What Are Rates Today? (What You Want To Know Wednesdays)

Our Vice President of Capital Markets (rates desk), Stacy Mohr, took the time to ask one of our most answered questions; “ What are rates today?” That question is a lot more complicated than you might think. Here are just a few of the factors that affect mortgage rates:

  • Which loan program fits your needs (FHA, VA, Conventional, etc.)
  • Your loan amount
  • Your down payment (purchase) or equity (refinance)
  • Your credit score
  • Fixed rate or adjustable rate

 

Determining the interest rate that is offered for your mortgage is a complex process, and the decision you make can have a significant impact on your finances. For this reason, anyone in our company who discusses mortgage rate options with you is required by law to be licensed by the Nationwide Mortgage Licensing System (NMLS). The licensing process includes a background check, continuing education requirements, and a written test, all designed to ensure that your interests are protected.

 

So, don’t be surprised if you can’t get a straight answer to the question “what are rates today?” The best way to get the answer is from a thorough discussion with your friendly mortgage loan originator. After all, it is free!


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.