Mortgage rates are the most essential factor home buyers consider among other things while purchasing a home. Fixed rate mortgages and adjustable or variable mortgages are the two primary types of mortgages. When homebuyers purchase a home through a fixed mortgage rate, the interest rate of interest doesn’t change throughout the loan’s shelf life. In a fixed rate mortgage, only the rate of interest remains the same; the principal amount and interest paid each year will vary as per the term of the mortgage.

One of the biggest advantages a fixed rate of interest has for the home buyers is that they are safe from any sudden and significant increase in their monthly mortgage payment that may come from a rise in the interest rate. It is easier to understand fixed rate mortgages, and there is little difference in the rate from lender to lender. A downside to a fixed rate mortgage is that some home buyers may not qualify for a fixed rate mortgage when the interest rates are high as the payments become less affordable. However, when the interest rates are low, home buyers have several attractive mortgage options.

Finding the current mortgage rate
Mortgage rates are often subject to fluctuation, which makes it important to check the current rates running in the market. Mortgage rates can be checked by banks, lenders, and websites that provide information on mortgage rates. Some such websites are Bankrate, Nerdwallet, Moneysupermarket, and many more.

Different types of mortgage rates
The various types of mortgage rates available to home buyers include those of 30 years, 20 years, 15 years, 10 years, 7/1 adjustable rate, 5/1 adjustable rate, 3/1, Veterans Affairs (VA), Federal Housing Administration (FHA), and jumbo mortgage rates. Extensive internet research can help home buyers to find the best fixed rate mortgages that are running at present. There are several websites that provide information about the best lenders and help the customers compare different mortgage rates to find the best fixed rate mortgages.

Military and veterans can find the best fixed rate mortgages for themselves from the official sites of lending companies. Most companies ask for annual income, property type, debt, and other such information to calculate and provide the accurate fixed mortgage rate. Comparing different loan programs, such as 30- and 15-year mortgage rates can also provide useful insights for the home buyers.

While one can look for a fixed rate mortgage with the lenders, here are some of the best fixed rate mortgage lenders of 2018.

• LendingTree
  This online lending exchange company connects home buyers or consumers with other lenders, banks, and credit partners. This company does not supply loans to the consumers but acts as a broker. LendingTree helps the consumers go through all the best available fixed rate mortgages. Consumers can find rates that are as low as 3.927% APR with a 15-year fixed mortgage rate. Buyers can save time by learning about all the mortgages at one place.

• QuickenLoans
  This is a mortgage lending company that provides multiple loan options for purchasing and refinancing. It is also one of the largest online mortgage lending company in the country. There are several tools available on the website for the buyers to calculate before getting a mortgage. Buyers can visit the site and provide the necessary information to see the mortgage rates the company is currently providing.

• J.G Wentworth
  This company provides diversified financial services and focuses on providing the customers a direct access to financing solutions. Buyers or customers will find no hidden fees while getting any financial services. Buying a mortgage is through J.G Wentworth allows the consumers to choose from a variety of mortgage programs. This company provides mortgages only to those home owners and buyers who have a credit score of more than 620.

• New American Funding
  Home buyers can find a full length of adjustable and fixed mortgage rates that include FHA, VA, and United States Department of Agriculture, i.e., USDA, loans. These mortgages are not available in New York and Hawaii. It can be a good choice for the borrowers who are looking for a full-service lender who doesn’t have a traditional credit history. The minimum credit score a customer needs to qualify is 620. The typical lender’s fee New American Funding charges for a conventional mortgage is about $1,629.

• SoFi Mortgage, LLC
  SoFi provides mortgages to home buyers who have a high level of income but little savings for down payments. SoFi Mortgage’s lending approach is different from traditional lenders as they focus on the disposable income of an applicant and their debt-to-income ratio. Buyers can check the mortgage rate on the official website upon providing the necessary information, which is needed to calculate the rate that will be implied.

Researching the best fixed mortgage rates is an important task for the home buyers. The more lenders home buyers check, the more they can get exposed to the lower interest rates. Home buyers can save hundreds of dollars by opting for a lower interest rate mortgages.