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Rates, Points & Locking
Got questions about home loans, mortgage options, or the application process?
Rates react mostly to inflation data, jobs reports, and bond market demand. Bad inflation prints = higher rates; cooling inflation = lower rates.
Rate sets your payment. APR wraps in certain costs to show the total cost of credit. APY is a savings term and doesn’t apply to mortgages.
Points are a prepayment of interest. They make sense if you’ll keep the loan long enough to breakeven (usually 3–6 years for owner‑occ loans).
They’re the opposite of points: you accept a slightly higher rate in exchange for credits to reduce closing costs.
Lock when your loan file is solid and timelines are clear—especially ahead of big data releases (CPI, jobs, Fed). We’ll help time it.
Some Lenders have lock programs that include a one‑time float‑down if market rates significantly improve before closing. Terms vary—ask us at lock.
Yes. 60–90 day locks are pricier than 15, 30, or 45 day locks. We match lock length to your real closing timeline.
The Fed sets an overnight bank rate, not mortgage rates. Mortgages price off longer‑term bond markets and risk, not the Fed funds rate directly.
