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Points  FREEandCLEAR More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
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P & I FREEandCLEAR More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance FREEandCLEAR More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax FREEandCLEAR More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance FREEandCLEAR More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
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Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant's credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower's creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property's value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
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Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower's attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
 

Mortgage Rates by Loan Product

Loan
Current Rate
Last Week
Trend
3.750%
3.750%
3.000%
3.000%
3.000%
3.000%
3.250%
3.250%
3.250%
3.250%
3.750%
3.875%
4.000%
4.000%

Mortgage Rate Report

Tuesday, October 24, 2017

Mortgage rates continue to resist gravity as well as the Federal Reserve's actions and remained stable for another week.  Although the Federal Reserve left interest rates unchanged at its September meeting, its move to start trimming its balance sheet by selling U.S. treasuries and mortgage-backed securities as well as its signaling of a rate hike before the end of the year pushed mortgage rates moderately higher across the board in mid-September.  Following this initial uptick, however, mortgage rates have been relatively steady for over a month.  Mortgage rate stability continued this week despite the Federal Reserve releasing the minutes from its September meeting last week that all but guaranteed an interest rate hike before the end of the year. 

In its September statement, the Fed highlighted labor market strength, improving household spending and growing business investment as offsets to moderate inflation in deciding to keep the federal funds rate unchanged.  Although the Fed kept the federal funds rate steady at 1.000% to 1.250%, the decision to start its previously announced balance sheet shrinking program in October moved treasury yields higher and mortgage rates followed suit, with most programs experiencing a 0.125% increase in rates.  

The minutes from the September meeting, released last week, show that Fed members continue to debate the impact of low inflation on the economy as well as the projected trajectory of inflation in the future.  While some Fed board members pointed to low inflation as a reason to leave rates unchanged, others focused on projected inflation growth and multiple positive economic factors to support a near term interest rate hike.  The more aggressive perspective seems to have won the debate and we are poised for the Fed to raise rates in December, as many industry analysts have predicted.  

Fortunately for borrowers, mortgage rates have been relatively unresponsive to the Fed's intentions and were steady for another week.  The interest rate for a 30 year fixed rate mortgage remained unchanged at 3.750% while the interest rate for a 15 year mortgage held at 3.000%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) stayed put at 3.000%, remaining attractive to borrowers seeking shorter-term mortgage programs willing to take on the risk of an ARM.  FHA mortgage rates were flat at 3.250%, matching VA mortgage rates which also remained at 3.250%, with both programs appealing to home buyers focused on low or no down payment loan options.  Keeping with the broader market trend, non-owner occupied mortgage rates remained at 4.000%.  Bucking the trend in a positive direction, jumbo mortgage rates dipped 0.125% to 3.750%.

Although the Fed did not change rates, its economic outlook or forecast for future rate hikes in its September meeting, its actions and signals increased market uncertainty which usually leads to higher mortgage rates.  Four weeks of relatively stable mortgage rates have returned a sense of calm to the mortgage market and interest rates remain near historical lows.  With the Fed meeting minutes reinforcing the expectation for a rate hike expected before year end as well as three more anticipated hikes in 2018, prospective borrowers looking to buy a home or refinance their mortgage may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates rise again, potentially at an accelerated pace.

Because mortgage rates change daily, we continue to actively monitor the mortgage market for changes.  Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information. 

How to Compare Mortgage Rates on FREEandCLEAR

1

Customize Your Mortgage Search.

Personalize your mortgage search by selecting numerous options in the "Refine Your Search" menu including your location, loan amount, mortgage program and credit score.  Understand the difference in interest rates between a 15 and 30 year mortgage.  Select the boxes for FHA and VA loans to review rates and fees for these low / no down payment mortgage programs.  The table provides updated, real-time interest rates in response to each selection you make.  Plus, our rate tables are free to use so borrowers can run numerous scenarios to evaluate their personalized mortgage options. 

2

Compare Mortgage Rates and Fees.

Use our mortgage rate tables to compare current rates and fees for multiple lenders. Our tables put you in control by enabling you to review rates without providing any personal information. The rate tables also enable you to understand how your estimated monthly mortgage payment changes depending on the interest rate. The APR (Annual Percentage Rate), highlighted in blue, enables borrowers to more easily compare interest rates and fees using a single figure. You can also use our Mortgage Comparison Calculator to compare mortgages with different interest rates and fees to select the loan that is right for you.

3

Contact Multiple Lenders.

Just like with any other major purchase, you should shop your mortgage business to find the best offer. Contacting multiple lenders takes a little more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your interest rate by .125% saves you almost $8,000 in interest. FREEandCLEAR recommends that you contact three-to-four lenders to find the mortgage with the most attractive terms and our rate tables make the process easy. Simply click on a lender logo or green arrow to be directed to the lender’s web site. You can also use our Personalized Mortgage Quote form to receive personalized loan quotes from multiple lenders.

4

Select Your Lender.

When you contact lenders request that they provide you a written summary or a Loan Estimate that outlines the key terms of their mortgage proposal. Lenders will ask you some questions regarding your financial profile so that they can confirm the details of their proposal and pre-approve you for your mortgage. Please note that lenders should not charge you to provide a mortgage proposal. When speaking with lenders you should ask them questions and make sure they have the right experience to close your mortgage. Narrow your options down to a handful of lenders and negotiate the best terms possible. Comparing mortgage proposals, asking the right questions and doing a little negotiating will help ensure that you select the lender that best meets your needs.

Why Borrowers Compare Mortgage Rates on FREEandCLEAR

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Save Money.

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Top Lenders.

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