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Why rates move and why it matters

Mortgage pricing shifts with inflation expectations, bond yields, and lender capacity. When you check rates, look beyond the headline figure; the APR captures fees, points, and other costs, giving a clearer apples-to-apples view. Small changes can move lifetime interest by thousands, so timing and preparation count.

How to compare effectively

Gather quotes on the same day, for the same loan type, amount, and rate lock period. Ask for itemized estimates so you can separate recurring costs from one-time charges. Your credit score, down payment, and debt-to-income ratio all influence the final offer.

• Decide on fixed vs. adjustable terms and the loan length.
• Check points: paying upfront may lower the rate; confirm breakeven.
• Compare lender fees and third-party closing costs.
• Verify the lock window and extension policy.
• Read prepayment, escrow, and PMI requirements closely.

Timing and next steps

If a quote fits your budget, consider locking while you finish pre-approval and appraisal. Re-check just before signing; a better offer might appear, but make sure the savings exceed any switch costs.