Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 2, 2021

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Summary

  • Follow lending interest rate changes by checking the status of interest rates by different lenders
  • Good credit can help you secure lower interest rates
  • Lending interest rates change almost daily

Did you know that you can track lending interest rates? The mortgage interest rate forecast is unpredictable. However, you can follow mortgage interest rates today.

This short guide explains how to track lending interest rates and how to secure low-interest rate mortgage loans from the best lenders.

Once you learn more about how to track lending rates, enter your ZIP code in the free comparison tool above to compare multiple lenders in your local area.

How can I track lending interest rates?

You can track lending interest rates by checking with various committees, banks, and loan companies. Each of these organizations keeps track of the average lending interest rate by state and company.

Multiple surveys are conducted each year to track the interest rate forecast. In addition, some websites follow the interest rates of financial products every other day.

An interest rates chart is usually accompanied by interest rate data, which shows you how interest rates fluctuate.

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What are the current mortgage interest rates?

Mortgage rates change like stock prices. However, you can lock in a low interest rate if you find the right lender. Before you shop for any loans, let’s look at the current mortgage interest rates.

Current Mortgage Interest Rates by Loan Term and APR
DateAverage 30-Year Fixed APRAverage 15-Year Fixed APRAverage 5/1 ARM APR
14-Jun-212.87%2.21%3.09%
14-May-213.03%2.18%3.05%
14-Apr-213.05%2.36%3.64%
15-Mar-213.23%2.52%3.56%
16-Feb-212.85%2.25%2.94%
14-Jan-213.01%2.62%3.04%
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We decided to target interest rates from the first six months of 2021. The interest rates above are annual percentage rates (commonly known as APR).

The mortgage interest rates forecast predicted a 3.3% interest rate for 30-year fixed mortgage loans in June. However, the current average mortgage interest rate is roughly 2.9%.

How are interest rates determined?

The bond market determines your mortgage rates. The bond market is where investors buy and sell debt that companies and the government supply.

Homeowner loans are bundled with securities. In addition to buying and selling debt security packages, international and national events dictate if lending interest rates go up or down.

In other words, good news, a better economy, and a good political forecast will drive up interest rates. However, interest rates decrease when news, economy, or politics have a terrible run.

Do interest rates increase unexpectedly?

The answer is yes. Interest rates, regardless of the financial product, will increase eventually. The trick to getting a low interest rate is to find the right lender and grab a loan or line of credit while the rates are low.

Leading interest rate indexes, like the 11th District Cost of Funds Index (COFI), set the cost of variable-rate loans. As the name suggests, variable-rate loans have interest rates that change even when you least expect them.

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Can my credit score affect lending interest rates?

The short answer is yes. Your credit score determines risk for lenders. According to the Federal Trade Commission (FTC), a good credit score helps you access lower than average lending interest rates.

When you have a fair or poor credit score, your lending interest rates are usually higher than average.

How to Track Lending Interest Rate: What’s the bottom line?

Whether you have a mortgage loan, business loan, or personal loan, you can follow how interest rates change.

You can track lending interest rates by checking various lenders, committees, and index databases.

If you’re committed to buying a home, check these rates daily to see what’s changed and compare them to rates from multiple lenders.

Now that you know how to track lending interest rates, you’re ready to compare multiple companies in your area. Use our free online quote tool to get started.