The Federal Reserve, or “the Fed,” is the central bank of the U.S. and plays an outsized role in shaping the nation’s monetary policy. One of its key functions is setting interest rates. Those rates determine how much Americans earn on their savings and how much they pay to borrow — including when buying a home. The Fed indirectly impacts mortgage rates by setting what’s called the federal funds rate, and that rate impacts a wide variety of financial products. As a result, when the fed funds rate rises and falls, so do the rates Americans pay on home loans.

Read more: How are mortgage rates determined? It’s complicated.

In this article:

What does the Federal Reserve do?

The federal funds rate

Fed rates and mortgage rates

Do mortgage rates go down when the Fed cuts rates?

Tips for borrowers

FAQs

To understand how the Federal Reserve works, think of the U.S. economy as a farm and the Fed as a farmer in charge of water, representing money and credit. “Our farmer wants enough water flowing into the farm so that the crops grow. Think of that like job creation and economic growth,” said Corbin Grillo, a certified financial analyst with Linscomb Wealth, via email. If the farmer (the Fed) leaves the faucet on full blast, the crops will flood, causing inflation. If the farmer doesn’t water the crops enough, they’ll wither, causing a recession.

The Fed’s job is to continuously make decisions that keep the right amount of water (money and credit) flowing so that its crops (the U.S. economy) grow and thrive.

Dig deeper: Do mortgage rates decrease in a recession?

To control the flow of water (money and credit), the Fed sets the federal funds rate, a benchmark interest rate that affects multiple parts of the economy. Consumers can see the impacts of the fed funds rate on products, ranging from savings accounts to mortgage rates.

And although the federal funds rate doesn’t affect mortgage interest rates as directly as savings or personal loan rates, it does have an influence. (More on that later.)

If the economy is dry — that is, if people aren’t spending money — the Fed adds more water by lowering the fed fund rate to encourage people to spend. Low interest rates make it less expensive to borrow money, so people tend to spend more freely and use credit to make larger purchases. However, if the economy starts to flood because people are spending too much, the Fed dials back the water to keep the crops (economy) alive by increasing the fed funds rate. Higher interest rates encourage people to save instead of spend because borrowing money is expensive.

While the federal funds rate had been at a 23-year high since July 2023, the Fed finally lowered it at its meetings in September, November, and December 2024. The central bank left the rate unchanged at its first five 2025 meetings before finally cutting it by 25 basis points at its September meeting.

Read more: When is the next Fed meeting?

Remember how we said that the Fed doesn’t directly set mortgage rates? It’s true. However, the fed funds rate impacts the yield on the 10-year Treasury note, which directly affects what consumers pay when they borrow money, said Kevin Khang, senior international economist with Vanguard, in a phone interview.

“[The] 10-year rate, the yield on that note, is kind of like the absolute minimum people should expect to pay when they borrow,” Khang said. “It serves as a benchmark, and everyone else should expect to pay a little more.” Why more? The middlemen. “Lenders have to get compensated for taking on the credit risk for homeowners.”

So, let’s look at how the 10-year Treasury and mortgage rates have moved together in the past few years. In May 2020, the fed fund rate dropped to 0.05%, and the 10-year Treasury yield was roughly 0.64%. The average rate on a 30-year fixed-rate mortgage at the time was 3.28%. Now, let’s look at the last six months or so.

Inflation meant that the Fed needed to dial back the water, so it raised the federal funds rate. As of early August 2024 (before the Fed finally cut the rate in September), the 10-year Treasury yield was 3.99%, and the 30-year fixed rate was 6.73%.

As of mid-September 2025, the fed funds effective rate was 4.33%, and the 10-year Treasury was 4.06%. The average 30-year fixed mortgage rate was then 6.35%.

The 10-year Treasury yield and mortgage rates also tend to increase when the federal funds rate increases. However, the inverse is also true.

Usually, the simple answer is yes — mortgage rates tend to go down when the Fed cuts interest rates. Or rather, mortgage rates typically decrease before an anticipated Fed rate cut.

However, right now, the answer is: It depends. There's a lot going on in the U.S. economy that impacts mortgage rates other than the Fed rate. Investors' assessments about what Trump is doing in office are affecting the 10-year Treasury yield, and Trump and the Federal Reserve have a complicated relationship. A lot is up in the air about how the latest and future Fed rate cuts will impact mortgage interest rates.

