#fha mortgage rate
Mortgage Rates for September 18
Last update: 09/18/2016
The rate you’ll receive on a mortgage depends on several variables: your credit score, the loan type, loan amount, points, location and down payment. And when it comes to mortgage products, the shorter the loan term, the less you’ll pay in interest over the life of the loan. Longer loans – like 30-year fixed-rate mortgages, for example – typically come with higher rates and steeper interest costs. But the monthly payments are lower than for shorter-term products, like 15-year loans. A 30-year loan will cost less each month than a 15-year mortgage with the same loan balance because the payoff horizon is spread over 15 more years. The type of loan product you choose will depend on what you can afford monthly in principal, interest, property taxes, insurance and other costs.
Mortgage Rates Help
Getting a mortgage loan is a big commitment. Learn about all the variables involved in getting a mortgage and the impact these variables have on your interest rate. Before buying your new home, you can find the most common variables that go into calculating estimated monthly payments and interest rates provided here.
Click “Purchase” if you are buying a home. Click “Refinance” if you own a home and you want to replace your mortgage with another loan at a different rate and terms.
Select which type of mortgage you are shopping for: a 30-year fixed-rate loan, a 15-year fixed, an FHA-insured loan, an adjustable-rate mortgage (ARM) with an introductory rate lasting 5 or 7 years, a 20-year fixed, and 10-year fixed or a 30-year Veterans Affairs loan.
Type the amount you want to borrow. The default is $165,000, but you should enter your own number.
Select the percentage that is closest to your down payment. If your down payment is between these numbers, select the lower one. Example: If you are making a 12 percent down payment, select “10% down” and not “15% down.”
If you know your credit score, select the range that your score belongs to. The best rates and terms go to borrowers with credit scores of 740 and higher, and borrowers in the 720 to 739 range can get very good deals, too.
Select the range of discount points that you are willing to pay. Discount points are an upfront fee that you pay to get a lower interest rate. One point is 1 percent of the loan amount. On a $100,000 mortgage, if you pay 1 point, you pay an upfront fee of $1,000.
Write your city and state. You might see a bigger selection if you choose the nearest large city.