Today's mortgage rates
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The national average interest rates are provided by Optimal Blue and are subject to change without notice. National Average Rates are provided for informational purposes only and are not advertised rates from Bluevella Mortgage, LLC.
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Frequently asked questions
Here are some frequently asked questions about mortgage interest rates. View more Q&A here
How are mortgage interest rates determined?
Mortgage interest rates are influenced by the bond market, including mortgage-backed securities, as well as economic factors like inflation and the overall economic outlook
Why do mortgage interest rates go up or down?
Rates fluctuate based on the demand for mortgage-backed securities, economic conditions, and investor sentiment. When the economy is strong, rates tend to rise; when it’s weak, rates often fal
When is the best time to lock in an interest rate?
The best time to lock in a rate is when you find a rate that fits your budget and financial goals. Waiting for a lower rate can be risky as rates might increase
Can home loan interest be deducted on taxes?
Yes, mortgage interest can be tax-deductible if you itemize your deductions. However, it’s important to consult with a tax advisor to understand how this applies to your situation
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal loan amount, while the APR (Annual Percentage Rate) includes the interest rate plus other costs like lender fees, points, and closing costs
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required if your down payment is less than 20% of the home’s purchase price. It protects the lender in case you default on the loan
