How much does 1% in rate change your mortgage payment?
On a $300,000 home with 20% down (a $240,000 loan), each 1% change in rate moves the monthly payment by roughly $150–160 and tens of thousands of dollars in total interest over a 30-year term. That gap compounds: the difference between a 6% and 8% rate on the same loan is often $300+ per month and well over $100,000 in total interest paid.
Should you lock in your mortgage rate now?
Whether now is a good time to lock depends on the current market and your closing timeline. Rates can move in either direction between now and closing, so many lenders offer a rate lock for 30–60 days once you're under contract. Compare offers from at least three lenders before locking — even a 0.25% difference can save thousands over the life of the loan.
What's a good mortgage rate today?
A good rate depends on your credit score, loan type, down payment, and the broader rate environment. See our guide to good refinance rates for current benchmarks by credit tier, or use the mortgage calculator to see how your specific numbers play out.
Why rate shopping matters more than people think
Lenders don't all offer the same rate for the same borrower — pricing varies by lender overhead, how they're funding the loan, and how badly they want your business that week. Getting quotes from three to five lenders within a short window typically surfaces a meaningful spread, often 0.25%–0.5%, which on a $300,000+ loan is worth actively shopping for rather than accepting the first offer.