Current Mortgage Loan
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Current Mortgage Loan
Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.
NOTE: Freddie Mac made a number of enhancements to the Primary Mortgage Market Survey to improve the collection, quality and diversity of data used. Instead of surveying lenders, the weekly results are now based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Additionally, the PMMS will no longer publish fees/points or adjustable rates. The newly recast PMMS was put in place on November 17, 2022, and the weekly distribution is Thursdays at 12 p.m. ET.
Select a product to view important disclosures, payments, assumptions, and APR information as some rates may include up to 1.0 discount point as an upfront cost to borrowers. Rates for refinancing assume no cash out. Please note we offer additional home loan options not displayed here.
The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.
These rates, APRs, monthly payments and points are current as of !currentDate and may change at any time. They assume you have a FICO Score of 740+ and a specific down payment amount as noted below for each product. They also assume the loan is for a single-family home as your primary residence and you will purchase up to one mortgage discount point in exchange for a lower interest rate. Connect with a mortgage loan officer to learn more about mortgage points.
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $464,000 and a down payment of at least 25%. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a conforming fixed-rate estimated monthly payment and APR example. Get more details.
The term is the amount of time you have to pay back the loan. ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term. 59ce067264