Mortgage Rates

April 30, 2016 05:01 AM Eastern

Refinance rates now in Ashburn, VA[Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,260
Lender Credit $0
Total Closing Fees* $2,260
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
BNC National Bank
30 Year Fixed
Interest Rate
3.375%
APR
3.498%
Monthly Payment
$885
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $3,047
Lender Credit $0
Total Closing Fees* $3,047
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.770%
Monthly Payment
$1,334
BNC National Bank
15 Year Fixed
Interest Rate
2.500%
APR
2.770%
Monthly Payment
$1,334
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $3,759
Lender Credit $0
Total Closing Fees* $3,759
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.625%
APR
2.800%
Monthly Payment
$1,346
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $2,444
Lender Credit $0
Total Closing Fees* $2,444
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews

5/1 ARM

Interest Rate
2.500%
APR
3.357%
Monthly Payment
$791
BNC National Bank
5/1 ARM
Interest Rate
2.500%
APR
3.357%
Monthly Payment
$791
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $3,721
Lender Credit $0
Total Closing Fees* $3,721
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,612
Lender Credit $0
Total Closing Fees* $2,612
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

Monthly | Daily

Mortgage Rate Lock Recommendation

April 29 2016
  •   Lock if closing in 7 days:
    Rates may be heading up
  •   Lock if closing in 15 days:
    Rates may be heading up

Outlook

Mortgage rates might rise again today after recent falls, judging by early trends in global markets. However, those trends have been particularly unstable and unpredictable over the last 48 hours or so, and there are even fewer certainties in that forecast than usual. Still, were we buying a home in April or May, we would err on the side of caution and lock our rate if we were having to close within 15 days, but would float it if we had longer to wait. You may legitimately prefer to gamble on further falls. Read on for more.

Today

The sole market-moving report of domestic economic data published this morning concerned personal income and outlays in March. This report breaks down into three key components, all of which are expressed as month-over-month changes:

  1. Personal income – These rose +0.4 percent in March. They'd increased +0.2 percent in February, and many analysts had expected to see a +0.3 percent rise this morning, according to Econoday. So today's number is good. The Bureau of Labor Statistics expanded on the news, saying, "Compensation costs increased 0.6 percent for civilian workers, seasonally adjusted, from December 2015 to March 2016."
  2. Consumer spending – This rose +0.1 percent, the same as February's change, but a shade below the analysts' consensus forecast of +0.2 percent. That's only a little disappointing.
  3. Core personal consumption expenditures (PCE) price index – This rose +0.1 percent in March, again the same as the previous month, but also this time in line with analysts' expectations. This is especially important because it's one of the key indicators considered by the Federal Reserve when it's deciding its interest rate policies. So no surprises there.

Like yesterday, major stock-market indexes around the world were almost all down earlier today, though only those is Tokyo were sharply lower. About 20 minutes after opening, the Dow Jones industrial average was down too, by -0.5 percent. At about 9:35am (ET), crude oil prices stood at $46.65/barrel, which compares with the $45.49/barrel seen at roughly the same time yesterday.

Meanwhile, at about 9:45am (ET), yields on 10-year U.S. Treasury bonds, which are usually closely tied to mortgage rates, were higher, though not sharply so. They'd been lower earlier in the morning, suggesting turbulence in this market. While those yield trends on those bonds at that time of the morning frequently turn out to be accurate predictors of the direction of travel for the day's mortgage rates, they slow, accelerate or reverse sufficiently often that they can't be relied upon as a basis for making important financial decisions.

Recent Mortgage Rates

Average rates for 30-year fixed-rate mortgages (FRMs) fell 5 basis points (a basis point is one-hundredth of 1 percent) yesterday, according to Mortgage News Daily. That outcome looked unlikely this time yesterday, which illustrates just how unpredictable movements in mortgage rates currently are.

The average rate nationwide for a 30-year FRM during the week ending April 28 was 3.66 percent with an average 0.6 point, according to Freddie Mac's latest weekly survey, published yesterday. It was 3.59 percent during the week ending April 21, and 3.58 percent seven days before that. This time last year, the average 30-year FRM came in at 3.68 percent.

Freddie Mac's chief economist Sean Becketti commented in a statement that accompanied yesterday's data:

Treasury yields marched higher this week. As a result, the 30-year mortgage rate jumped 7 basis points to 3.66 percent. The Federal Reserve's decision to leave the Federal funds rate unchanged triggered a 9 basis point drop in the 10-year Treasury yield on Wednesday, however the drop occurred too late to impact this week's survey.

