Mortage rate for 30 year fix loan for conforming loan hits 3.5% today. A new low we have never seen before. If your loan amount is 417K or less and your loan to value ratio is less than 60%, the house you are refinancing is your primary home, with a lock time of 15 days, you can even get 3.5% without closing cost and no point.
Here is a breakdown of today’s best rate:
The conforming 417K:
1) 30 year fixed 3.5 (APR 3.5%)
2) 15 year fixed 2.875% (APR 2.875%)
3) 5 year ARM, 2.625
4) 7 year ARM, 2.75
High-balance (super conforming):
1) 30 year fixed 3.75 (APR 3.75%)
2) 15 year fixed 3.125% (APR 3.125%)
3) 5 year ARM, 2.675
Jumbo Loan
7 Year ARM 3.25%
For ready to lock loans, with no point, no prepay penalty. Primary home. LTV<60% Lock period is 15 days.
For ARM loans, if prepaid interest is zero (closing at end of month), the APR = 1 year libor index + 2.25
Rate subject to market change as well as lender’s approval and qualification
