HomebuyingRefinanceIndustry NewsFeatured June 11 2019

Mortgage Rates are Trending Downward

As the world watches for clues about the direction the economy is going, the somewhat volatile stock market continues to have a positive impact on mortgage rates - but no one is quite sure how long that will last. According to Freddie Mac, mortgage rates have continued to trend downward, and the 30-year fixed-rate mortgage is now near a 2-year low.

What can that mean for you?

Rates for home loans are changing constantly and are difficult to predict. If you’re considering purchasing or refinancing a home, now may be the perfect time to do so.

The rate that you qualify for is determined by looking at a number of different factors. This is known as risk-based pricing. When a lender approves a borrower for a loan, they trust that the borrower will be able to pay back the amount financed. In order to determine how risky a borrower might be, lenders will consider a number of things.  These include your credit score, loan-to-value (LTV) on the property, property type, the size of your down payment, and the actual loan type you choose. Learn more about how your interest rate is determined.

Your Credit Score

Your credit score is the key to getting the best rate on your mortgage. Scores above 740 will often qualify you for the best mortgage options, higher loan amounts and lower interest rates. As your score decreases, the riskier you seem to a lender.

The good news is that there are a ton of options out there for people with credit scores under 740, but you’ll likely be paying some higher interest rates. If you’re unsure about whether you can qualify or not, check out our ebook, A Guide to Understanding Your Credit.

Mortgage rates are changing every single day, but they have remained in the lower range for quite some time now. If you’re in the market for mortgage financing, it may make sense to go ahead and get pre-qualified. You can get started with Eagle Home Mortgage’s Digital Mortgage, where you can automatically connect your bank statements, tax records and income documentation in just minutes.

Search Results for query

July 07 2021

6 Surprising Ideas for an At-Home Staycation

Here are some ideas to help make your time staying close to home, time well spent —without spending much.

Read More

June 30 2021

4 Long-term Strategies for Paying Off Your Mortgage

How to save time, money and pay off your loan in a way that makes sense for you.

Read More

June 23 2021

3 Things You Should Never Do If You're Getting Ready to Buy a Home

Here are some of the top mistakes you should never make before you buy a home.

Read More

June 16 2021

Pest-proof Your Home and Yard for Summer

Here are some tried-and-true strategies for keeping bugs and other pests at bay during the summer months

Read More

June 09 2021

4 Ways to Weatherproof Your Home for Summer

How to inspect, repair, and get your home ready for warmer months

Read More

June 03 2021

Budget-friendly Outdoor Entertaining Hacks

Host a fab get-together without breaking the bank with these budget-friendly outdoor hacks.

Read More

May 25 2021

When is the Right Time to Refinance Your Mortgage?

Mortgage rates have been at historic lows for years, but with the post-pandemic economic uncertainty and possible inflation looming, there's been a scramble for homeowners considering refinancing.

Read More

May 20 2021

How to Choose the Right Closing Date on a New Home

What you need to know about setting a date that works for you and might save you money.

Read More

May 13 2021

4 Questions You Must Ask Before Buying a Home

We've put together some questions to ask yourself when the time is right for you to buy a home.

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?