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Current Mortgage Rates Today in Calhoun County, Florida

Beginning your home ownership journey in Calhoun County is a terrific idea. You have many options, thanks to low-interest rates and a thriving housing market, but to obtain the best mortgage offer possible, you need to be aware of how mortgage rates today are determined. Mortgage rates today are frequently determined using the same metrics, regardless of what your financial circumstances allow for.

How are interest rates on mortgages set?

A vast majority of individuals believe that the Fed sets mortgage interest rates. However, it doesn't. The Fed does not tell lenders what rates to charge on loans. It only makes decisions that affect the prime lending rate to fall or rise.

Mortgage rates today are determined by various factors, which can be grouped into either personal or market factors. Knowing the difference will assist you in getting ready for the house purchase process and negotiating a lower mortgage rate.

Are you a first-time homebuyer? Learn more about the available FHA home loan options in Calhoun County, Florida

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Market factors that influence interest rates

The market is one of the main factors determining why mortgage rates are where they are today. The prime lending rate fluctuates according to the state of the economy, inflation, the Federal Reserve, the Constant Maturity Treasury, the Secured Overnight Finance Rate, and the bond market.

The borrower has no control over these variables. Take a look:

The Federal Reserve

The Fed doesn't issue directives regarding what interest rates to charge home buyers. It regulates the quantity of money in circulation by adjusting the rates at which banks can borrow money to make loans to their clients. We refer to these as short-term rates. The Fed increases short-term rates to reduce the money supply when the economy is thriving and vice versa.

Usually, when the Fed rate goes up, lenders move to increase the prime lending rate. In the form of higher mortgage rates, higher borrowing costs for banks will partly be borne by consumers.

The Bond Market

Mortgage-backed securities, often known as mortgage bonds, are typically sold on the bond market in sizable bundles. Mortgage interest rates are influenced by investor demand for these bonds.

When the stock market performance drops, investors switch to mortgage-backed assets because they are safer. Mortgage rates today will therefore increase as a result of the increase in demand for mortgage-backed instruments.

The Secured Overnight Finance Rate

The SOFR is a thorough evaluation of the cost of overnight borrowing with Treasury securities as assurance. Lenders typically use SOFR to calculate the primary lending rate according to each type of mortgage. SOFR is the recent replacement for LIBOR-London Interbank Offer Rate.

The Constant Maturity Treasury Rate

CMT rates are the average yields of additional Treasury securities with varying maturities, adjusted for various time horizons. A CMT rate is therefore comparable to a visual representation of the potential revenue from traded instruments based on the ongoing market patterns, should you choose to invest in them.

Some lenders might use this rate to determine the interest on ARMs (adjustable-rate mortgages). If your loan rate is based on CMT, it will rise when CMT rises and vice versa.

The State of the Economy

When the economy is prospering, mortgage rates today rise to reduce extravagant spending. As the economy falters, mortgage rates fall, making homes more accessible for borrowers.


Inflation and mortgage interest rates usually increase in tandem. Interest rates rise in response to rising inflation to maintain the dollar's value. As inflation falls, mortgage rates will fall as well. Mortgage rates frequently don't move much—if at all—when inflation remains low.

Personal factors that affect mortgage rates

While market variables contribute to the current state of mortgage rates, lenders do not apply the same rate to all borrowers. That's because lenders use certain assumptions to estimate borrowers' riskiness, leading to different rates for different borrowers.

The assumptions are the same across all lenders but are weighted differently; thus, different lenders may charge different rates. Here's a look.

Credit Score

Credit scores are a barometer for how seriously people handle their debt obligations. People who handle credit cautiously and try to pay off their debts on time have higher scores. On the other hand, those with low credit ratings have a history of misusing credit or have a significant amount of debt in collection, which results in a significant amount of outstanding debt.

