Fixed Mortgage Interest Rate Guide
One day all the professional mortgagors are saying mortgage interest rates are going up and the next day they are telling you mortgage interest rates are going down. I wish I had a crystal ball to give you fixed mortgage rate predictions. I can't predict tomorrows interest rates but I can help you find today's best fixed mortgage interest rates.
Before you start to compare nationwide loan rates there is one "secret" about fixed mortgage interest rates that you need to know to compare fixed or variable interest rate mortgage loans.
How Some Mortgage Loan Officers Try To Fool You With Interest Rates
I pledge to skip encumberances and cut right to the chase. When you want to compare current fixed mortgage interest rates always compare two different mortgage loans with the annual percentage yield (APY) and not the annual percentage rate (APR).
Most mortgage brokers will offer you the fixed mortgage interest rate and then tell you how much you have to pay in fees. When looking for the best interest rate for your mortgage comparing the APR on potential mortgage contracts makes an accurate comparison nearly impossible.
Always trust in the comparison of the fixed mortgage interest rates annual percentage yield. By weighing new liens one against the other by APY you are comparing apples to apples in housing loans.
The annual percentage yield (APY) includes the APR plus all of the fees in one nice round number. A mortgagee like yourself may be fooled into buying a more expensive mortgage by comparing the APR only. Always compare APY to be sure you are getting the lowest fixed mortgage rate for your home.
This is absolutely my best fixed mortgage interest rate comparison tip. If you only learn one thing from this website about fixed mortgage interest rate this should be it.
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