our team for a free consultation today!