Mortgage rates

Mortgage rates are the interest rates that lenders charge you when you borrow money to buy a home. These rates can be fixed, staying the same for the life of the loan, or variable, changing periodically based on market conditions. The rate you get depends on factors like your credit score, the loan's duration, and current economic trends. A lower mortgage rate means lower monthly payments and less overall interest paid over time. Understanding these rates helps you evaluate borrowing options, plan your budget, and make informed decisions when purchasing a home.