Fathers Day interest rates

Mortgage rates were flat this week with Freddie Mac reporting that the 30 year fixed rate mortgage averaged 4.5%. In addition to being a great time to buy, it is also a great time to refinance . A recent report showed that three out of four homeowners who refinanced this year either maintained about the same loan amount or lowered their principal balance by paying-in additional money at the closing table. 54%maintained about the same loan amount –the highest share since 1985, when Freddie Mac began keeping records on refinancing patterns. In addition, 21% of these homeowners reduced their principal balance. The typical borrower reduced their interest rate about 1.2%. For a 30-year fixed-rate mortgage with a $200,000 loan balance, that’s a monthly payment savings of about $150.

Here are our current rates for purchase loans above $150,000 for buyers with 740+ credit scores and 30 day rate locks:

30 year fixed ($150,000-$417,000): 4.375%

30 year fixed ($417,000-$535,900): 4.5%

FHA/VA 30 year fixed: 4.25%

FHA 5/1 ARM: 3.25%

Jumbo 30 year fixed: 4.75%

All rates reflect a 1% origination fee. Please note rates do vary by occupancy, credit score, rate lock period, and loan-to-value.

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