picked a lender via BestMoney this week
Our product scores consist of a combination of the following 3 components:
Trustpilot is a trusted third-party consumer review website open to anyone looking to share a business review. The BestMoney Total Score will consist of the brand’s score on TrustPilot. If a brand does not have a TrustPilot score, the BestMoney Total Score will be based solely on the Click Trend Score and Products & Services Score (read below).
BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.
Products & Features
BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.
|Mortgage type||Today's Average Rate||Yesterday's Average Rate||3 Months Ago||1 Year Ago|
|Refinance- 30-year fixed||5.168%||5.076%||4.163%||3.243%|
|Refinance- 15-year fixed||4.318%||4.301%||3.311%||2.488%|
|Purchase- 30-year fixed||5.685%||5.573%||4.64%||3.215%|
|Purchase- 15-year fixed||4.598%||4.446%||3.349%||2.422%|
A mortgage rate is the annual interest that a homeowner owes on their total mortgage loan balance. Put simply, it reflects how much the borrower pays to take out their mortgage loan.
While mortgage lenders’ requirements have grown significantly stricter in recent years, the COVID-19 pandemic has led to extremely low-interest rates on mortgages. Even a fraction of a percentage point can lead to thousands or tens of thousands of dollars in savings over the term of a mortgage.
Mortgage rates can vary widely depending on various criteria, such as your credit history and the value of your new home, along with market conditions.
Even under normal conditions, buying a house presents challenges of one sort of another for buyers. Buying a house in 2022 comes with a number of challenges.
One factor has been a dwindling supply of homes in some parts of the country. This stems from a combination of some sellers taking their home off the market and increased demand for homes in many areas. In some cases, sellers may have decided that this isn’t a good time to move, or perhaps they’ve encountered a financial situation that has led to this decision. Due to the pandemic, many families have decided to move out of congested urban areas and into suburban areas. In many cases, the lower supply and increased demand have resulted in higher prices and stiff competition.
The economic fallout from COVID-19 has impacted the mortgage market in the form of stricter requirements from many lenders. Perhaps having learned from the financial crisis of 2008, many lenders have tightened their lending standards.
These more stringent requirements vary by lender, but some examples are:
The bottom line for home buyers is that these tougher requirements may require more shopping to obtain an affordable mortgage.
Choosing the right lender takes a fair amount of research and requires a thorough review of your situation before you even start your search. For example, if you are a first-time buyer, some lenders might be better than others for your situation. Other factors that can help determine the right lender for your situation might include: