How to Find the Best Mortgage Rates


The best mortgage rates are still at historic lows heading into 2016. According to the St. Louis Federal Reserve, average 30 year fixed mortgage rates are still under 4%. With these rates, home ownership has never been more attainable. Low mortgage rates are only one aspect of choosing a lender, but finding the best rates is the first step in whittling down your list. I’ve purchased two homes in the past five years, and can personally attest to the fact that the home buying process can be nerve-wracking, but tremendously worthwhile in the end.

Current Rate Climate

While current numbers don’t match the historically low rates of 2012 and the first half of 2013, they’re still nothing to sneeze at

Average 30-year mortgage rates started 2014 at an average of 4.42% and dropped to just under 3.9% by the end of the year. That’s where they remain heading into 2016.

Right now, the best rates for the most credit-worthy borrowers on a conventional 30-year mortgage are hovering around 3.8%.If you’re in the market for a mortgage, is it time to act? Experts say you’ll probably be in good shape even if you wait a bit longer. Rates are likely to remain low, though there is the possibility of a noticeable bump if the Federal Reserve raises rates significantly.