It is not enough just to look at the interest rate, but you must compare the whole package. Mortgage Fees: Make a point to learn about pointsĪ Mortgage Loan, whether home purchase loans or refinance loans come with fees. Average interest rates, as of January 12, 2012, for 4 different types of loans - 30 year FRM (Fixed Rate Mortgage), 15 year FRM, 5/1 ARM (Adjustable Rate Mortgage) and 1 Yr ARM, according to Freddie Mac’s PMMS (Primary Mortgage Market Survey) :.To get a better picture of where you stand in today’s market, here are some statistics about mortgage rates and mortgage fees. Whenever shopping for a mortgage loan, evaluate your needs and weigh together the mortgage rates and mortgage fees, based on the time period you will be holding on to the loan.īefore I explain about these mortgage fees, let us look at the mortgage market and mortgage rates. Some of the increase in the cost of your mortgage loan may come from an interest rate increase, and some from a raise in mortgage fees such as discount points or origination points.
The two primary mortgage fees linked to the financial cost of the loan are origination points and discount points. There are many types of mortgage fees when refinancing or taking out a home purchase loan. The Mortgage Mix: Interest Rates, Origination Points and Discount Points Contact one of ’s pre-screened refinance partners, for a free, no-hassle mortgage quote.
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