Discover Home Loans Offering Mortgage Rates or Refinance Rates

A new entry to the home loan mortgage market is Discover Home Loans from Discover Financial which is known for their credit card products and deposit products. Current mortgage rates today on 30 year Discover Home Loans are advertised at 3.625 percent which is below Freddie Mac's average mortgage rate posted last week.

Mortgage rates today on 15 year mortgage loans of course are even lower at Discover Home Loans. Today's mortgage rates on 15 year conforming mortgages are advertised at 3.00 percent. This advertised 15 year mortgage rate is just above Freddie Mac's average of 2.95 percent posted on June 21, 2012.

5 year adjustable mortgage rates which are usually lower than 15 year mortgage rates are slightly higher at Discover Home Loans. 5 year conforming adjustable mortgage rates are at 3.625 percent which is higher than 15 year rates and the same rate as 30 year loans at the bank.

With 30 year rates the same as 5 year adjustable rates why would anyone want a 5 year loan that will probably have a higher rate in the coming years? I wouldn't, in fact I was able to lock in a 15 year refinance rate of 2.85 percent with 1 point.

In addition to advertising 30 year, 15 year fixed rates and 5 year adjustable rates Discover Home Loans is also advertising fixed 20 year mortgage rates and fixed 10 year mortgage rates. Current 20 year mortgage rates today are advertised at 3.50 percent and 10 year mortgage interest rates are advertised at 3.125 percent.

If you're looking for FHA mortgage rates Discover Home Loans is also advertising 30 year FHA mortgage rates and 15 year FHA mortgage rates. Right now 30 year FHA rates are at 3.375 percent and 15 year FHA rates are at 2.875 percent.

The bank's advertised rates are advertised with many assumptions which means the rates you are quoted will probably vary from the rates above. Your credit score, state you live in and other factors will determine the mortgage rate or refinance rate you receive along with the mortgage product you select.
Author: Jason P. Jones
June 26th, 2012
Posted in: Mortgage Rates