Tinker Federal Credit Union, based in Oklahoma City, is offering fixed rate 10 year mortgages, 15 year mortgages, 20 year mortgages, 30 year mortgages and 40 year mortgages. The credit union’s current mortgage rates are very competitive with today’s mortgage rates.

The 30 year mortgage rate is currently being advertised at 5.375% with 0.25 mortgage discount points. Mortgage points allow a borrower to buy down the mortgage rate by paying money upfront at closing.

In this case, 0.25 points would cost a mortgagee $250 for every $100,000 borrowed. Buying down a mortgage rate with points can save thousands of dollars or even tens of thousands of dollars over the life of a home loan.

15 year mortgage rates are being advertised at 4.625% with 0.25 points. 10 year mortgage rates are 4.50% with 0.25 points.

40 year mortgage rates  are 5.80% with 0.25 points. Taking out a 40 year mortgage will cost you a lot more in mortgage interest  in the long run. MonitorBankRates.com offers a mortgage calculator you can use to figure out how much more interest you will pay with a 40 year loan.

20 year mortgage interest rates are offered at 5.125% with 0.25 points and 10 year rates are being offered at 4.50% with 0.25 points.

For more information and the credit union’s current mortgage rates visit: https://www.tinkerfcu.org