Last week I had fun creating a spoof where I’m consoling a drunk racoon, Rocky. Rocky has the blues because he decided to chase a low rate with an online lender and now his home purchase transaction is on a rocky road. All joking aside, I actually have saved several purchases where clients who first opted for an online lender with a slightly lower rate discovered that the loan officer and their lender could not close their transaction. It’s easy to promise a low mortgage rate but that low rate doesn’t matter at all if your transaction doesn’t close. [Read more…]
Mortgage Market Update for the Week of September 30, 2024
September 30, 2024 by Leave a Comment
It’s Jobs Week with the first week of October. Here’s my latest update featuring what may impact mortgage rates this week.
If you would like to learn more about mortgages for your personal scenario, please contact me!
PS: Go Seahawks!!!
Conforming Loan Price Adjustments (LLPAs): What They Are and How They Affect Your Mortgage Rate
December 12, 2013 by 3 Comments
Editor’s Note: This post has been updated for 2026.
When you apply for a conventional mortgage, the interest rate you’re quoted isn’t just based on what the market is doing that day. It’s also affected by a series of risk-based pricing adjustments called Loan Level Price Adjustments — or LLPAs.
LLPAs are fees charged by Fannie Mae and Freddie Mac that get built into your mortgage rate or closing costs based on specific characteristics of your loan. Understanding how they work can help you make smarter decisions about your down payment, credit score, and loan structure before you apply. [Read more…]
What may impact mortgage rates this week: August 26, 2013
August 27, 2013 by Leave a Comment
Mortgage rates are not just influenced by scheduled economic indicators. Sometimes uncertainty in the world, such as what’s going on in Syria, will cause a flight to safety with investors seeking bonds, like mortgage backed securities. This is causing mortgage rates, which are based on mortgage backed securities, to be improved this morning.
Here are a few of the economic indicators scheduled to be released this week:
Do I Have the Best Mortgage Rate?
February 6, 2012 by 1 Comment
One of my first-time home buyers recently asked me a question I hear often: “Do I have the best rate possible?” It’s a great question — and the answer depends on what “best rate” actually means to you.
In my experience, there are two ways borrowers typically think about it:
- Best rate based on how you qualify
- Best rate based on current market pricing
