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How Mortgage Rates are Determined?

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates Today are calculated using several factors.

The first factor in establishing the interest rate is the demand for the particular type of mortgage by investors.  This is determined by the competition from other investments products.  Simply put the more demand for mortgage securities the lower the interest rates.

The second part of the rate determination is the physical property securing the mortgage.  The type of property, (single family, duplex or multifamily) and its intended use, (primary, secondary or investment) are both considered in evaluating the risk of the mortgage loan.  Example, a multi-family investment property is considered a higher risk mortgage loan than a single family owner occupied primary residence.

The third factor is the loan to value of the subject property.  A smaller down payment means a higher loan to value translating into more risk and a higher probability of default.  

The final determining factor is the borrower’s credit worthiness.  Borrowers with higher credit scores and lower debt to income ratios (debt to income refers to monthly payments verse gross monthly income) are consider lower risk than borrower’s with marginal credit scores and higher debt to income.

While each individual factor does not determine the mortgage interest rate, they do collectively provide adjustments in the risk assessment for the final interest rate offered to the consumer.

For more information on Todays Mortgage Interest Rates contact one of our licensed mortgage professionals for a personalized rate quote. National Rate Average per Freddie Mac.

Pacific Northwest Mortgage Team

Matt Williams

Loan Officer
NMLS 1945867
CB Wentling

CB Wentling

Loan Officer
NMLS 107877

Kelly Cameron

Loan Officer
NMLS 178093

Dale Gremillion

Managing Director
NMLS 210325

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