Rates remained relatively flat from last weeks report, with a 30 Year Fixed Conforming loan still at 3.625%. There was a drop on the 7/1 ARM, although a .75% loan origination fee is now included. 

These ratesare brought to you by Mortgage Network, one of our local Outer Banks recommended professionals and are subject to change without notice.

 

Product

Rate

Origination

Points

Lender Credit

30 Year Fixed

 

3.625%

1.0%

0.0%

0.0%

30 Year Fixed

 

3.875%

0.0%

0.0%

0.0%

15 Year Fixed

 

2.875%

1.0%

0.0%

0.0%

7/1 Arm

 

2.875%

0.75%

0.0%

0.0%

FHA, VA, (Primary Residences)

3.50%

0.75%

0.0%

0.0%

30 Year Fixed Investor (75% LTV)

3.99%

0.75%

0.0%

0.0%


Discount Point.  Amount paid to the lender to lower the interest rate on your mortgage loan. Each discount point is equal to 1% of your loan amount. (e.g., 1,000 on a $100,000 loan).

Origination Fee. A fee paid to a lender for processing a loan application, making a home loan, and recording a mortgage against the borrower's real property as security for repayment of the loan. The origination fee is stated in the form of points. Each point is 1% of the loan amount (e.g., 1,000 on a $100,000 loan).

Lender Credit.  A credit offered by a lender that reduces the actual amount of the closing costs.