Atlanta Mortgage Rates – What to Expect

Like most things associated with money, you will find that mortgage rates will fluctuate over time. Depending on the market the rates will fluctuate weekly or monthly and the goal is to always secure the lowest possible mortgage rate. The lower your mortgage rate, the lower your mortgage payments will be. Visit Atlanta Mortgage Rates.


Your mortgage rate is the rate of interest that you will pay over the course of the loan. So, when you can get a 4% interest rate as opposed to an 8% interest rate that is a good thing, as that four percent or even a one or two percent increase can mean a big difference in terms of affordability in the short and long term. As such, it makes sense to always search for the lowest mortgage rates that you can find.

What is going to affect mortgage rates? At anytime you can look up mortgage rates or average rates and see that they change from time to time. But, you and your history can also affect the rates that you pay. For instance, if you have a really good credit history you may be able to secure a lower rate than if you have a lower credit score. A higher credit rating means that you are seen as less of a risk, and you’re rewarded with a more affordable loan. If you have a lower credit score the lender has no choice but to see you as a higher risk, and the higher interest rate will be applied to your mortgage loan.

What is another way that you can secure lower mortgage rates? One of the best things that you want to do if you want a lower interest rate is to put more money down. For instance, if you are able to put down a couple thousand dollars on your new home as a down payment, you are showing the mortgage lender that you are invested in the home and you are then seen as less of a risk and you may be able to drop the mortgage rate that you would have paid otherwise.

Of course, you’ll always start out with whatever the market rates are at the time, and the lender can adjust from there based on your specific situation in terms of finances and credit history. Before you accept that a really high interest rate is the best that you can do, remember that you are free to shop around and see what is out there. Even one point will make a huge difference over the course of a 15 or 30 year mortgage loan, so it makes sense to take some time to secure the best possible mortgage rate.

The idea of getting a mortgage is intimidating to many, but don’t let your fear of the unknown scare you away from shopping around and making yourself as knowledgeable as possible about the business. When you do this you will be able to ensure that you get the best possible rate so that your mortgage is something that you can be proud of and that you can afford well into the future.

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