Rates - "What are today's rates?"

When people are inquiring about Home Mortgage Financing, the often ask “what’s the rate today?” as if there were only one mortgage rate available. The truth is that there are literally hundreds of different mortgage programs available, and the goal is to find the best one for you and your situation. There are obviously different rates for fixed loans and variable (adjustable rate) loans. There are different rates available for borrowers who choose to pay points and for those who are better served by paying No points. However, the benchmark “rate” that most people refer to when they ask “what’s the rate today” is for a conforming (loan amounts up to a limit set by Fannie Mae, FNMA) mortgage loan. Mortgage loan rates generally follow the 10 year treasury bond. Please click here to find out what the current rate is on a 10 year treasury bond. The conforming loan rate (usually with No points) is generally about 1.5% higher than the yield on the 10 year treasury. Please contact Greg for a personal evaluation of your situation and to determine the best financing option for you. Then Greg can discuss specific rates for the program that best meets your needs.

Please also be aware that Guild Mortgage can provide you a written rate lock to guarantee your interest rate for up to 60 days at no cost to you. This is an important consideration, as many lenders and especially mortgage brokers (not direct lenders) quote rates that either cannot be locked in, or can only be locked in for 10-15 days. If you are entering into a 45 day escrow, you can see how meaningless a 15 day rate lock is. Ask Greg for specific details about our rate lock-ins.