Current Mortgage Rates

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Mortgage rates change daily and vary on your unique situation. Get your FREE customized quote here!

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Mortgage Rate Quotes - The Devil is in The Details

Points - What Are They and Why Should I Care?

Too many online lenders use hidden points to show a great interest rate on their site. We call them teaser rates. You really have to dig into the fine print to find them. I think that’s not right. ALL OF MY RATES ARE QUOTED WITH ZERO POINTS, which means you don’t have to pay extra to get the quoted rate.

A Point is a payment to lower your interest rate. One Point equals 1% of the loan amount. So for example, if your loan amount is $300,000, then one point would be $3,000.

In the right curcumstance, it can be a usefule tool. If you plan on staying in your house for over ten years, then buying down the interest rate by paying points could save you money in the long run.

Be careful when looking at rates online. Make sure you know what you’re getting, and dive into the details. 

APR - What is it?

APR, or annual percentage rate, is your interest rate stated as a yearly rate. An APR for a loan can include fees you may be charged, like origination fees. APR is important because it can give you a good idea of how much you’ll pay to take out a loan.

APR is a great way to compare loans from different lenders. Because APR must include a lot of the fees (including points, see discussion on points) that you’ll get charged, you can start to see how expensive a loan will be.

Let’s take an example:

Lender A has a rate of 3.5% for the loan, and an APR of 3.625%. The APR is pretty close to the mortgage rate, so it looks like this lender is not adding a lot of fees to get the loan. 

Lender B has the same mortgage rate of 3.5%, but his APR is 3.82%. Hmmm. I would need to look closer, but my guess is that this lender is adding more fees than usual, or maybe adding a point or two to get to that interest rate.

See how useful it is? you still need to look at the details, but the APR will give a nice ballpark of the kind of fees a lender is charging.

Here is a list of things that are included in calculating APR: https://www.bankrate.com/glossary/f/fees-in-apr/

Mortgage rates are volatile and subject to change without notice. Rates change daily, and often multiple times a day. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations apply

30-Year Fixed: 30-day lock, FICO of 750+, 80% LTV, loan amount of $320,000, ADD FEES.

15-Year Fixed: 30-day lock, FICO of 750+, 80% LTV, loan amount of $320,000, ADD FEES.

FHA 30-Year Fixed: 30-day lock, FICO of 750+, 80% LTV, loan amount of $320,000, ADD FEES.

JUMBO 30-Year Fixed: 30-day lock, FICO of 750+, 80% LTV, loan amount of $320,000, ADD FEES.

All rates shown are for 30-day rate locks with two points for an owner-occupied primary residence with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $417,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, a $10 flood certification fee, and a $20 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, $10 flood certification fee, and a $20 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $295,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, $10 flood certification fee, and a $20 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $417,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, $10 flood certification fee and a $20 credit report fee.

Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.