Rate State explains in their article that one key factor is economic growth.
Seattle, Washington (PRWEB) June 18, 2013
Rate State has recently published an article detailing some of the causes of mortgage rate changes in general. They explain that these changes aren't at random, and that some of the interest rate changes can be affected by consumers. Rate State hopes that by providing this information, people will be able to make the best decisions on their next mortgage refinances or housing purchases.
Rate State explains in their article that one key factor is economic growth. They explain, “This may seem counter-intuitive, but when the economy is growing (e.g. there is low unemployment and low inflation), companies are more willing to spend money on new people and equipment. Most companies borrow these funds, increasing the demand for money and driving the cost of that money (the interest rate) up.”
According to Rate State, there are things that can be done to lower one's interest rate. They advise, for instance, to keep credit cards at a quarter of their limit and to check for and correct errors on credit reports. They insist that the best way to easily get good rates is to shop around. They in fact happen to have a tool that allows rate quotes to be requested all at once from multiple lenders, saving time. Their obligation comparison tool can be found
About Rate State:
Rate State provides a simple, easy to use web interface to help homeowners and home buyers find the best available mortgage loan for home purchases, and mortgage refinancing. In addition to the Rate State system, the website provides valuable articles and education for home buyers and current homeowners considering a home purchase or refinance.