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The par rate is the interest rate on a home loan with zero points charged.
This is the very minimum price that a loan has to be sold in order for the lender to avoid a loss-making sale.
When posted prices are delivered to loan officers, whether from a bank or a broker, it will have taken par rate into account.
Meaning that posted prices consists of par rates and a spread.
The spread, which can consist of points can be a critical factor in the profitability of a brokerage.
Borrowers would only be able to obtain a mortgage at par rate in extraordinary circumstances.