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Mortgage Rates 101: What You Need To Know

How are interest rates determined?

Our interns throw darts at a board, and that's how we choose interest rates. Just kidding. We'd never ask our interns to do that. In reality, interest rates change every day – even by the hour. They're always fluctuating. It's inflation, retail inventory, consumer activity, employment and the corresponding Federal Reserve decision to change the Federal…

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How do you provide the lowest rates possible?

One of the ways we're able to provide low rates is through managing internal costs. That doesn't mean we put "ruthless" in front of efficiency. Traditional banks have offices on every corner and in a few states, we do too. While that might seem convenient at first, remember, the cost for the electricity to heat…

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How do I know if it's best to lock my interest rate or let it float?

Knowing when to lock your rate, or to continue to float, is a personal issue – it's kind of like having that Sunday afternoon football debate, whether your team should go for 2 or just take the extra point. Interest rates change daily, hourly even. It's hard to predict what could happen. What you decide is…

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When can I lock my mortgage interest rate?

This answer is pretty cut and dry. When you work with M&T Bank, you can lock your interest rate once you complete and submit your online application, or any time afterwards up until we are ready to prepare your closing documents. You probably want to know your final rate and payment by then, right?

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How important is an APR?

When you're selecting the best lender for your new home mortgage, the APR (Annual Percentage Rate) is among the factors that you should consider. The APR is…

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Should I pay discount points to get a lower rate?

Everyone wants a bargain, right? When it comes to mortgages, you have an option to elevate that bargain: discount points. By using discount points when you lock your loan, you get a lower interest rate for the life of your loan. A discount point is equal to 1 percent of your loan amount. For some…

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