Loan-Level Price Adjustment (LLPA)
A loan-level price adjustment changes agency mortgage acquisition pricing based on specified loan, borrower, property, or transaction characteristics.
Mortgage rates, rate locks, lock periods and extensions, float-down rights, lender rate sheets, and loan-level pricing adjustments.
Mortgage Rates, Locks, and Rate Sheets explains how mortgage interest rates become borrower offers, how lenders hold that pricing before closing, and how points, credits, lock periods, and loan characteristics affect the result.
Start with Mortgage Rate for payment and APR comparisons. Use Mortgage Rate Lock for the conditional pre-closing commitment, then move to the timing or pricing page that matches the question.
A complete comparison keeps the product, term, loan amount, lock period, points, credits, occupancy, property, and borrower assumptions consistent. The Loan Estimate and written lock confirmation are stronger transaction evidence than an advertisement or generic rate table.
| Area | Use it for |
|---|---|
| Mortgage Rate | Interest rate used to calculate mortgage interest, distinct from APR and total monthly payment. |
| Mortgage Rate Lock | Conditional commitment to hold stated rate-and-cost pricing for a defined period. |
| Rate Lock Period | Interval and expiration deadline during which locked pricing remains valid. |
| Rate Lock Extension | Additional time added to a lock, subject to approval, pricing, and conditions. |
| Mortgage Rate Float-Down | Conditional path to improved locked pricing after a qualifying market decline. |
| Mortgage Rate Sheet | Lender pricing schedule connecting rates with points, credits, and scenario adjustments. |
| Loan-Level Price Adjustment (LLPA) | Agency acquisition-price adjustment associated with specified loan characteristics. |
Mortgage-rate content is educational and does not provide rate forecasts, borrowing advice, refinancing advice, or investment recommendations.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
A loan-level price adjustment changes agency mortgage acquisition pricing based on specified loan, borrower, property, or transaction characteristics.
A mortgage rate is the percentage used to calculate interest on a home loan, affecting principal-and-interest payments and borrowing cost.
A mortgage rate float-down is a conditional right to improve locked pricing if market rates fall before closing.
A mortgage rate lock is a conditional lender commitment to hold stated interest-rate pricing for a defined period before closing.
A mortgage rate sheet is a lender pricing schedule that maps loan scenarios to interest rates, points, credits, and pricing adjustments.
A rate lock extension continues conditional mortgage pricing beyond its original expiration, often subject to lender approval and cost.
A rate lock period is the defined interval during which a lender conditionally holds stated mortgage pricing before closing.