Skip to content
Elite Fundings logo
Elite Fundings
Glossary

Costs & Fees

Interest Rate

The yearly price of borrowing the principal, expressed as a percentage — one component of APR, not the full cost.

Mortgage interest rates move multiple times per day with the bond market. Agency loans (conventional, FHA, VA) price off mortgage-backed securities (MBS); jumbo prices off bank balance-sheet dynamics.

The rate you "lock" is the rate you close at — but a lock is time-limited (15, 30, 45, 60 days are common) and may carry a premium for longer periods. Floating a rate (not locking) is a bet rates will fall before close.

Never make a rate decision off a screenshot. Rates displayed on any static webpage are stale. Your broker should quote a real rate tied to your specific scenario at the moment of the conversation.

This site does not quote a rate or APR you can lock. A rate, APR, and terms depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors, and come from a licensed loan officer. Not all applicants will qualify.

Call UsApply Now