Rate Sheet
A rate sheet is a daily pricing document published by a direct lender that shows available interest rates for every loan product, paired with the corresponding points or credits at each rate level. Rate sheets are how direct lenders communicate their current pricing to loan officers, and they change every business day — sometimes multiple times — in response to movements in the mortgage-backed securities market.
A direct lender's rate sheet is the pricing engine behind every mortgage quote. Each row represents an interest rate; each column represents a loan scenario (30-year fixed, 15-year fixed, 5/1 ARM, etc.). The number in each cell is the price: positive numbers are discount points (the borrower pays to get that rate), and negative numbers are lender credits (the lender pays toward closing costs in exchange for a higher rate). Par rate is where the price equals zero — the rate the direct lender offers with no points and no credits.
Rate sheets are not public documents. They are distributed internally to a direct lender's loan officers and, in the wholesale channel, to approved mortgage brokers. When you call a direct lender for a quote, the loan officer is reading from that day's rate sheet and applying adjustments (called loan level pricing adjustments, or LLPAs) for your credit score, loan-to-value, property type, and other risk factors. A borrower with a 760 credit score at 80% LTV will see a meaningfully better-priced rate sheet scenario than a borrower at 660 credit score at 95% LTV.
Because rate sheets change daily, the rate quoted Monday morning may not be available Monday afternoon if MBS prices deteriorate. A direct lender who quotes you a rate should tell you when that quote is valid until and what it would cost to lock it. Borrowers comparing multiple direct lenders should request quotes on the same day, within the same rate lock period, for the most accurate comparison.
Key Takeaway
A rate sheet is a daily pricing document published by a direct lender that shows available interest rates for every loan product, paired with the corresponding points or credits at each rate level. Rate sheets are how direct lenders communicate their current pricing to loan officers, and they change every business day — sometimes multiple times — in response to movements in the mortgage-backed securities market.
Related Terms
Frequently Asked Questions
Rate sheets are typically internal documents not shown to borrowers directly. However, a transparent direct lender will walk you through the pricing logic and show you where your rate falls on the current day's pricing. Ask for the rate and points breakdown in writing.
Mortgage rates are priced off the mortgage-backed securities market, which moves continuously. A direct lender updates their rate sheet when MBS prices shift significantly, sometimes multiple times per day in volatile markets.
Par rate is the interest rate at which the direct lender charges zero points and pays zero lender credits — the break-even price. Rates below par cost points; rates above par generate lender credits toward closing costs.
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