Current interest rates are very good to keep up to date with when applying for a mortgage loan. It could adjust your mothly mortgage payment by a lot, even if it's a small change. Right now current interest rates are at about 5.50% for a 30 year fixed payment mortgage. I suggest using the mortgage calculator at 5.50% up to 6% to make sure you know your limit because sometimes it takes up to 45-60 days to complete a mortgage and the interest rate is going up or down the whole time. You can pay the bank for a "Rate Lock" so that if the interest rates go up while you're applying it won't change your interest rate at all. I have a page that discusses the difference between ARM rates, Fixed rates and interest only loans. I can also calculate your Debt to to income ratio and even a breakdown of an amortizaion schedule so that you can see exactly what you can afford.
I describe each mortgage loan in detail so that you can find the loan that best fits you. I'll show you how to figure out your borrowing power as well which will help you see which loans you can and can't afford. I also have tips and reasons why you might need/want an adjustable rate mortgage instead of a fixed rate mortgage. There are also a few times where I'd recommend an interest only loan too. It's a very high caution loan but it still has benifits to some people or businesses.
An adjustable rate mortgage (ARM Rate) fluctuates with the current rates after the number of years it stays fixed, hense 1 year ARM rate, 3 year arm rate, 5 year arm rate. They designate the amount of years it stays the same as day 1. Then it adjusts to the current interest rate. There is usually a max increase or decrease of 2% but ask to make sure before signing.
Term / Type of Loan
Interest Rate
Estimated Monthly payment
per $1,000 - Example
($200,000 = 200 x # below)
1 Yr ARM Interest Rate
Payment is fixed for 1 year,
then changes up or down
depending on the new
interest rate at that time.
5.125
5.44
3 Yr ARM Interest Rate
Payment is fixed for 3
years, then changes up or
down depending on the
new interest rate at that
time.
3.50
4.49
5 Yr ARM Interest Rate
Payment is fixed for 5
years, then changes up or
down depending on the
new interest rate at that
time.
3.875
4.70
10 Yr ARM Interest Rate Payment is fixed for 10
years, then changes up or
down depending on the
new interest rate at that
time.
A fixed rate mortgage is the most common for new home buyers. You lock in for the same rate and monthly payment which assures yourself that you'll always know your biggest monthly expense. Below are current rates you can get which are very low!
Term / Type of Loan
Interest Rate
Estimated Monthly payment
per $1,000 - Example
($200,000 = 200 x # below)
30 Year Fixed Interest Rate
4.625
5.14
20 Year Fixed Interest Rate
4.50
6.33
15 Year Fixed Interest Rate
4.125
7.46
FHA 30 Year 3.50%Down Fixed Interest Rate
5.00
5.37
We are not a Mortgage company and do NOT lend money to anyone or any company.
The interest rates on this site are just an estimate to help individuals realize there might be a mortgage company offering interest rates in this vicinity.
