In order to find the best mortgage rate it is important to do comparison shopping on various levels. One of the first levels of comparison shopping is for particular plans. Even before rates are checked, looking at different types of mortgage plans is important. This is where a big picture budgeting strategy can be formed. For some, a 15 year plan is ample time for repaying the mortgage money, but for others a 30 year plan might be the better route.
And figuring out whether a fixed plan, graduated plan, or an adjustable plan is also important. At this point in time, looking for the best mortgage rate is important. The best mortgage rate is one that has a relatively low interest, and provides movement or structure to keep the borrower secure in their ability to pay.
On today's market, though there is still a significant hold on credit, some of the best mortgage rates can be found. A recent trend has been the decrease of mortgage rates on as a whole, resulting in more competitive prices from various lenders.
At this juncture in time, finding the best mortgage rate is just a matter of looking between different companies and policies that are all within the same interest rate range, in their respective brackets. For 30 year fixed interest mortgages, the best mortgage rate is in the lower 4% bracket, typically around 4.1% – 4.2%. For a 15 year fixed rate plan, the best mortgage rate is around a 3.6% to 3.7% range.