Learn more: Will mortgage rates go down in 2025?

Now that you understand the connection between Fed rates and mortgage rates, what should you do with this information? Here are some ideas to consider as you look to purchase or refinance a home in today’s economy.

“We generally wouldn’t recommend consumers spend much time worrying about things that are out of their control,” said Grillo. Since you have no impact on the federal funds rate or the 10-year Treasury yield, it’s better to focus on things in the mortgage process under your control.

Comparing mortgage lenders, interest rates, and closing costs can help you find the best possible product for your credit score, market, and financial situation.

Over the past few years, adjustable-rate mortgages have fallen out of favor as interest rates climbed. Now, these mortgages could help first-time buyers and those refinancing ride an anticipated wave of declining interest rates. Popular mortgages for first-time buyers, like VA and FHA loans, offer adjustable-rate products.

While there’s no guarantee that mortgage rates will decrease, you may want to consider an adjustable-rate loan. A conversation with a mortgage professional can help you understand your options.

If you value consistency and predictability, you may be better off with a fixed-rate mortgage if rates trend downward. With the Fed’s conservative outlook on cutting rates, how long should you wait before locking in a mortgage rate? Khang said the decision is personal and depends on your needs and finances. If you need to move, you may take today’s best rate and hope to refinance into a lower rate later.

Others may have more flexibility. Khang said that those who don’t need to buy now may want to hold out for at least a year now that the Fed has started cutting rates. “Financiers can take some time to adjust their spread [between the 10-year Treasury and mortgage rates],” Khang said. “So, it can take some time for lenders to catch up with lower rates.”

Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose?

The Federal Reserve sets the federal funds rate. That rate influences the yield on the 10-year Treasury note, which serves as the index for most mortgage rates in the U.S. As the fed funds rate increases and decreases, so does the yield on the 10-year Treasury; mortgage rates tend to follow the same trends.

If interest rates drop, your mortgage payment may go down if you have an adjustable-rate mortgage. However, if your current mortgage is a fixed-rate product, your interest rate remains the same for the life of your loan unless you refinance to a loan with a lower rate.

The Federal Reserve tends to have the most control over housing interest rates in the U.S. It sets the federal funds rate, which influences rates on various products, including government securities, savings accounts, and loans. As the fed funds rate rises and falls, so do mortgage rates.

Laura Grace Tarpley edited this article.

Finally. The Federal Reserve delivered a long-awaited quarter-point rate cut on Sept. 17.

Wall Street expects two more rate cuts at both of the Fed's next meetings before the end of the year.

Here's how the long-running interest rate pause has impacted deposits, credit, and debt so far. And what a rate cut could do for — or to — your money.

2025 has been a year of modest earnings on deposit accounts. A rate cut won't help.

Your checking account is a money-in-motion machine. The convenience of liquidity limits your earning power.

The national average of interest paid on checking accounts has barely budged much this year and remains at 0.07%. Imagine that moving even lower. Is it possible? Yes.

Interest rates on savings accounts are only marginally better and are up a fraction to 0.40%. But savings accounts are for near-term money.

High-yield savings accounts have been more effective interest payers. Rates are still barely clinging to 4%, with some financial providers slightly above or below that.

This is one category where rate shopping really pays off. Especially as interest rates move lower.

Dig deeper: 10 best high-yield savings accounts

If you have $10,000 or more that you want to keep on the sidelines but are ready to put in play, money market accounts have been convenient — but low-paying. National average payouts remain at 0.59%.

A better option might be a high-yield money market account, where interest rates are still near or a little better than 4%.

Read more: 10 best high-yield money market accounts

CD rates have crept slightly higher in the last month or so. A 12-month CD is averaging 1.70%, but you can find better deals if you're willing to take the time to hunt them down — and move your money online.

Your minimum deposit and term will affect your rate.

Learn more: The best CD rates on the market

And then there are mortgage rates. Let's get this question out of the way: "When will mortgage rates go back down to 3%?" The quick answer: It's not likely anytime soon.

However, mortgage rates have dipped mostly lower since the end of May and are at their lowest point in nearly a year.

But the Fed cut may not be enough to significantly nudge them down much further. Mortgage rates are more influenced by the bond market, particularly the 10-year Treasury note. Its yield has already fallen nearly half a point since mid-July. That's the bond market pricing in the finally-delivered rate cut.

