Mortgage loans are highly complicated instruments of finance and, as such, make it almost impossible to supply just one number when asked the current mortgage rate.

Each mortgage lender ties his current mortgage rate to a particular financial index and the interest amount he charges of his lenders fluctuates as this particular financial index does.

Because different lenders use different financial indices to determine their current mortgage rates, it’s possible to get five different answers from five different mortgage lenders on any given day.

Different financial indices are not the only factor considered when determining a current mortgage rate. The consumer’s own financial history plays a major role, too.

A consumer who enjoys a very highly rated credit score will be quoted a particular current mortgage rate for a specific dollar amount to borrow to purchase a home.

A consumer who does not have such a high credit score will be quoted a different current mortgage rate on a loan of the same dollar amount. The consumer with the lower score will receive a quote at a higher rate of interest than the consumer with the higher score.

The difference in current mortgage rates quoted to these two lenders is based on the risk they pose to the lender. The one with the higher credit rating poses less risk than the one with the lower score.

In fact, the lower the credit rating, the higher the current mortgage rate is likely to be. The higher the mortgage rate, the higher the monthly payment.

Understanding that the current mortgage rate is just that – current - is important. Rates fluctuate according to a complicated series of formulas and events. A rate quoted today may be different in a week or two.