What is a good interest rate for a mortgage loan?

Answer

Mortgage rates vary all the time. The way to determine what the best rate is at any particular time is to check online. Bankrate, for example, always lists the current mortgage interest rates for various mortgage products, such as a 30-year fixed rate, a 15-year fixed rate, and adjustable rates.

View mortgage rates in your city

Rates vary by state

After you find that, you can get a more personalized quote based on your location because interest rates do vary by state. There might be more competition in certain areas (which keeps rates lower), or it might be more difficult to foreclose in certain states (which could make rates higher), so lenders adjust for local factors.

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