Lenders take extra precautions to account for the high likelihood of default when lending to customers with low credit scores since they are considered "risky" borrowers. One of these approaches is to charge a higher interest rate. Other loan programs may require mortgage insurance.

Depending on the specific lending schemes, different credit scores may be needed to purchase a property. The minimum credit score for conforming loans is 620 or higher. For loans that are insured or supported by the government, the required minimum score is usually set at 580. Generally, having a higher credit rating gives you more negotiating power.

Down Payment

Typically, lenders want proof that you have put money down on the property and aren't only reliant on loans. Most lenders believe that the greater your equity in a property, the less probable it is that you will default on the mortgage. As a result, the amount of the down payment you make on a home will influence the mortgage rate you receive.

FHA loans require only 3.5 percent down, as opposed to the typical 20% required for conventional loans. On the other hand, VA and USDA don't require a down payment, but saving for one is still wise.

Loan-To-Value Ratio

The amount you put down determines your LTV. Suppose the property you want to purchase has a lender-assessed value of $500K, and you're ready to put down $100K; this means you want a $400K loan only. Consequently, the LTV is $400,000 divided by $500,000, or 80%.

A substantial down payment typically results in a lower LTV and, consequently, a reduced risk from the lender's standpoint. Low LTVs are rewarded with lower rates, and higher LTVs result in higher mortgage rates today. Of course, up-front expenses and closing costs lower the deposit and increase the LTV.


Depending on their intended use, lenders categorize homes as primary, secondary, or property investments. Borrowers looking to purchase a primary residence typically receive better loan rates than those looking to acquire a second home or an investment property because of the increased risk of default on the latter types of property.

Simply put, lenders assume that if you intend to use the property as your primary home, you'll work harder to pay the mortgage to keep it from repossessed.

Loan Type

Many individuals who are looking for a mortgage are unaware that there are various types of rates available.

However, this information allows homeowners interested in refinancing or buying a property to obtain the best deal possible.

Home Location

Creditors offer different mortgage rates depending on the borrower's state or county. For instance, if you want to purchase a home in a rural region, you can qualify for a USDA loan, usually available at a 1%-3% interest rate.

Talk to several lenders. Based on where you wish to buy your home, many lenders offer a variety of mortgage programs with different interest rates.

Loan Term

Your specified loan term will affect the interest rate you receive. Longer-term loans usually have higher interest rates to compensate for fluctuations in market rates and a higher likelihood of default. In contrast, the interest rates for short-term loans are a little lower.

Interest Rate Type

Mortgage interest rates may be fixed or flexible. Interest rates that are fixed never change. In contrast, adjustable rates are initially fixed before fluctuating according to market conditions. An adjustable-rate loan may start with a lower interest rate but rise considerably.

A upward red arrow above the wooden houses

Additional Considerations

The earlier factors are just assumptions lenders use to assess a borrower's riskiness and adjust the par rate. But as you shop for a loan, you'll discover that different loans have different points, which results in indifferent rates.

Indeed, you can also lower your loan's interest rate and closing costs using lender credits and discount points.

  • Discount points allow borrowers to pay more upfront for a lower interest rate. Paying points increases the upfront mortgage payment while reducing the interest rate and the overall loan cost. To avoid wasting the substantial down payment, only use points if you intend to retain the home for longer.

  • Lender credits work the exact opposite way. The bank will advance you some cash for the closing costs, and you agree to a higher interest rate in exchange.

Points and lender credits are optional. You can also opt not to accept them. For example, you could choose to accept lender credit and pay a higher interest rate.

How often do mortgage rates today fluctuate?

Mortgage rates today can fluctuate multiple times throughout the day. Usually, lenders get daily rate sheets with numbers based on the prevailing market factors. The periodical variation of interest rates is known as volatility.

The surest way to avoid volatility is to converse with your lender about locking down a negotiated rate before it moves up. Naturally, there are several tactics to employ while negotiating a cheaper mortgage and saving money.

  • Speak with various lenders and compare rates, APR, and fees.

