The first thing you should know about these rates is that they are unpredictable.
You'll also find that mortgages vary according to the level of your credit rating. The higher your credit score, the more likely you are to win a lower mortgage rate. To know more about Mortgage rates you can also hire Best Home Mortgage Broker, Canada at Low-Interest Rates.
Here's how you can make an educated guess:
Calculate according to, what's called, the Thirty-year mortgage rates.
These are the events that lower rates in any given 30 years:
• Falling inflation rates, because low inflation increases demand for mortgage bonds
• Weaker-than-expected economic data, because a weak economy increases demand for mortgage bonds
• War, disaster, and calamity, because "uncertainty" increases demand for mortgage bonds
Conversely, rising inflation rates; stronger-than-expected economic data; and the "calming down" of a geopolitical situation tend to elevate rates.
The most common mortgages and mortgage rates
You'll also find that mortgages vary according to the level of your credit rating. The higher your credit score, the more likely you are to win a lower mortgage rate.
Mortgage rates also vary by loan type.
There are four main loan types each of which has a different level of interest. In each case, this level of interest hinges on mortgage-secured bonds. The four loan types together make up 90 percent of mortgage loans doled out to US consumers.