Question 1

What is a good interest rate on a mortgage?

Accepted Answer

A "good" rate depends on market conditions, your credit score, and the loan type you're pursuing. VA and FHA loans often offer lower rates due to government backing. The best way to know if you're getting a good rate is to compare offers from multiple lenders—which is exactly what we do for you.

Question 2

Should I lock my rate today?

Accepted Answer

If you're happy with the current rate and planning to close within 30-60 days, locking can protect you from market increases. Rate locks guarantee your rate for a set period—typically 30, 45, or 60 days. If you're still shopping or your closing is months away, you might wait, but rates can change daily. Our loan officers can help you pick the right timing.

Question 3

How long can you lock in a mortgage rate?

Accepted Answer

Rate locks typically range from 30 to 90 days, with some lenders offering up to 120 days or longer. Shorter locks (30-45 days) usually come with the best rates, while longer locks may carry a slight premium—typically 0.125% to 0.25% higher. We'll help you choose the right lock period based on your closing timeline.

Question 4

Can you negotiate mortgage rates?

Accepted Answer

Yes. As a mortgage broker, we negotiate with 50+ lenders on your behalf to find the best rate. Factors that strengthen your position: a high credit score (740+), larger down payment (20%+), strong income documentation, and shopping multiple lenders. We handle the negotiation so you get the most competitive offer.

Question 5

How are mortgage rates determined?

Accepted Answer

Mortgage rates are influenced by the Federal Reserve's monetary policy, the 10-year Treasury yield, inflation expectations, and overall economic conditions. Your personal rate is then adjusted based on your credit score, loan-to-value ratio (down payment), property type, occupancy, and loan amount. Even small changes in these factors can shift your rate by 0.125% to 0.5% or more.

Question 6

How often do mortgage rates change?

Accepted Answer

Rates can change multiple times in a single day based on market movements. Major economic news—jobs reports, inflation data, or Federal Reserve announcements—can cause significant swings. We update our published rates daily, but real-time rates may vary. That's why locking your rate when you find a good one matters.

Question 7

What's the difference between rate and APR?

Accepted Answer

The interest rate is the cost of borrowing the principal loan amount. The APR (Annual Percentage Rate) includes the interest rate plus other loan costs like points, lender fees, and mortgage insurance, expressed as a yearly rate. APR gives you a fuller picture of the loan's true cost. When comparing loans, look at both—a lower rate with high fees might have a higher APR than a slightly higher rate with lower fees.

Question 8

What factors affect my personal rate?

Accepted Answer

Your individual rate depends on: credit score (higher = lower rates), down payment (more down = lower rate), loan-to-value ratio (less borrowed vs. home value = better rate), property type (single-family homes get the best rates), occupancy (primary residence = best rates), loan amount (conforming limits vs. jumbo), and loan type (conventional, FHA, VA, etc.). We analyze all of these to find your best loan structure.

Today's Mortgage Rates from CMS Mortgage