  • After obtaining the lowest rate, go back to your bank and ask them to match it. Changing lenders is always an option if they disagree.

  • Attempt to improve your credit score. You'll have more negotiating power if you improve your credit score. Pay your bills on time, resolve debts in collection, reduce your overall debt, raise your income, and preserve your credit accounts. Keep an eye out for any fraud and inaccuracies in your credit reports.

  • Increase your down payment.

  • Use discount points.

Many people don't know that it's possible to negotiate a lower rate on loans. In reality, many people reach out and accept the first offer. Always speak with several lenders to evaluate offers. According to studies, choosing the best deal after evaluating multiple offers might result in a $3,000 save.

About Calhoun County, Florida

Calhoun County is positioned in the Florida Panhandle, between the Chipola River and the Apalachicola River. It comprises four cities: Albion, Springfield, Battle Creek, and Marshall. The cost of living in the county is among the lowest in all of Florida.

Here, the average price of a property is $116,000, whereas the state's average is $294,900, and the national average is $291,700. Because of this, 81.4% of residents are homeowners. Public schools spend more per pupil than the national average, while unemployment is lower than usual. The locals boast a traditional southern way of life more common in Georgia or Mississippi.

Some of the top attractions and activities for families include:

Panhandle Pioneer Settlement

This is great for history enthusiasts. It's fascinating and an excellent chance to learn. It does a great job of transporting one to the past. The structures were relocated from the neighborhood and are furnished with authentic relics from the past. It's a 2-hour tour.

The tour operators are very educated and always wear historical attire. Children learn about history while having fun. You can buy souvenir goods and even leave a donation in the shop if you like. You can volunteer here, participate in the community, and learn about history if you live nearby. They also conduct traditional Thanksgiving and Christmas services.

Torreya State Park

Spend a few days at Torreya State Park, bedding in serious luxury in one of the yurts and exploring the park during the day. The yurts are fabulous. The yurts are fantastic. You can bring the whole family. Take some time exploring the paths to spot some bunnies, numerous birds, insects, and copperheads. After trekking and exploring, reward yourselves with hot baths.

Visit Wakulla Springs, too; it's only 50 miles away. The spring is excellent on a scorching summer day, and the boat cruise is fantastic. It provides the opportunity to see manatees, gators, osprey, herons, and a variety of turtles. Don't forget to set your watch to the Central Time Zone!

Strawberry Ranch

Your youngsters will enjoy collecting their strawberries at this family-run, ultra-hip property. Although there is no entrance cost, you must buy the strawberries you choose to take with you. They are cheaper than the ones in supermarkets. Different types of animals are also present.

National Naval Aviation Museum

This attraction details the background of the American Air Force and Navy. There are histories of WWI, WWII, and the Vietnam War included. It is a recognized landmark in the area with a variety of aircraft. If you visit on the day BlueAngels perform, you'll have the best time.

Always enter the museum through the west gate. They should look on their website when making plans to see if any flight shows are scheduled. In general, the tour includes the main deck, 2nd deck, and hangar bay one. Additionally, you can purchase a ticket at the reception area and head to the apron to see the aircraft.

Coconut Creek Family Fun Park

The Coconut Creek Family Fun Park is located on the gentle Panama beach. The clear blue water makes it an excellent place for snorkeling and swimming. The beach is lined with sun umbrellas. Take a seat and unwind while listening to the waves. Beach volleyball is also available.


Nature enthusiasts can find refuge in Calhoun County, Florida. Here, families enjoy themselves the most. You will require assistance finding a fantastic mortgage deal if you relocate to the county. A variety of factors impact mortgage rates.

Understanding what you can control cannot help you better prepare for a mortgage negotiation. There are several types of mortgage options in Calhoun County, Florida.

If you don't qualify for conforming mortgages, go for government-sponsored loans. Talk to an experienced real estate broker or loan officer about your options.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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