There are many factors that determine the mortgage rate you will pay when you purchase or refinance a home. They are as wide ranging as Federal Reserve decisions, your credit score, location of the property, the term, downpayment amount, the type of loan and more. Your FNBO loan officer will be able to help you navigate the borrowing process and guide you toward the best mortgage option for your specific situation.

Not necessarily. While lower rates are important, you will need to consider other factors like lender fees, loan terms, and lender reliability. The lowest interest rate doesn't always mean the best deal—Annual Percentage Rate (APR), closing costs, and origination fees can all affect your final number.

Remember, several factors affect your interest rate, including home price, down payment, loan term, and credit score. An experienced loan officer can help break down the mortgage process and provide insights into the true cost of mortgage rates and everything you should consider.

Mortgage rates change daily—sometimes even multiple times a day. If you’re in the market to buy a new home, it’s a good idea to check current mortgage rates often. Again, an experienced loan officer will help you with this process, so you aren’t constantly “refreshing” your device hoping rates go down. 

Keep in mind, you may qualify for a rate different than the average. To get the best terms, focus on improving your credit score, saving for a larger down payment and consider shorter loan terms which often come with better rates.

No, APR and mortgage rate are different. The mortgage rate is the interest rate you pay on your loan amount, while the APR is the combination of the total cost of borrowing, including the interest rate, and any fees associated with the loan—such as origination fees, mortgage insurance and closing costs.

Yes, your credit score can significantly impact your mortgage rate. A higher score means lower interest rates and better terms. A lower credit score may even lead to your application being declined. Typically, for conventional loans, you’ll need a minimum score between 620-640, while an FHA loan requires 500 and above.