Mortgage Rates

— 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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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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  • 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


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.

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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.



01_Closing Costs

Consider closing costs

Closing costs run in the thousands of dollars for a mortgage. These can make or break the mortgage deal you get. Saving a small percentage point change in your interest rate but with high closing costs might not be worth it in the long run.

Check out first-time home buyer programs

If you are a first-time home buyer, there are great mortgage programs for you that can help. Some states offer down payment assistance, tax breaks, or a more favorable interest rate. Some of these first-time home mortgages are tailored for veterans, first responders, and more groups, giving you a leg up on a great mortgage rate.

02_Buyer Programs
03_Credit Score

Work on your credit score

The higher your credit score, the more mortgage lenders are willing to work with you and get you a lower rate. Plus, you could save thousands of dollars throughout the lifetime of your mortgage with a lower mortgage rate.

Decide which type of mortgage you want

Many people look for a traditional 30-year fixed-rate mortgage because the interest rate and the payment are locked in, meaning homeowners do not have to worry about the state of the economy, the world, or politics. Yet, adjustable rate mortgages (ARMs) offer a lower interest rate due to the fact it will adjust during the lifetime of the loan.

05_Best Mortgage Broker

Find the best mortgage broker

Let's face it, not all mortgage lenders are created equal. The best mortgage brokers shop different lenders, and they don't stop until they find the perfect mortgage rate and deal for you. The Mortgage Store is dedicated to getting you the best mortgage. Call our team today!


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!