Here’s the secret to finding low mortgage rates:
Along with shopping around, where you live can affect your interest rate. Borrowers in metropolitan areas with a dense concentration of banks typically received a lower interest rate than their counterparts in areas with fewer banks, according to the Haus report. The difference between the areas with the highest concentration of banks and the lowest was about 35 bps.
Another reason why areas with fewer banks might charge more is that these areas are likely rural or away from urban cores, where home prices are lower, McLaughlin says. For folks in areas where mortgage rates are several basis points higher than the national average, go beyond brick-and-mortar banks. Online lenders are accessible from anywhere and might offer a more competitive rate than what’s available locally.
“The difference between a good and bad credit score may be reflected in the rates you’re quoted, with less favorable credit scores sometimes resulting in a 1% or more increase to your rate,” says Chris de la Motte, president of Simplist, a digital mortgage marketplace.
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