Good news for homebuyers. Mortgage interest rates continue to hold below 4%. In fact, our weekly survey of lenders showed that the average rate for a 30-year fixed-rate mortgage was 3.91% with an average of 0.6 point for the week ending August 6, 2015. The 15-year fixed-rate mortgage averaged 3.13% with an average of 0.6 point.
But those are just the averages. Understanding what factors go into to determining your rate can make you a savvier shopper. According to the Consumer Financial Protection Bureau, seven key factors affect your interest rate:
- Credit Score
- Home Location
- Home Price and Loan Amount
- Down Payment
- Loan Term
- Interest Rate Type
- Loan Type
Now you know. Armed with information you can have confident conversations with lenders and make sure you get a good deal.
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