The interest rate on your mortgage is dependent upon many factors including your credit score (the higher the better), your down payment (the higher the better), the type of property, what the property will be used for and the type of mortgage, the current interest rate market and whether you’re taking cash out or not.

We provide an analysis that can show the interest rate options that are available to you based on factors listed earlier, the mortgage product that best fits your situation and your unique circumstance and goals. This is part of our mortgage planning process. Starting with the pre-qualification stage, and throughout the entire process, we provide you with information on what interest rate to expect and what is going on in the market. Once you identify a property and have a signed contract to purchase, the interest rate can be locked at your request.

While the specific rate will depend on the variable outlined above, for planning purposes here are the national averages for interest rates published by Freddie Mac. Freddie Mac publishes these average rates on Thursday of each week. The rates reported by Freddie Mac assume no points, excellent credit and at least 20% equity in the property being financed. Additionally, the rates may be up to a week behind current market rates.