Mortgage Rates Fluctuate as Credit Union Offers Competitive Home Loan Options
Homebuyers and homeowners seeking to refinance are navigating a dynamic mortgage landscape, with rates subject to monthly adjustments. A leading credit union is currently advertising rates based on a 60% Loan to Value (LTV) and a credit score of 780 or higher,for first lien purchase and rate/term refinance transactions. However, availability and specific terms vary by geographic location and product type due to differing federal, state, and local requirements.
The advertised Annual Percentage Rate (APR) includes the interest rate and approximate prepaid finance charges, but excludes other closing costs and discount points. Prospective borrowers should note that the prepaid finance charge estimate is not a substitute for the official Loan Estimate of Closing Costs (LE) received upon application.
Conventional loans requiring less than a 20% down payment will necessitate mortgage insurance, potentially increasing both monthly payments and the APR. Individual loan interest rates are contingent upon a borrower’s specific credit profile and loan characteristics at the time of closing, and may differ from advertised rates.
Currently, rates are based on a sixty (60) day rate lock period. Adjustable Rate Mortgages (ARMs), such as the 3/1 ARM, offer a fixed rate for the initial 36 months, after which the APR is subject to change monthly or annually based on market index fluctuations. The initial adjustment payments are calculated using the current index plus the margin, but future index values are unknown and could substantially impact payments. All rates are valid up to 11:59pm EST and are subject to change without notice.
