Compare mortgage rates and find one that fits your needs.


Calculate Your Local Mortgage Rates

When purchasing a new home, there is nothing more important than knowing what type of mortgage you can obtain. HomeFinder’s mortgage calculator is a quick and easy way to calculate your estimated mortgage payment. This number is based on the property as well as several other factors, such as the down payment and the interest rate.

By calculating your current mortgage rate, you can determine your housing price range and narrow down your search to properties you can afford. Mortgage rates today are highly volatile. While they are still relatively low, they have gone up in recent years. Mortgage rates are influenced by the global economy and the Federal Reserve’s benchmark interest rates, so there is an unpredictable element to these estimations.

How Much Will Your Monthly Mortgage Payments Be?

Many factors go into calculating your monthly mortgage payments. First, how much will your down payment be? The larger your down payment, the smaller your monthly payments. It may make sense to save as much as possible towards a down payment so you will have lower monthly mortgage payments. Also, what are the terms of the mortgage? Will it be a 30-year or a 15-year mortgage? A 30-year term will have smaller monthly payments than a 15-year term. Another essential factor is the mortgage rate. Deborah Kearns, a financial expert at NerdWallet, described several key factors that determine your mortgage interest rate, including your personal credit rating, as well as the interest rates set by the federal government.

FAQs About Mortgage Rates

When is a good time to lock in the best mortgage rates?

There are so many factors related to timing the markets that it is nearly impossible to predict whether interest rates will go up or down. Since interest rates are relatively low right now, it is probably better to lock in a good rate rather than try to time the market and wait for interest rates to go down further. They are just as likely to go up in the future.

Can mortgage rates change?

Yes, they can, depending on the type of mortgage you have. If you have a 30- or 15-year fixed-rate mortgage, it will stay the same for the length of the mortgage. However, if you have a variable rate mortgage, it may change based on the prime rate after a certain number of years. The tradeoff for a variable rate mortgage is that you might start with a lower rate. Make sure you know the risks and benefits of different types of mortgages before you sign on the dotted line.

Learn More About Mortgage Rates

If you’re thinking about buying a home, learn more about the loan approval process in our blog post, “ How to Get the Best Mortgage Rate,” a comprehensive guide to home mortgages.

It will pay off for you to research mortgage rates before you decide on what property to make an offer on or buy. Getting the best mortgage rate possible can save you thousands of dollars over the length of your mortgage loan, so a little preparation beforehand will be worth it. Use the resources and mortgage calculator tool at HomeFinder to estimate your future mortgage payments for potential properties you’re interested in buying. This is an important first step as you research and prepare to purchase a new home.