Housing industry analysts with the Mortgage Bankers Association and Fannie Mae predict mortgage rates to remain just above 6% through 2026.

Dig deeper: When will mortgage rates go down? A look at 2025

Personal loan rates remain relatively high following several rate hikes by the Federal Reserve over the past few years. While the Fed dropped the federal funds rate a few times in 2024, average personal loan rates have only dipped slightly — from a peak of 12.49% in February 2024 to 11.57% in May 2025 for two-year loans.

Most personal loans have fixed interest rates, meaning your rate won’t change if you’ve already borrowed the money. However, if you’re planning to apply for a new personal loan soon, expect rates to be higher than they were a few years ago. When the Fed rate cut, borrowing costs are likely to move down a bit further.

Learn more: How the Federal Reserve shapes consumer loan rates

Credit card interest impacts everyone — except those who pay off their balance each month.

Credit card rates have spiraled from around 15% in 2021 to over 21% in 2025.

Credit card companies are clinging to the high interest that consumers are apparently still willing to pay. It’s possible two or three rate cuts by the end of the year will move the prime rate down and push the cost of credit cards lower too.

Yahoo Finance tip: The best way to earn a lower credit card interest rate right away is to ask. If you make regular payments and have seen your credit score improving, it's a good time to call your credit card provider and ask for a lower interest rate.

Stock prices often react to the Fed’s rate actions, but they are only one factor among many affecting the investing climate and stock prices.

If you intend to manage your investments to suit the current environment, keep watch on broader economic and corporate profit trends alongside interest rates. If you prefer to stay conservative, fill your portfolio with high-quality stocks that have proven themselves in all economic cycles.

Then, wait patiently for long-term growth.

Many factors influence the interest rate you get on a mortgage loan, including your credit history, income, the amount you borrow, and the size of your down payment. Average loan rates across the country also play a role — and those tend to rise and fall with inflation. Even the most well-qualified borrowers could receive a higher interest rate during periods of high inflation.

To be clear: Inflation doesn’t directly impact mortgage interest rates, but the two are related. Understanding how inflation affects mortgage rates can help you make the best borrowing decisions. The August Consumer Price Index (CPI), a key measure of inflation, showed that prices rose incrementally higher than expected. However, another economic factor is also in play. How will all of this affect home loan rates?

Learn more: How are mortgage rates determined?

In this article:

What is inflation?

Mortgage rates and inflation

The Federal Reserve’s role

The inflation report and mortgage rates

How inflation affects the housing market overall

FAQs

Before understanding how inflation affects mortgage rates, it’s first essential to know what inflation is and how it’s measured. At its most basic, inflation is the general rise in goods and services costs over time. In short: It’s the reason your grandparents could purchase a home for just $20,000 in the 1960s (that same amount now translates to over $200,000 in 2025 dollars.)

In the U.S., inflation is measured by two different economic indexes: the Consumer Price Index, or CPI, and the Personal Consumption Expenditures price index, or PCE. The Bureau of Labor Statistics uses the CPI to measure the price changes that everyday Americans face. The Federal Reserve primarily uses the PCE to determine policy strategy, as it measures the change in pricing on all items consumed within a given period — not just the out-of-pocket consumer expenses.

Mortgage rates are always in flux, but the average rate on 30-year mortgage loans in Q2 2025 was 6.79%, according to data from Freddie Mac. That’s down slightly from the Q1 2025 average of 6.83%.

These rate fluctuations are partially tied to inflation and the policy changes the Federal Reserve makes in response to monthly inflation readings. We’ll discuss these policy changes and their impacts below.

Learn more: Mortgage rates history — See how rates have changed over time

Since its founding in 1913 via an act of Congress, the Federal Reserve has been tasked with maintaining economic stability in the United States, specifically regarding inflation. That’s because too much or too little inflation can cause economic distress.

On the other hand, consumers don’t spend as much money when inflation is low or stagnant, not even when prices are lowered to tempt more people to make purchases. Low inflation can be a sign of tough economic issues, meaning people might be out of a job or facing other financial problems that keep them from buying goods.

Both high and low inflation can be bad for the American economy and the general consumer. The Fed works to keep inflation at a healthy rate of approximately 2%, most notably by setting the federal funds rate, which is the interest rate that banks charge when they lend to other banks.

