Rates are quoted based on a 5% or 20% down payment. The rates on this table are valid for credit scores of 700 and above. For scores from 680-699, borrowers will typically see increased fees up to 1% of the loan value, or an adjustment in the rate.
Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.
The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.
Data provided by Bankrate
Mortgage Definitions
Lender
The organization lending the money. This survey group includes banks, thrifts, and other representative institutions.
Rate
The process of calculating your loan payment to pay off the debt at the end of a fixed period, including interest on the outstanding balance.
APR
The annual percentage rate (APR) of a mortgage is calculated by taking the average compound interest rate - including the interest, mortgage insurance and certain closing costs, with points paid at closing - over the term of the loan. The APR gives a true picture of the cost of financing. The APR on adjustable rate mortgages is a projection of the true cost of the loan.
Points (Discount/Origination)
A point is 1 percent of a mortgage loan. Lenders charge fees, expressed in points, when underwriting, or originating a loan. Borrowers can pay "discount points" to reduce the loan's interest rate.
Fees
These are only the fees that are included in the loan. You are still responsible for closing costs.
Caps
The limit on the amount the interest rate can increase during a single time period on an adjustable rate mortgage (ARM). ARMs have two caps: a periodic cap, limiting the periodic changes to the interest allowed in the loan agreement, and a lifetime cap, limiting the total increase that can be imposed during the life of the loan.
Monthly ($)
The monthly payment for principal and interest only, based on the loan amount and the listed interest rates. The monthly payment may be higher based on escrows for taxes and insurance.