Current mortgage rates are at or near record lows and have dropped as low as 2.8% for a 30-year fixed loan. A mortgage interest rate is the annual rate of interest charged on a mortgage loan. There are a lot of factors that will affect the interest percentage offered to you, such as the mortgage bond market, your credit score, and your selected lender. With historically low rates, grabbing a great deal is virtually assured. If you have been eyeing the market looking to lock in a low rate, now would be the time.