Banking institutions must manage large sums of money daily. To do so, sometimes they borrow cash from another bank through the Federal Reserve System.

These loans are made overnight so the borrowing bank can meet its liquidity needs the next morning. And just like a consumer loan, the borrowing bank has to pay interest on the loan to the lending bank.

The benchmark interest rate banks charge each other for these overnight loans is called the federal funds rate. When lending to consumers, on the other hand, banks offer interest rates based on the federal funds rate plus an additional margin to ensure they make a profit. That’s why interest on mortgages and other consumer loans is typically higher than the federal funds rate.

The Federal Reserve adjusts the federal funds rate to help shape the country’s economy. When inflation is high, the Federal Reserve might increase the federal funds rate in an effort to slow down inflation. The thought is that fewer people will borrow money when rates are higher, which can help reduce the influx of cash into the economy and thereby stabilize inflation.

According to the August CPI, prices increased by 0.4%, after rising 0.2% in July. Economists were looking for a slightly cooler 0.3% gain.

The year-over-year CPI for the 12 months ending in August increased by 2.9%, in line with expectations.

However, it was a surge in initial jobless claims that raised expectations of a Fed cut to short-term interest rates at its meeting next week. New claims for unemployment benefits rose to 263,000 through Sept. 6, the highest since October 2021.

According to the CME FedWatch tool, it's a virtual lock that the Fed will lower its rate — now the question is, will it be a quarter-point or a half-point decrease?

Dig deeper: How the Federal Reserve impacts mortgage rates

The Federal Reserve must adjust the federal funds rate in response to economic changes, so it’s impossible to predict when mortgage rates will go down (especially in the long term) since we cannot know future inflation rates. For example, the market downturn that accompanied the onset of the COVID-19 pandemic had a major impact on the American economy — and mortgage rates — and it was impossible to predict.

However, even though we can’t know what future inflation will be, the Federal Reserve does create a regular inflation report to forecast where the economy will go over the coming year and decade. Though this report obviously can’t guarantee the future, it does use known parameters to set expectations for future inflation. As of August 2025 — the most recent inflation data at the time of writing — the Fed forecast 3.2% inflation for the coming year. This is based on various factors, including the CPI and PCE.

Inflation forecasts spiked in March, April, and May, then decreased to 3% in June. Now, the number has inched back up to 3.2%.

Read more: How to get the lowest mortgage rate possible

Inflation can certainly impact mortgage rates, but it impacts home buyers in other ways, too. For one, it can send housing prices upward. As the prices of goods and services rise, so do the costs of material and labor to build and sell homes — which means higher home prices for consumers.

Buyers may also face higher prices on various closing costs and third-party services surrounding their purchases, like inspections, appraisals, moving costs, and more, as these can also rise due to inflation.

There is a benefit, though: Inflation — and the higher prices that come with it — could reduce demand for homes and make the housing market less competitive. This could make it easier to snag the house you like without getting into a bidding war or haggling with the seller.

Dive deeper: Which is more important, your house price or interest rate?

Inflation reports such as the Consumer Price Index and Personal Consumption Expenditures price index reports will not directly affect mortgage lenders' interest rates. However, what those reports indicate for the future — and the Federal Reserve’s response to those expectations — will. Generally speaking, as inflation rises, so do interest rates, including those on mortgages.

When inflation rates rise, the Federal Reserve generally increases the federal funds rate, which leads to higher interest rates on consumer borrowing products too. By increasing interest rates during periods of inflation, the Fed helps to slow down consumer spending and get inflation under control.

It is impossible to know for certain where mortgage rates will go in the future since unforeseen events that affect the economy (like COVID-19) cannot be predicted. Based on Fannie Mae’s August Housing Forecast, though, mortgage rates are expected to be basically flat over the next few months, with the average 30-year rate sitting near 6.5% by year’s end. The 2026 forecast is for rates to edge down to 6.1%.

Homeowners usually benefit from inflation, as home prices tend to rise when inflation does. That means they gain more equity and can potentially earn more profit from their homes when it’s time to sell. Home buyers, on the other hand, do not benefit. They typically face higher mortgage rates and higher home prices when inflation increases.

This article was edited by Laura Grace Tarpley.

