Mortgage interest rates can be a mystery. Why are one lender’s rates so much lower than another’s? Or, conversely, why are one lender’s rates so much higher? Consumers can get an immediate price quote on nearly every consumer item on the market, from the cost of gasoline to the price of an airplane ticket. Mortgages aren’t like that.
Mortgage rates are set each and every morning by the various mortgage companies. That’s right, every morning. And they can change throughout the day. If you understand how mortgage rates are set and what affects them, you’ll be prepared if a lender seems to quote one thing and offer another. ...