What is a good interest rate on a mortgage?

A good interest rate on a mortgage would depend on current market conditions and the borrower's credit score. Generally, a good interest rate on a mortgage is one that is lower than the average interest rate for a similar loan product. Typically, borrowers with higher credit scores will qualify for lower interest rates.

Mortgage interest rates do not include a broader picture of obtaining a mortgage. While CapCenter's mortgage rates are very competitive, other mortgage lenders may advertise even lower mortgage rates that have much higher upfront costs in terms of origination fees, discount points, and other fees.

While mortgage interest rates do give a better picture of the cost of the loan, lower interest rates can be associated with higher upfront fees (e.g. mortgage discount points) or higher non-lender fees. CapCenter recommends potential clients to compare the comprehensive closing costs and terms of the loan for a better apples-to-apples comparison.