Current mortgage and refinance rates
Compare current mortgage interest rates
30-Year Fixed
15-Year Fixed
5/1 ARM
Common questions about mortgage rates
Interest rates are influenced by the financial markets and can change daily • or multiple times within the same day. The changes are based on many different economic indicators in the financial markets.
Mortgage interest rates may change many times every day. Choosing when to lock your interest rate is an important part of the home financing process. An interest rate lock protects you from rate increases during your loan processing period.
You may be able to lower your interest rate by making changes that lower your risk factors. Here are some things to consider:
- Putting more money down and lowering the LTV ratio
- Clearing any errors on your credit report
- Adding a co-signer with additional income and/or a higher credit score
- Changing the number of years of your loan term
- Paying discount points to lower your rate
We consider a variety of factors when determining your interest rate and costs:
- Credit profile: Your credit report, payment history, and credit score
- Property type: Investment properties and condos may have higher rates
- Loan-to-value (LTV) ratio: Lower LTV generally means lower rates
- Debt-to-income (DTI) ratio: Lower DTI may result in better rates
- Type of loan: Purchase vs refinance, fixed vs adjustable rate
Other factors that may affect your rate:
- Closing cost credits
- Discount points
- Relationship benefits with existing accounts
- Previous bankruptcies, foreclosures, or unpaid judgments
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If you extend your loan term, you may pay more interest over the life of your loan. If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan.
Not eligible with FHA and VA loans. Additional limitations may apply.
Klamma Home Mortgage is a division of Klamma Bank, N.A.
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