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How are Interest Rates Calculated?

There are a lot of factors, like:

  • Loan Type and Purpose
  • Your Credit Score and History
  • Loan Amount
  • Down payment amount or equity
  • Type of Housing (Condo or Townhome)
  • Discount points paid (lower rate but higher origination fees)
  • Credit from interest rate (higher rate to credit closing costs)

Generally these items and others are considered layers or risk factors when determining an interest rate. Also Today’s Rates change with several market trends and conditions.


Want to know more about Mortgage Rate Trends and News? Here are good places we like to find “To the Minute” current updates.

CNBCBank_Rate CNNMortgage_Daily_News

 


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The New Homeowner Center at Summit Mortgage wants to offer a level of service above your expectations. We know that communication is the most important thing about your home buying process. We make ourselves available on your time. We want to share more information on Today’s Rates. It is important to us that all your questions are answered regarding Today’s Rates and Tomorrow’s Rates. Call us today, or whenever. Let us know how we can help. We want your feedback.

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