The Consumer Financial Protection Bureau has launched a new tool that aims to provide consumers with interest rate information they might expect to pay for loans in a given state.
The Rate Checker tool will allow a consumer to choose a state, their likely credit score, loan amount, if there is a down payment and how much it will be, and if the loan will carry a fixed or adjustable interest rate.
Users can also explore scenarios such as how lowering an interest rate will impact the loan's cost, according to the CFPB.
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Once a credit score, location, and loan information are entered, consumers can then see the rates that lenders are offering, the agency said.
"This is different than other websites that usually quote rates using averages for borrowers with great credit and a large down payment," the CFPB said. "The tool also shows, in a simple graph, how many lenders are offering each rate, so consumers can understand how likely they are to get that rate, given their situation."
For example, a consumer in Alabama who has a credit score of between 680 and 699 will find out that seven lenders in the state are offering interest rates of 4.00% or lower, one is offering the lowest rate of 3.750% and three are offering rates of 4.125% or 4.375%, based on the Rate Checker's data, the CFPB said. Users of the tool will also see the cost of the spread between 3.750% and 4.375% is more than $5,000.
The CFPB said the data it uses for the Rate Checker tool is updated daily in the evening and comes from large banks, regional banks and credit unions.
The tool is part of a broader collection of web pages that the CFPB called its Owning a Home Toolkit.
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