> ## Documentation Index
> Fetch the complete documentation index at: https://docs.propilotapp.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Market Rate Spread

> Set the default percent added to each published market index when a loan follows Market + spread.

Market Rate Spread is the organization's default add-on for loans that follow the published
market instead of a rate you type. Each benchmarked loan type has its own percent. The Deal
Calculator's **Market + spread** option uses these numbers unless a single loan sets its own.

<Info>
  **Key things to know**

  * This page is under **Advanced Settings**, not on Financing (Loans). Financing links here with **Open Market Rate Spread**.
  * Conventional starts at +0.625%, DSCR at +0.5%, HELOC at +1%, and FHA, VA, and USDA at 0.
  * A spread can be negative if your lender prices below the index. Type the minus sign, or press the down arrow to step down by an eighth of a point.
  * Only admins can save. Click **Save Market Rate Spreads** to apply. **Reset** restores the built-in defaults locally; save again to keep that reset.
</Info>

## Where to find it

Open **Settings** from the sidebar, expand **Advanced Settings**, then choose **Organization >
Market Rate Spread**. It appears when market rates are enabled for your organization.

From [Financing (Loans)](/settings/basic-setup/financing-loans), click **Open Market Rate Spread**.
The Deal Calculator's **Adjust** link next to a spread opens this same page in a new tab.

## Published market rates

The **Published market rates** panel lists every index the spreads are built on (30-year
conforming, FHA, VA, USDA, and the prime rate) with today's value and the date it was published.
Click any rate to copy the number, ready to paste into a loan's interest rate field.

The **Market rates as of** tag is the newest published date across those indices. It turns amber,
and the affected index is marked **may be out of date**, when a source has not published within
its normal window. Rates refresh daily.

## Spreads by loan type

Below the panel, each loan type shows today's numbers the way the Deal Calculator will:
**Market 7.047% + 0.625% = 7.672%**. Hover the Market value for the index name and source.

| Loan type | Starting spread | Why |
| - | - | - |
| Conventional | +0.625% | Investor adjustment over the owner-occupied conforming index |
| FHA, VA, USDA | 0% | Those products have their own published index |
| DSCR | +0.5% | Typical premium over the conforming index |
| HELOC | +1% | Typical margin over the prime rate |

The Deal Calculator labels a spread **Default** when it is using this page, and **Custom** when
someone typed a different spread on that one loan. **Custom · reset** puts the loan back on this
default.

## Saving

Click **Save Market Rate Spreads** after you change a number. Saving financing scenarios does not
change these spreads, and saving spreads does not change your scenarios.

If the page cannot load your saved spreads, **Save** stays hidden behind **Retry** so an empty
form cannot replace them.


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