Contract Rate Robert McListerOctober 28, 2012General0 min read Share via: 0 Shares The contract rate is the actual mortgage rate you agree to in your mortgage contract. This is the rate your payments are initially based on. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.