A word on Mortgage Interest Rates and our Lock Policy

Coronado - CaliforniaDaily rate changes on home loans are most closely related to the change in yield of a 10 Year T Bill. At any given time you can see which direction rates are going by tracking the yield on the 10 year T Bill.

At IPM we can lock a rate in for you once your completed loan application has been received, reviewed and a Good Faith Estimate of closing costs has been approved by you. Rate locks are normally for 15, 21, 30 and 45 days. It is important for you to understand that a Rate Lock is a commitment from the lender to guarantee you a rate in the event rates go up. Conversely, if rates improve, the lender expects you to close the loan at the locked in rate. Rarely will rates improve by .25% or more in a 30-45 day period. When they do, most of our investors will allow you a one-time rate adjustment, once your loan is ready to have loan documents ordered. You will not receive the lower market rate, but a rate that is between the current lower market and your original rate commitment.

Occasionally, clients ask us to send their loan to a new investor, to get the lower rate. It is our professional policy not to do that, as our investors expect IPM to deliver our locked loans.


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Before starting your Online Mortgage Application, be sure and visit our Mortgage Application Checklist. Also, the Helpful Resources page will answer many of your questions on other loan related topics.

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Customer Reviews

"Jim went above and beyond to make my sure deal went through. Not only was he a true professional, but he also gave me a great rate and and super fast service. I will use Jim everytime and will highly recommend him for your purchases."
- D Desousa

"My wife and I have used Isle Pacifica Mortgage three times over the past 15 years or so to refinance residential loans. On each occasion, Jim was professional with many resources at his disposal. Over the years I recommended Jim to several close friends, all of whom had the same positive experience, and I would not hesitate to recommend him in the future."
  - Michael Specht