In anticipation of a Federal Reserve rate cut on Sept. 17, the 30-year mortgage rate fell to 6.35% last week, its lowest in 11 months. It's welcome news, yet, rates probably won’t dip much lower — mortgage interest rates typically go down in the weeks leading up to a Fed rate cut, not after. So, how can you get the lowest mortgage rate possible?

Learn more: The best mortgage lenders for first-time home buyers

Analysis by Yahoo Finance of nearly 5,000 mortgage lenders reporting 2024 loan information under the Home Mortgage Disclosure Act reveals the surprising truth: the lenders offering the lowest mortgage rates.

Unfortunately, the results won't help the typical borrower.

By and large, the mortgage lenders who offered astonishing, rock-bottom mortgage rates made a tiny number of loans — no doubt allowing drastic rate concessions to a small slice of preferred customers. We're talking median interest rates from 2.4% to 4.75%, which are made by lenders underwriting loans to as few as a handful of customers.

Other lenders offering the absolute lowest mortgage rates in 2024 were banks catering to select clientele, credit unions serving local members, and homebuilders financing their own construction.

So, what if you aren't buying new construction from a lender offering a buydown, a member of a credit union willing to offer below-market-rate loans, or an affluent investor with a million-dollar portfolio?

Here are eight strategies to get the lowest mortgage rates with the cheapest home loan you can qualify for — all while using a regular, more well-known mortgage lender.

You may already know that mortgage rates vary by credit score. Whenever you boost your credit score from a lower to a higher tier, you save money.

For example, the entry-level FICO Score of 620 might earn you an annual percentage rate, or APR, of 7.46% (based on mortgage rates as of early September, with the purchase of one discount point). Raise your score to the next credit band of 640 to 659, and your interest rate could improve to 7.30%.

Bigger rate discounts are offered as you climb the credit score ladder. Here are the interest rate breaks as shown by MyFico.com's Loan Savings Calculator:

Read more: What credit score do you need to buy a house?

The amount of recurring monthly debt you carry when applying for a mortgage is another significant factor in the interest rate you'll earn. The more debt, the higher your mortgage rate.

To get the lowest mortgage rate, aim for a DTI of 25% or less. To calculate your debt-to-income ratio, divide your total monthly debt by your monthly income before withholdings. For example, say you need $700 for monthly rent, $300 for a vehicle loan, and $100 in student loan payments. That's $1,100. With a monthly gross income of $5,000, your DTI is 22%.

1100 / 5000 = 0.22

You're in the pocket for a lower mortgage rate. Mortgage lenders may consider DTIs up to 50%, but prefer 35% or less — and the lowest mortgage rates go to borrowers with DTIs of 25% or less.

Another best practice for getting the lowest mortgage rate is to make as much of a down payment as you comfortably can. While you can get a home loan with as little as 3% down, paying more upfront will earn you a lower mortgage rate.

For first-time home buyers, the median down payment was 9% in 2024, according to the National Association of Realtors.

Prepaying interest to lower your ongoing mortgage rate, called buying discount points, gains popularity in times of higher interest rates.

Buying one point equals 1% of the loan amount and will generally reduce your interest rate by one-quarter of a percentage point. Any number of points can be purchased and applied in fractional amounts too.

However, it's a good idea to calculate the up-front cost of buying points and compare that with the discount you receive on your long-term interest rate. Other factors to consider in this calculation include how long you expect to live in the home and your down payment.

Lenders sometimes add a point or two to a mortgage proposal to make their offered interest rate appear more enticing. But remember, you're actually paying for the discount with an up-front fee.

When shopping for a loan, compare loan offers with zero points. Then, you can decide how many points to buy, if any, to lower your interest rate.

Here's a surprising fact: In a Zillow survey of home buyers over seven months of 2024, about 45% obtained a mortgage rate below 5% — when rates were above 6.5%, like they are now.

How? One-third were successful in negotiating special financing with the home seller or builder. More than one-quarter got a rate buydown from the seller or builder (see below). Nearly a quarter (23%) bought discount points, as we've just mentioned.

If mortgage rates are near 6% and you want to get below 5%, you'll need to buy four to five discount points. (Remember, each point you buy reduces your interest rate by approximately a quarter of a point.)

