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 | 7.000% | 7.039% | $6.65 |
| 15 Year Fixed - Jumbo | 6.500% | 6.549% | $8.71 |
| Fixed Rate Mortgages | |||
| 30 Year Fixed - 0 Points | 6.250% | 6.293% | $6.16 |
| 30 Year Fixed - 1 Point | 5.875% | 6.014% | $5.92 |
| 30 Year Fixed - 2 Points | 5.625% | 5.858% | $5.76 |
| 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 | 5.750% | 5.826% | $7.03 |
| 15 Year Fixed - 0 Points | 5.750% | 5.808% | $8.30 |
| 15 Year Fixed - 1 Point | 5.275% | 5.467% | $8.04 |
| 15 Year Fixed - 2 Points | 5.000% | 5.373% | $7.91 |
| 15 Year Fixed - High Balance | 6.875% | 6.920% | $8.92 |
| Fast Track Mortgage Refinance | |||
| 12 Years | 6.000% | 6.109% | $9.77 |
| 11 Years | 5.875% | 5.990% | $10.31 |
| 10 Years | 5.750% | 5.873% | $10.98 |
| 9 Years | 5.625% | 5.758% | $11.83 |
| 8 Years | 5.500% | 5.646% | $12.91 |
| 7 Years | 5.375% | 5.538% | $14.32 |
| 6 Years | 5.250% | 5.435% | $16.23 |
| 5 Years | 5.125% | 5.331% | $18.94 |
| Adjustable Rate Mortgages | |||
| 5/1 ARM - 0 Point | 6.625% | 6.666% | $6.40 |
| 5/1 ARM - 1 Points | 6.000% | 6.139% | $6.00 |
| 7/1 ARM - 0 Point | 6.750% | 6.791% | $6.48 |
| 7/1 ARM - 1 Points | 6.125% | 6.264% | $6.08 |
| 10/1 ARM - 0 Point | 7.000% | 7.039% | $6.65 |
| 10/2 ARM - 1 Points | 6.625% | 6.764% | $6.40 |
*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.
