What determines my mortgage rate?
What determines mortgage rates is a mix: credit score, down payment (LTV), loan type and term, property type and occupancy, loan amount, and the broader bond market. Stronger credit and more down generally mean a lower rate.
Two borrowers the same day can get different rates based on these factors. We optimize the controllable pieces of your file to earn the best rate available.
Your personal factors
Several things set your rate. Your credit score, down payment size, loan type, loan term, and the property type all play a role. A higher score and bigger down payment usually earn a lower rate.
Whether the home is a primary residence, second home, or rental also shifts your rate.
Market factors
Beyond your file, the broader market matters. Bond yields, inflation, and Federal Reserve policy push rates up and down daily, no matter how strong your application is.
We help you control the factors you can. Reach out and we will show how to position your file for the best rate.
Verify the details for your own situation against these government and agency sources: Freddie Mac Primary Mortgage Market Survey and Federal Reserve H.15 selected rates.