Your Dilemma

Although the high volatility seen earlier in the year seems to have largely evaporated, the last week suggests it may not have disappeared altogether. And there's certainly still a chance of sharpish movements today. In any event, there's always a risk in choosing to float or lock your rate. True, there are opportunities for rewards if rates fall, but there is also a continuing danger of being trapped in an upward cycle that doesn't end before you have to lock.

So those who are cautious may wish to lock today, trading the possibility of further falls in rates for the security of fixing what should still be an exceptionally good mortgage deal in historical terms. Those who like to gamble might prefer to wait awhile before locking, hoping there will be further falls ahead. Only you can decide on the risk with which you personally are comfortable.

The Bigger Picture

Unlike most other interest rates, those for mortgages (except ones for existing adjustable-rate mortgages) are largely determined by the supply of money into the market from investors and the demand for such loans from consumers. That supply is heavily affected by the amount of risk investors are prepared to sustain in their portfolios. When spooked by economic uncertainty they tend to buy safer assets, including mortgage securities, which can result in an increased supply of product (cash) that drives down the price (rates). When they're more confident, they tend to invest in riskier but more profitable assets, which reduces the supply of money for loans and drives up rates. A second influence is how inflation rates are likely to move over the long term, but that tends to be a less important factor in daily and short-term movements. None of this is to suggest the Federal Reserve doesn't influence mortgage rates; merely that it does so only indirectly.

The relationship between 10-year Treasury bonds and mortgage rates is more complicated. Investors generally view those bonds and mortgage securities as similarly secure havens for their money when they're spooked – with the bonds the safer of the two. That means they tend to buy or sell both at the same time, depending on their level of confidence in the U.S. and global economies. Usually, the relationship between 10-year bond yields and mortgage rates is surprisingly close, though sometimes they drift apart a little.

Why do yields fall when prices for Treasuries rise? It's because you're buying a fixed return on your investment, and the more you pay for the right to that fixed amount of money, the lower the yield you're going to get. That's a mathematical inevitability.

The Longer Term

In its latest (April) Housing Forecast, Fannie Mae predicts the rate for 30-year FRMs will average 3.7 percent throughout 2016, inch up to a 3.8 percent average for the first three quarters of 2017 and go on to 3.9 percent during the last quarter of next year. As recently as January, Fannie was predicting that rate would average 4.1 percent in the current and third quarter, and 4.2 percent in the last quarter of 2016. You may prefer to see the newer numbers as a sign of how difficult it is to forecast rates in a challenging economic environment, rather than as a reliable guide to the future.

Freddie Mac's economists are less optimistic. Last Friday, they predicted, "After lowering the forecast for subsequent quarters by a tenth of a percent, expect rates to average 4 percent in 2016." And CoreLogic seems to concur. Last week, it published its monthly MarketPulse report, and, referring to the influences that are depressing mortgage rates, its chief economist Dr. Frank Nothaft wrote, "These forces will likely be temporary, and long-term interest rates are expected to gradually move higher in the second half of this year."

What Does it Mean to "Lock" Your Mortgage?

"Locking" your mortgage means that you and your lender have agreed on an interest rate and price for your home loan. Once your loan is locked, that's the rate and price you get, regardless of what happens in the financial markets. If rates go up, you're protected but if rates go down, you won't benefit either -- you close your loan at the rate you've locked and you can’t change it. Locks have expiration dates ranging from 30 to 60 days or more, and the longer your lock period, the more it costs. If you don't close your loan on time, you could end up paying a higher interest rate.

When Should You Lock?

You can lock in your loan at any time during the process. Until you lock your interest rate, you are said to be "floating" your mortgage. The only rule is that you have to lock in before you can close on your purchase or refinance.

The decision to lock or float your loan can have a long term impact so it’s important you make the right choice. That’s why we offer a quick rundown of the key factors that drive mortgage rates today and everything you need to know.

Mortgage Rates by State

Mortgage rates can vary a lot between lenders on any given day. So, if you only get one mortgage quote, you won't have any idea if there's a better deal out there. That's why the best way to get a mortgage rate it to request quotes from multiple lenders and compare interest rates, loan terms and closing costs. It puts you on in charge and keeps the banks competing to get you the best rate possible. Remember, even .1 percent can amount to thousands of dollars over the course of a loan. Make sure you shop around!

Find Rates In Your State
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