If you are on the market for a mortgage you will soon find out, if you havent already, that the current mortgage rate is only current for that day and sometimes even for just for that hour.
This is well worth taking into consideration when you take out your mortgage.
The current mortgage rate, as with other interest rates, is constantly changing. There are several reasons for this constant state of change.
A bank makes money when it loans money to you. The money a bank loans to you is first loan to it through the federal government.
The rate at which the bank borrows money is linked to the prime rate, which is the federal interest rate.
If you have been following the current mortgage rate, then you know it is usually higher than the prime rate.
This is because the bank wants to make money from the money loaned to you. For this to happen, the current mortgage rate must be higher than the prime rate.
Shopping for a mortgage with the current mortgage rate changing everyday can be difficult.
Of course, you want to get the best rate possible, but you never know when the rate is going to be up and when it is going to be...
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