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Since mortgage rates change frequently, sometimes, multiple times a day, it’s difficult to figure out – “What is today’s mortgage rate?”
On Thursday, media – big and small, online and offline, old and new had one common mortgage news – “Mortgage Rates rise above 6% for the first time since 2008.” But that was old news
The media is always behind on “What is today’s mortgage rate” news:
The media usually picks up the news from Freddie Mac’s Primary Mortgage Market Survey (PMMS) every Thursday when the weekly survey results are published (see the chart below). The problem is – it is a weekly survey and usually, by the time this is published the rates have already changed. So if you are reading or watching it on the news, chances are, what they are saying is today’s mortgage rate is old news already. For example, on the day when all the media was talking about rates inching higher than 6%, the 30-year fixed mortgage rate was actually 6.35%.
If you want to get a live rate quote customized for your specific situation, go to this link instead.
Advertised Rates are not Accurate rates
As mentioned above, mortgage rates in the news is almost always late and also reports what is called “average mortgage rate”. This means that the reported rate is the average of all rates in the country and doesn’t accurately depict the rate that you can qualify for. For example, someone with excellent credit score will typically get a lower rate than someone with a poor credit score. The mortgage rate is also different for factors like down payment, property type, property location, and even your ability to document income and assets. Some online websites and lenders similarly will advertise their lowest rate as today’s mortgage rate and only later in the process, you find out that you do not qualify for that rate.
How to get an accurate Mortgage Rate Quote
To get an accurate mortgage rate quote, provide all the relevant information required to get a quote. In most cases, if you know your credit score, you do not need to provide your social security number. Once you are ready to move forward with a formal loan application, then you will need to provide your SSN.
Very few lenders provide accurate online mortgage rate quote without the need to call the loan officer. You can get an online, customized, accurate, and today’s mortgage rate quote, you can get it from InstaMortgage in less than 2-3 minutes. Get your online mortgage rate quote here. You can also sign up/subscribe to get daily/weekly customized mortgage rates delivered to your inbox.