Melrose Credit Union of Queens, New York, is advertising some very competitive mortgage rates. The credit union’s mortgage rates are for loans in New York and New Jersey. The credit union is advertising 30 year fixed conforming mortgage rates, 15 year fixed conforming mortgage rates, and conforming 5/1 adjustable mortgage rates amortized over 30 years.

We also received other mortgage rates at the credit union by getting a mortgage rate quote. Mortgage rates in the quote included the terms listed above and conforming 20 year mortgage rates, conforming 10 year mortgage rates and 5/1 adjustable mortgage rates amortized over 15 years.

Current advertised conforming 30 year fixed mortgage rates are at 4.375 percent with two mortgage discount points. Mortgage points allow the borrower to “buy down” the mortgage rate by buying points at closing. 1 mortgage point is equal to $1,000 on every $100,000 borrowed.

30 year conforming mortgage rates are also advertised at 4.625 percent with 1 mortgage point and 4.875 with zero mortgage points.

Melrose Credit Union Mortgage Rates

30 Year Fixed Mortgage Rates  
Rates Points APR
4.38% 2.00% 4.55%
4.63% 1.00% 4.72%
4.88% 0.00% 4.88%
  
20 Year Fixed Mortgage Rates  
Rates Points APR
4.25% 2.00% 4.49%
4.50% 1.00% 4.63%
4.75% 0.00% 4.76%
  
15 Year Fixed Mortgage Rates  
Rates Points APR
3.75% 2.00% 4.06%
4.00% 1.00% 4.16%
4.25% 0.00% 4.26%
  
10 Year Fixed Mortgage Rates  
Rates Points APR
3.63% 2.00% 4.07%
3.88% 1.00% 4.10%
4.13% 0.00% 4.14%
  
5/1 Adjustable Mortgage Rates (30 Year)  
Rates Points APR
4.00% 2.00% 3.52%
4.25% 1.00% 3.53%
4.50% 0.00% 3.53%
  
5/1 Adjustable Mortgage Rates (15 Year)  
Rates Points APR
3.75% 2.00% 3.74%
4.00% 1.00% 3.74%
4.25% 0.00% 3.74%