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Rates effective as of May 10, 2025
| Loan Type | Rate | APR | Points |
|---|---|---|---|
| 30-Year Fixed | 5.125% | 5.250% | 0.000 |
| 15-Year Fixed | 4.375% | 4.500% | 0.000 |
| 5/1 ARM | 4.000% | 4.250% | 0.000 |
| FHA 30-Year Fixed | 5.000% | 5.125% | 0.000 |
| VA 30-Year Fixed | 4.875% | 5.000% | 0.000 |
| Loan Type | Rate | APR | Points |
|---|---|---|---|
| 30-Year Fixed | 5.250% | 5.375% | 0.000 |
| 15-Year Fixed | 4.500% | 4.625% | 0.000 |
| 5/1 ARM | 4.125% | 4.375% | 0.000 |
| Cash-Out Refinance | 5.375% | 5.500% | 0.000 |
| Loan Type | Rate | APR | Points |
|---|---|---|---|
| Home Equity Loan | 6.250% | 6.375% | 0.000 |
| HELOC (Variable) | Prime + 0.50% | 6.000% | 0.000 |
| HELOC (Fixed Option) | 6.500% | 6.625% | 0.000 |
Rates shown are for conforming loan amounts up to $726,200 with a 20% down payment and credit score of 740 or higher. Rates, terms, and fees subject to change without notice. APR calculation includes estimated fees. Actual rate and costs may vary.
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The amount you can borrow depends on several factors, including your income, debt, credit score, down payment, and the property's value. Generally, lenders recommend that your monthly housing expenses (including mortgage, taxes, and insurance) should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36% of your income.
Pre-qualification is an informal estimate of how much you might be able to borrow based on information you provide. Pre-approval is a more formal process where the lender verifies your financial information and credit history to determine how much you can borrow. A pre-approval letter shows sellers that you're a serious buyer with financing in place.
Down payment requirements vary by loan type. Conventional loans typically require at least 3-5%, FHA loans require at least 3.5%, and VA loans may not require any down payment for eligible veterans. Jumbo loans often require 10-20%. A larger down payment can help you secure a better interest rate and avoid private mortgage insurance.
Closing costs are fees associated with your home purchase that are paid at the closing of your real estate transaction. They typically range from 2-5% of the loan amount and may include lender fees, appraisal fees, title insurance, attorney fees, taxes, and prepaid items like homeowners insurance and property taxes.
Fixed-rate mortgages offer the security of a consistent interest rate and monthly payment for the life of the loan. Adjustable-rate mortgages (ARMs) typically start with a lower rate for an initial period, then adjust periodically based on market indexes. ARMs might be suitable if you plan to move or refinance before the initial rate period ends, while fixed-rate loans are better for long-term stability.