Our rates are always competitive.

HomeHow stays up-to-date with all available rates. We pride ourselves on making sure that you get the best possible rate. 

Today's Mortgage Rates
Fixed Rate
5-Year: 2.94%
1-Year: 3.24%
2-Year: 3.09%
4-Year: 3.24%
3-Year: 2.99%
5-Year : 2.94%
Mortgage Qualifying Rate: 5.34%
Variable Rate
3-Year: 3.00%
HELOC: 4.45%
Short-term Rate
6 Month: 3.30%

It’s become clear that most Homebuyers are rate-sensitive. However, lower rates doesn't always mean the most savings.

Here's how we recommend Homeowners to get the best mortgage:

Lowest rate mortgage often has strings attached

Do not focus too much on just the interest rate. You could be tempted to choose the lender offering 0.10% lower interest rate BUT that lower rate mortgage will soon bite into that wallet for these reasons:

    • abnormal high penalties for early termination
    • inability to break mortgage before maturity; even if you are willing to pay a penalty
    • restricted prepayment options; you can't pay your mortgage faster

Plan ahead and know your situation

Define your scenario by asking yourself the following questions:

  • How good is my credit?
  • What kind of home am I buying?
  • How big of a mortgage do I want? 
  • Can I afford mortgage payments without sacrificing my quality of life?
  • Am I making a stable income?   

Connect with 3-4 different loan officers from different lenders. Let them know of your scenario. It shouldn't take too much time since you've planned ahead! Ask each representative "What is the best mortgage option for me?"

Guarantee the rate that YOU deserve

Most lenders and rate comparison websites tend to advertise the lowest rates to attract Homeowners applications. Despite the appeal of these rates, they may be restricted to:

  • Home purchase only
  • A mortgage that will close within a very short period of time
  • Applicants with exceptional credit and very stable employment 
  • Mortgages with strings attached

Lock your rate

Once you have insured that you have the best mortgage offer, ask your lender to lock into the best rate that works for you. After the rate is locked, you will avoid increases or decreases to the rate while the mortgage is in process.

Consider a mortgage broker

A good mortgage broker can save you a lot of time and money by understanding your situation while finding the best offer for you. Mortgage brokers also have access to a variety of lenders which allows you to have options as opposed to going to a bank. 

Here's a tip. For the best mortgage advice, contact a HomeHow mortgage specialist!