Credit Union Mortgage Interest Rates Generally Lower

There are many benefits to belonging to a credit union. The most profitable for credit union members is getting a lower mortgage rate than they normally would from lenders or banks. Current mortgage rates are very low in general but credit union mortgage rates are even lower.

Today's mortgage rates on 30 year conforming loans are averaging 3.54 percent. Depending on the state you live in you'll find average 30 year mortgage rates above the national average or below the national average. One of the biggest credit unions, Navy Federal Credit Union, is offering extremely low mortgage rates today.



Navy Federal Credit Union mortgage rates on 30 year loans are currently advertised as low as 3.375 percent with 0.75 mortgage points. Another large credit union Pentagon Federal Credit Union (PenFed) is advertising 30 year mortgage rates at 3.50 percent with zero points, 3.375 percent with 0.375 points and 3.25 percent with 1.50 points.

Super conforming mortgage rates which are for loans in higher cost areas of the country that still conform to the governments standard on the dollar amount of the loan are currently advertised at 3.50 percent with 0.75 points at Navy Federal.

Current mortgage rates today on 15 year conforming loans are averaging 2.91 percent. Both Navy Federal and PenFed are both offering 15 year conforming mortgage rates below the average of 2.91 percent. Navy Federal has 15 year conforming mortgage interest rates at 2.75 percent with 1.25 points. PenFed has 15 year conforming mortgage rates at 2.625 percent with zero points, 2.50 percent with 0.875 points and 2.375 percent with 2.00 points.

Mortgage interest rates for 30 year jumbo loans are averaging 4.18 percent at the national level. Right now PenFed is offering 30 year jumbo mortgage rates today at 3.625 percent with 0.75 points. There are also many local credit unions that offer 30 year jumbo refinance rates below the averages.

You can work with a local credit union and compare the rates they are offering with one of the big credit unions like the two we mention above. You can also compare credit union refinance rates with bank refinance rates and what rates a mortgage broker might quote you. The best way to save money is to shop around for the lowest interest rate.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Mortgage Rates December 7, 2023