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How Mortgage Rates work

Why are mortgage rates so important?

Mortgage shopping can be hard, but it is crucial to know how rates vary between each individual. Every day, we talk to clients who are looking for answers and struggling to find them. That’s why we walk each client through the process, laying out all available options for each situation.

What affects mortgage rates?

Lenders, both conventional and governmental, change their mortgage rates daily. Mortgage-Backed Securities (MBS) are traded in real time all day long, creating fluctuations in rates and pricing. Unfortunately, you won’t be able to control every factor that goes into determining rates.

  • Loan Amount – Extreme amounts, either high or low, can mean higher rates
  • Property Type – Condominium, House, etc.
  • Economy – The global economy is instrumental in setting rates
  • Location – Different states have different laws
  • Credit Score – The better your credit, the better your rate
  • Income – Your debt-to-income ratio

Mortgage Rates for 8.26.22

30 Yr. Fixed


APR 5.690%

15 Yr. Fixed

APR 5.060%

30 Yr. Fixed FHA


APR 5.822%

30 Yr. Fixed Jumbo


APR 5.253%