Question for Loan Officers

Generally speaking, I’m wondering what one can expect as an interest rate for a 30 year fixed amortization on one’s primary residence…now that the Fed has cut the rate.

Can anyone advise a rate that one should look to achieve?

Just assume high-end credit history, score, etc.

Thank you,

I am no a loan officer, but I know 30 year fixed rates are tied to the long term treasury bills which are currently going up.
The fed cut helped home equity lines, car loans, credit cards and ARM’s.


Thanks Joe…I wasn’t aware of that.


I am a banker at the third largest bank in the country and I do all types of loans. Our mortgage rates are not tied to prime. rehabjoe is correct in saying that the mortgages are tied to the treasury bills. In light of fed rate cut, our mortgage rates went up this week, and all other loan rates went down. Just confirming rehabjoe, my two cents.

I am a loan officer and to just ask a question like that about a rate to expect is hard to say because not only is your score taken into consideration but your entire credit profile.

I’m actually a real estate broker, but have access to the rate sheets at our mortgage company next door. You could expect a rate of 6.25-6.375 which depends on a bunch of factors. This assumes 20% down payment, a decent sized loan amount (200-300k and up) a score in the 700+ range, at least two year work history, normal debt to income ratios. If you shop around, you might still be able to find one or two places that could do it for 6.125, but would probably have high fees to make up the difference. People tend to focus on the rate, but you can either have a low rate and high fees or a high rate and low fees.

Oh and what everyone else said was right, rates were actually lower before the fed announced their rate cut. Word was that people locked in their gains in the bond market which caused rates to get worse. For more daily info on rates, try reading the mortgage commentary on It’s under the mortgage section.