Ask any American how much money they make for a living, and they’ll tell you down to the weekly penny. Ask what interest rate governs their single-largest monthly expense, and more than a third don’t know. “Your mortgage rate is one of the most important numbers in your financial life, and there’s a good chance that one of your neighbors has no idea regarding how much he or she is paying,” said Holden Lewis, a senior mortgage analyst at Bankrate.com. One in 7 mortgage holders were either “not too confident,” “not at all confident” or had no idea about their rate. Mortgage rates have been dropping lately, and there are new lower-cost mortgage alternatives from the government.
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