A full week of the AJC is available free of charge. Technical difficulties Publication of today's paper online has been delayed by technical problems. We expect to have the newspaper online soon. Please check back later this morning. A basis point is one one-hundredth of a percent.
All loans carry points, which are fees charged by lenders at closing.
Mortgage hunters who are building their own homes or waiting for builders to finish houses for them may be getting nervous about the long-term trend for rates. They know rates, which are relatively low right now, may rise before they can close on a loan. Fortunately, they have options. These long-term rate locks prevent borrowers' mortgage rates from increasing substantially, if at all. Most lenders quote mortgage rates based on the assumption their borrowers will close in less than two months.