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Review current mortgage rates for August 21, 2017 and get personalized mortgage quotes from top lenders
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Mortgage Rate ReportMonday, August 21, 2017
Mortgage rates continued their winning streak, remaining steady for the fourth consecutive week following the Federal Reserve's decision to leave interest rates unchanged at its July meeting. The Fed pointed to low inflation as a counterbalance to an improved labor market as well as expanding household spending and business investment in its decision to maintain the target range for the federal funds rate at 1.000% to 1.250%. Industry analysts had expected the Fed to stay put on interest rates at the July meeting so the decision has had relatively little impact on mortgage rates since the announcement. A strong jobs report to open August failed to move rates higher as expected and instead key mortgage rates remained flat on the week and continue to hover near their low point for 2017.
The interest rate for a 30 year fixed rate mortgage held steady at 3.625% and jumbo mortgage rates also remained flat at 3.750%, while other mortgage programs followed suit. The interest rate for a 15 year mortgage stayed put at 2.875% and the interest rate on a 5/1 adjustable rate mortgage (ARM) held at 2.750%, as lenders attempt to pull borrowers into shorter-term mortgage programs. VA mortgage rates remained at 3.250%, matching FHA mortgage rates which were also steady at 3.250%, with both programs remaining enticing for home buyers seeking low or no down payment loan options. Non-owner occupied mortgage rates were the sole mover on the week, dipping 0.125% to 3.750%.
After a turbulent first quarter of 2017, mortgage rates were relatively steady and attractive for much of the the second quarter. As we move deeper into the third quarter, the Federal Reserve's decision to hold interest rates at their current level further stabilized the mortgage market. Another week of flat rates means we are approaching multiple months of relatively stable and low mortgage rates that have brought increased certainty to the marketplace for both borrowers and lenders.
Despite the relatively steady current mortgage market, mortgage rates remain highly challenging to predict. The Fed’s decision to leave rates unchanged at its July meeting only bolsters the likelihood that the Fed will raise rates at a future meeting in 2017. In fact, the Fed reaffirmed its outlook for another rate increase in 2017 and recent strong labor and economic reports, including a decline in the unemployment rate and robust jobs growth, reinforce the potential for a future rate hike. Additionally, a Fed official recently reiterated the Federal Reserve's intention to raise interest rates before year end despite continued low inflation. Prospective borrowers looking to buy a home or refinance their mortgage may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates increase, potentially at an accelerated pace.
Because interest rates change daily, we continue to actively monitor the mortgage market for changes. Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area. Our rate tables are free to use and require no personal information.
How to Compare Mortgage Rates on FREEandCLEAR
Customize Your Mortgage Search.
Personalize your mortgage search by selecting numerous options in the "Refine Your Search" menu including your location, loan amount, mortgage program and credit score. Understand the difference in interest rates between a 15 and 30 year mortgage. Select the boxes for FHA and VA loans to review rates and fees for these low / no down payment mortgage programs. The table provides updated, real-time interest rates in response to each selection you make. Plus, our rate tables are free to use so borrowers can run numerous scenarios to evaluate their personalized mortgage options.
Compare Mortgage Rates and Fees.
Use our mortgage rate tables to compare current rates and fees for multiple lenders. Our tables put you in control by enabling you to review rates without providing any personal information. The rate tables also enable you to understand how your estimated monthly mortgage payment changes depending on the interest rate. The APR (Annual Percentage Rate), highlighted in blue, enables borrowers to more easily compare interest rates and fees using a single figure. You can also use our Mortgage Comparison Calculator to compare mortgages with different interest rates and fees to select the loan that is right for you.
Contact Multiple Lenders.
Just like with any other major purchase, you should shop your mortgage business to find the best offer. Contacting multiple lenders takes a little more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your interest rate by .125% saves you almost $8,000 in interest. FREEandCLEAR recommends that you contact three-to-four lenders to find the mortgage with the most attractive terms and our rate tables make the process easy. Simply click on a lender logo or green arrow to be directed to the lender’s web site. You can also use our Personalized Mortgage Quote form to receive personalized loan quotes from multiple lenders.
Select Your Lender.
When you contact lenders request that they provide you a written summary or a Loan Estimate that outlines the key terms of their mortgage proposal. Lenders will ask you some questions regarding your financial profile so that they can confirm the details of their proposal and pre-approve you for your mortgage. Please note that lenders should not charge you to provide a mortgage proposal. When speaking with lenders you should ask them questions and make sure they have the right experience to close your mortgage. Narrow your options down to a handful of lenders and negotiate the best terms possible. Comparing mortgage proposals, asking the right questions and doing a little negotiating will help ensure that you select the lender that best meets your needs.
Why Borrowers Compare Mortgage Rates on FREEandCLEAR
Comparing mortgages can save you thousands. Use our rate tables to find the mortgage with the lowest rates and fees
Our rate tables put you in control. You can compare lenders anonymously plus you never need to provide your social security number
Review mortgage rates from leading lenders. Our lenders offer highly competitive terms to win your mortgage business
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