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How Multi-Decade Highs Are Changing The Way Mortgage Rates Are Quoted

How Multi-Decade Highs Are Changing The Way Mortgage Rates Are Quoted

At this point "high rates" are old news. We were already close to hitting the highest levels in more than 20 years last week, so it wasn't a huge surprise to achieve that dubious distinction this Thursday. Some sources see the record-breaking rate at 7.09% for a 30yr fixed while others are over 7.5%. Both are accurate and we'll explain why. To understand why, we first need to remember that a mortgage rate quote is not as simple as the rate itself.  The rate that almost everyone refers to (officially the "note rate") is only part of the equation.  While the note rate dictates the amount of interest paid with each mortgage payment, it doesn't account for all the interest the average borrower pays. For instance, several of the closing costs seen on almost every mortgage are considered
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