> ... a fixed rate loan has rated based on expectations over the lifetime of the loan (both in terms of value of money and risk of loss.) Is that accurate to s

> ... a fixed rate loan has rated based on expectations over the lifetime of the loan (both in terms of value of money and risk of loss.) Is that accurate to say? Because I don't think so. It seems more accurate to say mortgage rates for fixed loans are set by the cost of money at purchase / loan-initiation time. Which makes sense, as that's when funds are actually changing hands (from purchaser's lender to seller). And ultimately, that's banks' cost of money, which means then-current Fed rate + spread, no?