Why don't you post today's average mortgage rate?
Short Answer
I don't post an average rate here because rates move often and an average rarely matches your file. Your rate depends on your credit, loan type, down payment, property type, and how long you lock. A quote for your own scenario is the only number worth using. Any loan approval is conditional until all underwriting conditions are met.
Why don't you post today's average mortgage rate?
Rates change with the market, sometimes more than once a day. An average blends many borrowers and loan types. It rarely matches your file. So I don't post one on a page that sits for months.
What this looks like in Pinellas
A condo in a building with thin reserves, a second home on the beach, and a primary home in Largo can price differently for the same borrower. Property type and occupancy matter.
Step by step
- Know your rough credit range.
- Pick the loan type and down payment you're considering.
- Ask for a dated quote with the program and lock period.
- Compare quotes on the same day and same terms.
- Lock when you're under contract and ready.
At a glance
| Factor | Effect on your quote |
|---|---|
| Credit | Higher scores often price better |
| Down payment | More down often prices better |
| Loan program | Each has its own pricing |
| Property type | Condos and multi-units can differ |
| Occupancy | Second homes and rentals often cost more |
| Lock length | Longer locks can cost more |
What you control and what you don't
You control your credit, down payment, and timing. You don't control the market.
Common mistakes
- Comparing quotes from different days.
- Comparing different programs as if they're the same.
- Waiting for a perfect rate instead of a home that fits.
What actually sets your rate
Your quote is built from the market's pricing that day plus adjustments for your file. Those adjustments come from:
- Credit score. Higher scores often get better pricing.
- Down payment or equity. More down usually means better pricing.
- Loan program. Conventional, FHA, VA, and non-QM each price differently.
- Property type. Condos, multi-unit homes, and manufactured homes can price differently.
- Occupancy. Primary homes usually price best. Second homes and rentals cost more.
- Loan amount. Very small or very large loans can price differently.
- Points and credits. Paying points lowers the rate. Taking a lender credit raises it.
- Lock length. Longer locks can cost more.
Why published averages mislead
Averages are built from many loans with different credit, down payments, and points. Ads often show a rate that assumes top credit, a large down payment, and points paid. Neither tells you what you'll get.
How to get a real quote
- Share your rough credit range, or let a credit report be pulled.
- Pick a price and down payment.
- Pick a loan program.
- Ask for a Loan Estimate, which shows the rate, APR, points, and costs.
- Compare quotes from the same day with the same terms.
Rate versus APR
The rate sets your monthly principal and interest. The APR includes certain costs, like points and some fees, spread over the loan. A low rate with high points can have a higher APR. Compare both.
Rate and payment are not the same
Your monthly payment includes taxes, insurance, dues, and mortgage insurance. In Tampa Bay, insurance can be a big part of the payment. A small rate difference may matter less than a large insurance difference.
Questions to ask
- What's my rate today for this program and down payment?
- What are the points and fees?
- What's the APR?
- How long is the lock?
- How would my quote change with more or less down?
Why I give dated quotes
A quote is only good for the day it's given and the file it's based on. I put a date on every quote and tell you what it assumes. That way, you can compare fairly and know when it's time to refresh.
Points, credits, and break-even
If you pay points, you lower the rate but pay more at closing. Divide the cost of the points by the monthly savings to find how many months until you break even. If you'll keep the loan longer, points can pay off. If not, a lender credit or no points may be better.
Rate shopping and your credit
Several mortgage credit checks within a short window are usually treated as a single inquiry by scoring models. That lets you compare offers without much harm to your score. Do your shopping in a tight window.
How property type changes pricing here
In Pinellas, many buyers are choosing between a condo and a single-family home. Condos in buildings that don't meet standard review rules may need non-warrantable financing, which usually prices higher. Investment and second home use also price higher than a primary home. If you're comparing homes, ask for a quote on each property type so the payment comparison is fair. A dated quote for each scenario is the clearest way to decide. If you're torn between two homes, a side by side quote can make the choice much easier.
When to ask for a quote
Ask when you're ready to start touring, then again when you're under contract. The first tells you your range. The second is the one you lock.
What to do next
Read what a rate lock is. Book a consult for a quote on your scenario.
I'm a Realtor with Realty of America, and separately I'm a Mortgage Loan Originator with PMF, Inc. Those are two separate companies, and you don't have to use both. Jonathan Loescher, Mortgage Loan Originator, NMLS# 2621894 | PMF, Inc. NMLS# 1980. This page is consumer education, not a commitment to lend. Any loan approval is conditional until all underwriting conditions are met.