A word on Mortgage Interest Rates and our Lock Policy

Coronado - California

Typically, daily rate changes on home loans are most closely related to the change in yield of a 10 Year T Bill. Normally, 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 uploaded to our investor and accepted. 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. Our partner lenders are some of the best priced in the industry, so most will not renogotiate your lock.  We do business with a few less competitive companies that will meet you halfway in an improving market, so let us know if you want that option. You will not receive the lowest market rate that they offer, but a rate that is between your original rate commitment and the current lower market, once docs are ready to be ordered.

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.

If you decide to cancel your locked loan with IPM and close with another lender in the following 90 days, you agree to pay IPM 1% of your loan amount as a cancelation fee.


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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