But there will obviously be increased pressure to lock today in order to get that point discount. That means you have to be happy with today’s pricing.įor example, if the rate you’re being offered today is 4% on a 30-year fixed, that’s what you’ll get if you lock, even if rates decline (improve) over the next week.Īt the same time, they could also rise, making a lock a good choice. In April, they were still hovering below 3 percent, with a 30-year fixed rate of 2.97 and 15-year fixed at only 2.29. Like all Cyber Monday deals, we have to assess the potential value to ensure it’s actually a good deal, and not just another frivolous purchase.Īs mentioned, you have to lock your rate today, and it has to be a refinance. In the first week of 2021, mortgage rates across the U.S. Is This Cyber Monday Mortgage a Good Deal? And you’d pay less in interest and pay down your loan balance faster. In the case of a 200,000 mortgage loan at a 3.99 fixed APR and a. You can get the following mortgage terms from Quicken: 30-Year Fixed Mortgage Rates: This mortgage term will keep monthly payments low. They provide mortgage refinance, adjustable-rate mortgages, fixed-rate mortgages, fixed-rate VA loans, VA adjustable-rate mortgages, jumbo loans, reverse mortgages, and others. Quicken also offers three different types of mortgage terms to fit every budget and every family’s needs. If you could use that half point to move the interest rate an eight lower, it would result in a lower payment each month, potentially for 360 months. Quicken Loans is a Michigan-based company founded in 1985 to generate retail mortgage lending solutions all over the United States. It appears you can also use that half point to buy down your interest rate, if you so choose, which could save you even more money over the life of loan, depending on how long you hold onto it.
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