Websites such as Bankrate and Zillow provide current mortgage interest rates on home loans. The websites post mortgage rates on 30-year fixed, 15-year fixed, 5/1 adjustable rate loans and 30-year jumbo mortgages, according to each website.
The websites help consumers find the best mortgage rates in their area using a comprehensive list of mortgage lenders offering varying rates, explains Zillow. Other details include the current average rates on mortgage refinances and rates on home purchases by state. Zillow offers users the ability to read customer reviews of each lender and the details behind qualifying for a low-rate mortgage loan.
Mortgage lenders do not set interest rates; investors and banks who buy and sell securities on the Federal Funds Market and the Repurchase Agreement Market dictate interest rates, according to The Truth About Mortgage. Banks and investors buy and sell mortgage-backed securities and 10-year Treasury notes on the secondary markets, and the rate at which the banks and investors are willing to buy and sell dictate mortgage interest rates. Therefore, mortgage interest rates change by the minute as these transactions occur. Consumers can shop around for the best mortgage interest rates from multiple lenders because rates are not locked-in by lenders. However, mortgage interest rates tend to mirror the 10-year Treasury bond yield, and several experts claim that the yield is the best indicator for current mortgage rates, explains The Truth About Mortgage.