Definition: What Mortgage Rates Today: When you're looking to purchase a home, it's important to understand what current mortgage rates are available in your area. The mortgage rate refers to the annual interest rate charged by lenders on your loan. It typically includes two main components: the fixed-rate portion of the loan and the variable-rate portion. Fixed-rate mortgages offer lower monthly payments with the potential for lower interest rates over time, but they also come with higher monthly payments in the beginning. On the other hand, variable-rate mortgages have a range of mortgage rates available that can fluctuate based on changes in market conditions or changes in the rate of inflation. To find the current mortgage rates in your area, you can use online mortgage calculator tools such as Zillow, Trulia, or the National Association of Mortgage Professionals (NAMAP). These services will provide you with a breakdown of fixed-rate and variable-rate mortgages available for sale in your area.
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