Mortgage Rates: Conventional Mortgage Rates, Jumbo Mortgage Rates and Adjustable Mortgage Rates

There are many different mortgage types available and many different mortgage terms available. Each mortgage type and term has a different mortgage rate at any given time. Available mortgages rates change with the direction of prevailing interest rates at the time.

There are conforming mortgages, mortgages that fall within the guidelines set by the FHFA. There are jumbo mortgages which are mortgage loans that are higher in dollar terms than the amount set by the FHFA. Here is a table of conforming mortgage loan limits set by the FHFA for one family homes up to four family homes.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.258
4.250
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $299
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.328
4.250
USD
Virginia Credit Union
4.328%
4/16/2019
4.250%
at 0.375 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.529
4.500
USD
Fulton Bank, NA
4.529%
4/16/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.432
4.375
USD
State Department Federal Credit Union
4.432%
4/15/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.415
4.375
USD
Citizens Bank, NA
4.415%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.343
4.250
USD
Bank of America
4.343%
4/17/2019
4.250%
at 0.671 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.278
4.250
USD
TD Bank, NA
4.278%
4/19/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
4/18/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.316
4.250
USD
Northwest Federal Credit Union
4.316%
4/17/2019
4.250%
at 0.750 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
4/17/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.




















































 
Maximum Original Principal Balance for
Loans Closed in 2010*
Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands
  General High-Cost* General High-Cost*

1
$417,000 $729,750 $625,500 $938,250

2
$533,850 $934,200 $800,775 $1,201,150

3
$645,300 $1,129,250 $967,950 $1,451,925

4
$801,950 $1,403,400 $1,202,925 $1,804,375

Chart source: Fannie Mae
A jumbo mortgage loan will always come with a higher mortgage interest rate than a conforming mortgage rate. One reason for this is that banks issuing jumbo mortgage loans can sell those mortgages to third party investors and those investors require a higher rate for the risk involved.

Conforming mortgage loans are bought by Fannie Mae or Freddie Mac which pretty much guarantees banks can sell those loans after they are made. This makes conforming mortgage rates lower.

The most common mortgage type is a 30 year mortgage. With a 30 year mortgage the mortgagee (borrower) pays back the mortgagor (lender) over a 30 year period. The borrower pays back the loan with interest.

The interest you pay on a home loan is called mortgage interest. The government subsidizes every homeowner by allowing homeowners to lower their federal tax liability by deducting the mortgage interest they pay on their loan.

There are also VA mortgage rates for veterans and FHA mortgage rates for people buying there first home. With these types of loans, the government allows you to only put a 3.00% down payment when buying a home. You have to be eligible for these programs.

The traditional down payment on a home loan is 20%. During the housing boom people were able to finance up to 100%, sometimes even higher. Those days are over and 20% is again the norm for a down payment.

The second most common type of mortgage is a 15 year mortgage. 15 year mortgage rates are usually lower than 3o year mortgage rates. Right now, you can find conforming 15 year mortgage rates for around 4.40%. Jumbo 15 year mortgage rates are around 5.00%.

Another popular type of mortgage is an adjustable mortgage. Adjustable mortgage rates “adjust” every year after the initial period has ended. There are 10/1, 7/1, 5/1, 3/1 and 1 year adjustable mortgage rates. For example, with a 5/1 ARM the mortgage rate will adjust every year after the first  5 years. The new mortgage rate will depend on where prevailing interest rates are at the time.
 
 
Author: Brian McKay
February 10th, 2010
Posted in: Mortgage Rates