With rising costs and fluctuating interest rates, knowing the current interest rate is an important part of buying a new home.

So, what ARE today’s interest rates? For such a seemingly simply question, the answer is not always so simple.

But why not?  Interest rates don’t fall into a “one size fits all” category. There are many criteria that go into making up your individualized interest rate. Your individualized interest rate is based on a range of criteria. The criteria can include:

•Loan Amount

•Credit Score

•Debt Ratio

•Loan Type

•Length of Loan

•Property Type

•Available Assets

Daily interest rates can be influenced by a number of factors including:

•Economic Data:Reports highlighting the state of the economy, issued by various federal government departments and select private entities.

•Inflationary Pressure: Whether there is a current, or possible future, erosion or increase in the “value” of money.

•Stock Market: Swings in the stock market can contribute to fluctuations in the interest rate.

•The Federal Reserve: By controlling the flow of cash through the economy, policies set by the Federal Reserve can greatly affect not only the economy in general, but the interest rate specifically.

•World Events: International stability or instability can affect interest rates. A major event may affect global markets.

Back to our original question…..what are today’s interest rates? The interest rates can fluctuate daily.  To get an up-to-date rate in today’s market, reach out to your trusted mortgage partner to review different financing programs and options.