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Current mortgage rates - August 30, 2015

 
The recent volatility in the U.S. stock market helped to send rates a bit lower during the week ending August 25. According to HSH.com’s weekly Mortgage Rates Radar, conforming 30-year fixed-rate mortgages fell by 0.04% to 3.96%. Conforming 5/1 Hybrid ARM rates decreased by 0.07%, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.98%. The only way we see mortgage rates falling much more from these levels is if the Fed decides not to raise short-term rates. 
Loan Current Previous
30-year Fixed *
4.00 4.03
15-year Fixed *
3.26 3.33
1-year ARM
2.42 3.43
* Conforming, Expanded Conforming, and Jumbo Rates.
Time Range: 1m | 6m | 1y

Current Mortgage Rates

30 Yr. Fixed
4.250% Rate
4.475% APR
$984 / month (est)
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4.250% Rate

30 Yr. Fixed

4.475% APR

$984 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

15 Yr. Fixed
3.500% Rate
3.890% APR
$1430 / month (est)
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3.500% Rate

15 Yr. Fixed

3.890% APR

$1,430 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

5/1 Yr. ARM
3.990% Rate
3.505% APR
$954 / month (est)
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3.990% Rate

5/1 Yr. ARM

3.505% APR

$954 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

7/1 Yr. ARM
4.250% Rate
3.760% APR
$984 / month (est)
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4.250% Rate

7/1 Yr. ARM

3.760% APR

$984 / month (est)

Learn More
Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

20 Yr. Fixed
4.375% Rate
4.688% APR
$1252 / month (est)
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4.375% Rate

20 Yr. Fixed

4.688% APR

$1,252 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

10 Yr. Fixed
2.875% Rate
3.228% APR
$1920 / month (est)
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2.875% Rate

10 Yr. Fixed

3.228% APR

$1,920 / month (est)

Learn More
Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

FHA 30 Yr.
3.875% Rate
4.230% APR
$940 / month (est)
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3.875% Rate

FHA 30 Yr.

4.230% APR

$940 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

FHA 15 Yr.
3.500% Rate
4.128% APR
$898 / month (est)
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3.500% Rate

FHA 15 Yr.

4.128% APR

$898 / month (est)

Learn More
Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

VA 30 Yr.
3.990% Rate
4.380% APR
$954 / month (est)
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3.990% Rate

VA 30 Yr.

4.380% APR

$954 / month (est)

Learn More
Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still historically low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
Call Now

RateZip
  • Fixed Mortgage Rates
  • Lower Refinance Rates, Find New Quotes
  • (2.80% APR)
Learn More
Personal Loans - Rates Starting as Low as 5.99% APR
  • Free Quotes for Loans from $5,000 to $35,000.
  • Get Multiple Personal Loan Quotes in Minutes!
  • Quotes Are Real-Time and Custom For You.
  • You Don't Need Equity in Your Home to Qualify.
Learn More
Mortgage Rates From 2.5% (2.92% APR)
  • $200k Loan for Under $790/Month
  • Free Home Mortgage Rate Quotes.
  • Compare Rates from Up to 5 Lenders.
  • Lock in Your Low Rate Today!
Learn More
VA Loans For Veterans
  • VA Loans = No Mortgage Insurance
  • 100% Financing, No Down Payment
  • Active or Retired VA Status Ok
Learn More
More mortgage lenders in Virginia
Company Comments
Aimloan.com Last update: 08/29/2015 Certified UpFront Lender! Rates & Good Faith Estimate Online 24/7
Quicken Loans Last update: 08/29/2015 Great Rates. Expert Advice. Fast Process. Call 800-695-4122 and lock-in a low 30yr fixed rate today!

Mortgage Rates at a Glance

Loan type/terms
Fixed 30 years
Fixed 15 years/20 Years
Hybrid ARM
Traditional ARM
Balloon Mortgage
Rate changes
Never; fully fixed for entire term
Never; fully fixed for entire term
Usually after fixed period of 3, 5, 7 or 10 years, then annual change typical
Fully variable, typically changing at one-year intervals; some have shorter change intervals
Never; fully fixed for entire term
Benefits
Low, stable payment; usually easiest qualification
Stable payments; builds equity faster; lower total interest costs than 30-year term
Lower rates than fully fixed-rate mortgage; can sometimes borrow larger loan amount for same income
Can have lowest interest rates, but qualification may not depend upon today's interest rate
Often has lower interest rate/monthly payment over balloon period than fixed rate; similar to hybrid ARM
Drawbacks/Risks
Can have highest total interest cost over time; user may "buy" more rate stability than actually needed, increasing cost
Requires higher income to qualify; less affordable monthly payment; funds commited to payment cannot be used elsewhere
Stable payment for a number of years, then unpredictable; rates can jump by as much as 6 percentage points at first adjustment
Payments fluctuate at each rate change; unpredictable, rates can change as much as 2 percentage points at each adjustment
Loan fully due and payable when balloon period ends; must be paid off or refinanced in unknown market conditions
Alternative strategy
Consider Hybrid ARM with appropriate fixed period
Consider 30-year term and prepaying loan to preserve cash-flow flexibility
Consider Fixed rate mortgage or longest possible fixed period, if loan hold period not known
Consider Hybrid ARM to ameliorate rate and payment risks for a given period
Consider Hybrid ARM to ensure continued loan availability
These may be useful for...
Purchasing a home; first-time homebuyers; refinancing to improve cash flow/lower payment
Refinancing to lower total interest cost; retiring mortgage more quickly; building or rebuilding equity more quickly
Purchasing or refinancing when time horizon is seven years or shorter, and where borrower can handle increase in monthly payments
Purchasing or refinancing when interest rates are near top of cycle, and are likely to fall, or sale or refinance is anticipated within three years
Purchasing or refinancing when time horizon is three years or longer and home will be sold prior to end of balloon period
Consider if
Buying or refinancing a home and planning on owning for longer than 10 years
Buying second home; refinancing to build equity; paying off mortgage before life event (retirement, etc)
Buying a home and expect to move before fixed period ends, or know income will rise to offset payment risk, even in worst-case scenario
Buying or refinancing when income can handle frequent payment changes and worst-case scenario for rates over a four-year period
Buying a home and expect to move before balloon period ends, or have resources to pay off mortgage if refinance not available
When shopping, ask about
"Full cost" vs. "No cost" refinances, prepaying loan to shorten term if desired
If 20-year term makes payment too high, whether 25-year term is available
Interest rate caps, for first and subsequent adjustments, worst-case scenario
A history of the Index the loan is keyed off, margin and caps
Whether or not there is any built-in refinancing option when the balloon period ends

Latest Mortgage Rate Analysis

Mortgage rates radar 08/25/2015 : Wild markets trim mortgage rates

Aug 25, 2015

HSH.com releases its latest Weekly Mortgage Rates Radar showing a small decline in mortgage rates during the seven-day period ending August 25, even as global financial markets are very unsteady at the moment. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).

.. Read More

How do i prepare to buy my first home?

It starts about a year before your closing, and begins with establishing and improving your credit score.... Read More

Down payment assistance programs for all homebuyers

... Read More

Mortgage Rate Trends


vs. vs.
State
From To
30-Year-FRM
15-Year-FRM
30-Year-5-1-ARM
Mortgage Rates for Virginia
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