Have you ever found yourself wishing that someone would come up with an easy way to compare the lowest rates for all terms, based on your equity?
That wish has now come true, at least for well qualified borrowers looking to buy or refinance an owner-occupied home.
RATESDOTCA's brand-new Mortgage Report lets borrowers find the lowest rate for most mortgage types in seconds.
With a quick scan of this rate table you can instantly see how rates vary by term, down payment size and insurability.
Jargon Buster: “Insurability” refers to default insurance. Here’s what you need to know about it:
Mortgages that are default-insured usually have lower rates. And, mortgages with less than 20% equity must have borrower-paid default insurance (assuming you want the best rates). Check the “insured” column to view these rates.
Mortgages for purchases or lender switches — where the property is owner-occupied, under $1 million, has a 25-year amortization or less and has 20%+ equity (i.e., 80% loan-to-value or less) — qualify for insurable rates. Insurable rates are lower than uninsured rates. Check the “80% LTV” or “65% LTV” columns for these rates, depending on whether you have 20%+ or 35%+ equity, respectively. (Some lenders have special rates for people with LTVs between 65.01% and 75%, but we chose to keep things simple.)
Uninsured rates are required for refinances, amortizations over 25 years, non-owner-occupied properties and purchases over $1 million. Check the “uninsured” column for these rates.
The Mortgage Report’s easy-to-decipher Rate Matrix also includes rate analysis in a concise, easy-to-digest form. These Editor’s Tips reflect our quick take on the desirability of each term, relative to all other terms given the current rate environment. The goal is to highlight the main benefits or drawbacks of a particular term in one sentence.
You'll also notice some red stars. They help you quickly identify exceptional values ("Great Rates"). These are the lowest rates currently available for terms that are worth considering, depending on your 5- to 10-year mortgage plan.
For example, a star next to the 1-year fixed rate under the “insured” column means that this rate is an attractive, low-cost option for borrowers who seek a short-term flexible mortgage that's default insured.
For more details about a particular rate, simply click it. You’ll be directed to a page with a lot more details on that particular offer. If you like what you see, you can reach out to the provider in a few clicks to get your questions answered or apply.
Oh, and one more thing. The page also features a monthly Rate Outlook. Here you’ll find a quick summary of current mortgage trends and consensus rate forecasts—helpful for decoding where mortgage rates may be headed—and why.
There's even a “Value Zone” section that includes our expert's top picks for the mortgage products with the best value today.
More than just a rate table
We haven’t invented the wheel here. But the Rate Matrix is nonetheless a one-of-a-kind, one-stop resource not available from other mortgage rate comparison providers. It compares literally every prime lender that publicly advertises mortgage rates, all on one page. We hope you find it useful. If you do, be sure to bookmark it and check back frequently as rates change daily.