For example, one point on a $300,000 mortgage would equal $3,000. If you want to purchase five points, you'll likely pay $15,000. You will want to discuss your point-buying strategy with your lender to ensure it gets your long-term loan rate to your target.

Borrowers can lower their mortgage interest rate for the first few years of the loan term with a buydown. Home builders, sellers, and some lenders sometimes offer an interest rate buydown to boost sales. However, it is a rare option among mortgage lenders.

For national mortgage lenders with buydown programs, check out Guild Mortgage and AmeriHome Mortgage.

For example, a buydown might lower your interest rate from 7% to 6.5% for two years. It can be a good deal if the company offering the buydown isn't making it up with fees somewhere else.

While you get a short-term break on the interest rate, your payments and total interest may actually be higher over the long term. Buying down your interest rate is a strategy that requires running the numbers on the long-term benefits.

If you're interested in a buydown, compare a mortgage both with and without a buydown. Lenders will qualify you based on the permanent interest rate, not the temporary buydown rate. Finally, be prepared for your monthly payment to rise at the end of the buydown’s discount period.

A mortgage product that increases in popularity whenever rates begin to rise is back: the adjustable-rate mortgage.

ARMs have a fixed interest rate for an introductory period, often three to 10 years, and then the rate changes regularly, usually once or twice a year. Tips when shopping for an ARM:

Look for an introductory rate that is lower than a fixed-rate mortgage.

Choose a term you feel comfortable with, perhaps in line with how long you plan to stay in the home.

Make sure you budget for possible increases in your monthly payment if the interest rate moves higher after the end of the introductory fixed-rate period.

In the past, it was common to find ARMs with introductory rates well below the prevailing long-term fixed interest rate. An ARM could be a good idea today, but the intro rate isn't always lower anymore. You'll have to shop diligently — and bravely negotiate.

Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose?

Are you looking for an interest rate that never changes and allows you to build home equity faster? Consider a shorter-term loan. Mortgages with 20- or 15-year fixed terms, as opposed to the traditional 30-year term, typically come with lower interest rates.

However, since the term is shorter, monthly payments tend to be higher.

Keep learning: 15-year vs. 30-year mortgage — How to decide which is better

An assumable mortgage allows you to take over the remaining payments of an existing home loan. You would likely make a lump sum payment to the current owner to cover the value of any equity or for a profit. That would require you to have the needed cash on hand or perhaps get a loan.

As tempting as it might be to pick up a low-interest-rate assumable loan, most conventional mortgages aren't eligible. That means you would need to find a seller with an FHA, VA, or USDA loan.

Since mortgage rates are constantly changing, and each lender's rate varies, the lowest mortgage rate you can earn requires some research. You will want to know your credit score, debt-to-income ratio, and the amount of your down payment.

With that information, you can begin contacting lenders. Knowing generally where you want to buy a house and how much it will cost, you can gather rate estimates based on your creditworthiness.

Once you have two or three contenders, you can apply for preapproval with each and get a more exact mortgage rate.

Learn more: 6 tips for choosing the right mortgage lender

Current home loan interest rates are just above 6%. Many (72.1%) of existing homeowners have a mortgage rate below 5%, and over half (54.1%) have a rate below 4%, according to Realtor.com. So, refinancing is not an option for many homeowners right now.

However, owning a home is a long-term commitment, and mortgage rates are very cyclical. Just because mortgage rates are above historic lows doesn't mean a refinancing opportunity will not present itself some years down the road.

After you move in, keep an eye on interest rates. Look for a dip of about 1% to 2% below your current mortgage rate before refinancing. Just remember — there will be refinance closing costs, and you need to decide if your goal is to lower your monthly payment or to pay off your home sooner.

Dig deeper: 6 times when it makes sense to refinance your mortgage loan

The lowest mortgage rate ever on a 30-year loan was 2.65% in January 2021, according to Freddie Mac. It takes dramatic and systemic financial stress to shock mortgage rates to such a low level. COVID-19 was just that. Some 15 months later, mortgage rates were up to 5%.

Never say never — but it's unlikely that mortgage rates will go back down to 3%. A drastic event (like the COVID-19 pandemic) would have to occur again for rates to drop this low.

VA loans, especially 15-year VA loans, usually have the lowest mortgage rates because shorter terms have lower rates than longer terms.

Laura Grace Tarpley edited this article.