Mortgage rates can change multiple times per day based on bond market movements and economic data releases. Major changes typically follow Federal Reserve announcements, employment reports, and inflation data.

The interest rate is the annual cost of borrowing expressed as a percentage. APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees, points, and mortgage insurance. APR gives you a more complete picture of the total cost.

Fixed rates provide payment stability over the life of the loan. Adjustable rates (ARMs) start lower but can increase after the initial period. Choose fixed if you plan to stay long-term, or ARM if you expect to move or refinance within 5-7 years.

Improve your credit score (740+ gets the best rates), save for a larger down payment (20%+ avoids PMI), compare offers from multiple lenders, consider a shorter loan term (15 vs 30 years), and ask about buying discount points.

Lock your rate when you have a signed purchase agreement and are confident in your closing timeline. Rate locks typically last 30-60 days. Your NMHL loan officer can advise on the best timing based on current market conditions.