USDA Mortgage Rates: Different By Lender

Many times people shopping for a USDA loan will think that there is an “official” USDA mortgage rate that is set by USDA or the government or someone that is “official”. Not true. Each lender who offers USDA loans will set their own rates – and the rates will different by each lender, possibly each day and possibly even multiple times each day.

USDA Rates Change Frequently

USDA mortgage rates change frequently – because they are just like any other mortgage program: the rates are driven by the mortgage bond market which is actively trading every day. If you shop multiple lenders, you will find that each lender may have a slightly different rate for a 30 year fixed rate USDA loan – and on any given day any lender may be lower or higher than another lender.

To further complicate it, each lender may let their loan officers quote rates – which means that if you speak with multiple loan officers at one lender, you may get different rates for the day. Thats right – 2 loan officers who work for 1 lender may quote you 2 different rates. That is why the best thing you can do if you are interested in getting a USDA loan is to shop around.

Shop USDA Lenders For The Best Deal

Shopping for a great USDA lender who can help you is important because by shopping lenders and getting a written quote – you can easily compare who the best lender is for you. With USDA mortgage rates changing so often – and with so many possibilities of being different – it can easily pay thousands of dollars over the life of your loan to shop multiple lenders when getting a USDA loan. Start here by shopping some great USDA lenders and getting started with getting a great USDA loan today.