Compared to just two years ago, getting a mortgage at today's low rates could save you thousands of dollars a year.
But experience has shown that rates like these don’t last forever — mortgage rates fluctuate over time, so they’re bound to go up again. Various forecasts say rates are likely to climb throughout 2022.
If you’ve been thinking about buying a home, now’s the time to snatch a cheap interest rate.
Get pre-qualified for a better rate — without affecting your credit
Though today's average rates are low, not all lenders will offer you the same interest rate on a mortgage. You've got to shop around and compare rates to get the mortgage that’ll save you the most money over time.
Homebuyers who compare two rate quotes save $1,500 more, on average, than those who take their first loan offer, according to Freddie Mac research. Those who look at five quotes save an average of about $3,000 more.
A good rule of thumb when you’re shopping for a mortgage is to compare loan offers from at least three lenders before officially applying.
The mortgage rates tool below will help you see which rates you can qualify for — before you apply.
Enter your information in the tool to get matched with lenders. If you’re a match, they’ll reach out with your pre-qualified offer, so you can compare offers and consider your options without a pushy sales person staring at you from across a desk.
Getting pre-qualified for a mortgage doesn’t affect your credit score, and you don’t have any obligation to accept an offer if you don’t find something that’ll save you money.
More: Mortgage payoff calculator
Make your home work harder for you by making the most of your equity.
The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
