Designed with you in mind
With all of the buzz about rate changes, it can be difficult to know what is right for your situation. The simple answer is truly: it depends. MMFCU is here to help you decipher all of the options you have.
Your home is worth taking the time to make informed, wealth-building decisions for you and your family during this time.
- First, you’ll need to take into account several factors.
- Your current rate on your mortage
- How long you plan to stay in the property
- The amount of money (monthly) you will save if you refinance
- Reduction of the term of the loan
A good rule of thumb is to look for a difference of at least 0.50% between your current and new rate.
As always, our mortgage team is here to help you with any questions you may have along the way!
Mortgage Rates
| Term | Nominal Rate | APR | Payment per $1000 borrowed |
|---|---|---|---|
| Fixed Rate Mortgages | |||
| 30 Year Fixed - 0 Points | 7.750% | 7.785% | $7.16 |
| 30 Year Fixed - 1 Point | 7.375% | 7.515% | $6.91 |
| 30 Year Fixed - 2 Points | 7.125% | 7.367% | $6.74 |
| 20 Year Fixed - 0 Points | 7.625% | 7.706% | $8.14 |
| 15 Year Fixed - 0 Points | 7.625% | 7.661% | $9.34 |
| 15 Year Fixed - 1 Point | 7.000% | 7.205% | $8.99 |
| 15 Year Fixed - 2 Points | 6.500% | 6.870% | $8.71 |
| Fast Track Mortgage Refinance | |||
| 12 Years | 6.375% | 6.470% | $9.95 |
| 11 Years | 6.250% | 6.353% | $10.49 |
| 10 Years | 6.125% | 6.236% | $11.16 |
| 9 Years | 6.000% | 6.122% | $12.01 |
| 8 Years | 5.875% | 6.010% | $13.08 |
| 7 Years | 5.750% | 5.902% | $14.49 |
| 6 Years | 5.675% | 5.850% | $16.42 |
| 5 Years | 5.500% | 5.708% | $19.10 |
*Any payment amount quoted does not include amounts for taxes and insurance premiums. If these are included with your mortgage, your payment will be higher than the payment amount quoted.
