Mortgage Rate Trends
The average 30 year fixed mortgage rate today is 6.3%. Kinecta has the lowest published rate at 6.05%.
You can pay a lower interest rate by choosing a shorter loan duration.
15 year fixed mortgages have an average rate of 5.89%.
Jumbo loans are loans above the Fannie Mae conforming amount of $647,200, and have lower interest rates.
Fannie Mae does not buy jumbo loans, therefore banks do not have to add a guarantee fee and can also require higher credit scores.
APR vs Interest Rate
The rates shown here are APRs which are the annual rates over the life of the loan including all points and loan origination fees.
APR indicates the true cost of the loan.
Many mortgage options include prepaying some interest, known as points, which makes the interest rate lower.
If you keep the loan for the full term, you will save money by paying more upfront for a lower rate.
If you refinance the loan, or pay it off early, or sell the house, you might save money by paying less upfront with a higher interest rate.
Use this points breakeven calculator to help you decide if it's worth paying the points based on how long you plan to hold the loan.
