If you know anything about mortgage rates, then you know that these things are cyclical. They change over time according to the conditions relating to the economy at that moment. The thing to know about mortgage rates today is that we are in a time where things are at least reasonable. There have been times in American history when home loan rates soared above ten percent, leaving very few people able to actually own a home. That is not the case today, as mortgage rates today are at least reasonable. What they are depends a lot on the bank and how big of a loan you are looking for.

Mortgage rates today generally sit in the 5% to 7% range consistently across most banks. The larger rates are reserved for larger mortgages and people who might have slightly worse credit. People with excellent credit can usually expect to cash in on a loan that is at 5% or even lower in some circumstances. The thing to know about mortgage rates today is that the loans are really using high rates to protect themselves in this uncertain economy. They have turned to a different model of risk management in this economy.

Instead of using high interest rates to protect against risk, banks have simply tightened up on their requirements for getting a loan. While everyone and their brother used to have an opportunity to get a loan in the past, only people with excellent credit can land loans in the current climate. You have to have long, established credit and you have to have a stable job, too. These things have been ramped up and tightened up so that the banks won’t have to bankroll people who wouldn’t otherwise qualify for loans. Remember this as you take a look at mortgage rates today.