What’s The Rate?

by Brian Brady

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

There are so many ways we were taught in mortgage sales training to answer that question:

1) Well…that depends on your…credit…income…equity…purpose for the loan , etc.

2) What rate are you trying to get?

3) It would be unprofessional of me to diagnose your problem…blah…blah…blah

I realize that when a guy asks you that question, on a plane from Phoenix to San Diego, he’s making small talk and wondering what the market is doing. I know that he means the 30-year fixed rate, for loans under $417,000, 1% origination fee, no points, full-documentation, 80% loan-to-value.

Most of America believes that God whispers that rate to Ben Bernanke every morning who sets it based on that daily divine revelation.

Without further wise-ass comments, that rate is 5.875% (for a 6.13% APR).

We are an equal opportunity lender.