A shorter term and lower interest rate can help you be mortgage-free faster while saving lots of money in interest.
(Primary residences and second [vacation] homes only)
A mortgage with a shorter term and lower rate can help you be mortgage-free faster while saving lots of money in interest.
Today's mortgage rate for a 10-year fixed-rate mortgage for purchase or refinance, conforming to $1,149,825**, is 6.250% (6.365% APR).
In comparison, our 30-year fixed-rate mortgage for purchase or refinance, conforming to $1,149,825**, is currently at 6.875% (6.992% APR).
* Fixed-rate mortgage payment examples assuming a $300,000 loan: 10-year mortgage at 6.365% APR—120 monthly payments at $3,369.00; 15-year mortgage at 6.473% APR—180 monthly payments at $2,592.90; 20-year mortgage at 6.707% APR—240 monthly payments at $2,258.70; and 30-year mortgage at 6.940% APR—360 monthly payments at $1,970.70. Loan payments do not include taxes and insurance.
** In most of the country, the maximum conforming loan limit for one-unit properties is $766,550. In "high-cost" areas, the maximum conforming limit may be up to $1,149,825. The "high-cost" areas loan limits are established annually by the Federal Housing Finance Agency (FHFA). These higher limits are designed to make homeownership more affordable in areas with the highest home prices.
*** The Jumbo Loan limit is any amount greater than $766,550 up to $5,000,000. High-Balance Conforming allows for higher loan limits beyond the $766,550 conforming limit up to $1,149,825 for high-cost areas as determined by the Federal Housing Finance Agency (FHFA).