Anything at or below 3% is an excellent mortgage rate. And the lower, your mortgage rate, the more money you can save over the life of the loan.
Similarly, are interest rates going up in 2021?
It is becoming more likely that rates will increase this year with the Bank of England expects inflation to head above 4% by the end of 2021.
Also, is 2.25 a good interest rate? Whether or not you qualify for 2.25%, rates are ridiculously low. The truth is, the lowest advertised rates almost always go to top–tier borrowers; those with excellent credit scores and 20% down payments. So a 2.25% mortgage rate will be out of reach for many.
Besides, is 3.25 good interest rate?
However, rates are rising, and homeowners who can lock in between 3 and 3.25 percent are still in a great position. In a historical context, 3.25 percent is an ultra–low mortgage rate.