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 |
|---|---|---|---|
| Jumbo Mortgage Loan Rates | |||
| 30 Year Fixed - Jumbo | 6.750% | 6.791% | $6.48 |
| 15 Year Fixed - Jumbo | 6.000% | 6.055% | $8.44 |
| Fixed Rate Mortgages | |||
| 30 Year Fixed - 0 Points | 6.000% | 6.045% | $6.00 |
| 30 Year Fixed - 1 Point | 5.625% | 5.764% | $5.76 |
| 30 Year Fixed - 2 Points | 5.375% | 5.606% | $5.60 |
| 30 Year Fixed - High Balance | 7.000% | 7.039% | $6.65 |
| Flex 97 - 30 Year | 7.000% | 7.039% | $6.65 |
| 20 Year Fixed - 0 Points | 5.500% | 5.575% | $6.89 |
| 15 Year Fixed - 0 Points | 5.250% | 5.313% | $8.04 |
| 15 Year Fixed - 1 Point | 5.000% | 5.218% | $7.91 |
| 15 Year Fixed - 2 Points | 4.500% | 4.892% | $7.65 |
| 15 Year Fixed - High Balance | 6.750% | 6.796% | $8.85 |
| Fast Track Mortgage Refinance | |||
| 12 Years | 5.000% | 5.092% | $9.26 |
| 11 Years | 4.875% | 4.974% | $9.81 |
| 10 Years | 4.750% | 4.858% | $10.49 |
| 9 Years | 4.625% | 4.743% | $11.35 |
| 8 Years | 4.500% | 4.632% | $12.43 |
| 7 Years | 4.375% | 4.524% | $13.85 |
| 6 Years | 4.250% | 4.422% | $15.77 |
| 5 Years | 4.125% | 4.329% | $18.48 |
| Adjustable Rate Mortgages | |||
| 5/1 ARM - 1 Point | 5.500% | 5.547% | $5.68 |
| 5/1 ARM - 2 Points | 5.000% | 5.138% | $5.37 |
| 7/1 ARM - 1 Point | 5.625% | 5.671% | $5.76 |
| 7/1 ARM - 2 Points | 5.125% | 5.263% | $5.44 |
| 10/1 ARM - 1 Point | 5.750% | 5.796% | $5.84 |
| 10/2 ARM - 2 Points | 5.250% | 5.388% | $5.52 |
*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.
