Mortgage Rates

August 1, 2015 03:47 AM Eastern

Refinance rates now in Seattle, WA[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
3.573%
Monthly Payment
$884
Smarter Mortgages
30 Year Fixed
Be the first to write a review.
NMLS: 104234
Interest Rate
3.375%
APR
3.573%
Monthly Payment
$884
(855) 610-2935 Contact
Smarter Mortgages
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 $884
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $884
Lender Fees $4,875
Lender Credit $0
Total Closing Fees* $4,875
*Other 3rd party fees may apply
Smarter Mortgages
Email Lender

About the Lender

An INC 5000 Company for the Past Four Years! At Smarter Mortgages, we've centralized the entire mortgage process from start to finish. Unlike traditional banks or brokers who must send your applications to several different locations for approval and closing, we have every step located under one roof. This allows us to provide a consistent process, lower costs, and greatly reduce the possibility of errors or delays. Our licensed Mortgage Managers are located beside our entire operations team and have access to our underwriters, loan committee and management team. This is not the industry norm, however, we feel that there must be open and timely communication to ensure quick decisions and one time closings.
Smarter Mortgages
Email Lender Write a Review

Lender Reviews

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Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.625%
APR
3.732%
Monthly Payment
$913
(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 $913
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $913
Lender Fees $2,616
Lender Credit $0
Total Closing Fees* $2,616
*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

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews

15 Year Fixed

Interest Rate
2.750%
APR
2.912%
Monthly Payment
$1,358
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.750%
APR
2.912%
Monthly Payment
$1,358
(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 $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $2,250
Lender Credit $0
Total Closing Fees* $2,250
*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

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews
Smarter Mortgages
15 Year Fixed
Be the first to write a review.
NMLS: 104234
Interest Rate
2.625%
APR
2.913%
Monthly Payment
$1,345
(855) 610-2935 Contact
Smarter Mortgages
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 $1,345
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,345
Lender Fees $4,000
Lender Credit $1,250
Total Closing Fees* $2,750
*Other 3rd party fees may apply
Smarter Mortgages
Email Lender

About the Lender

An INC 5000 Company for the Past Four Years! At Smarter Mortgages, we've centralized the entire mortgage process from start to finish. Unlike traditional banks or brokers who must send your applications to several different locations for approval and closing, we have every step located under one roof. This allows us to provide a consistent process, lower costs, and greatly reduce the possibility of errors or delays. Our licensed Mortgage Managers are located beside our entire operations team and have access to our underwriters, loan committee and management team. This is not the industry norm, however, we feel that there must be open and timely communication to ensure quick decisions and one time closings.
Smarter Mortgages
Email Lender Write a Review

Lender Reviews

Be the first to write a review. See All Reviews

5/1 ARM

Interest Rate
2.250%
APR
2.866%
Monthly Payment
$764
Smarter Mortgages
5/1 ARM
Be the first to write a review.
NMLS: 104234
Interest Rate
2.250%
APR
2.866%
Monthly Payment
$764
(855) 610-2935 Contact
Smarter Mortgages
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 $764
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $764
Lender Fees $2,125
Lender Credit $750
Total Closing Fees* $1,375
*Other 3rd party fees may apply
Smarter Mortgages
Email Lender

About the Lender

An INC 5000 Company for the Past Four Years! At Smarter Mortgages, we've centralized the entire mortgage process from start to finish. Unlike traditional banks or brokers who must send your applications to several different locations for approval and closing, we have every step located under one roof. This allows us to provide a consistent process, lower costs, and greatly reduce the possibility of errors or delays. Our licensed Mortgage Managers are located beside our entire operations team and have access to our underwriters, loan committee and management team. This is not the industry norm, however, we feel that there must be open and timely communication to ensure quick decisions and one time closings.
Smarter Mortgages
Email Lender Write a Review

Lender Reviews

Be the first to write a review. See All Reviews
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.500%
APR
3.015%
Monthly Payment
$791
(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 $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $2,868
Lender Credit $0
Total Closing Fees* $2,868
*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

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
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

July 30 2015
  •   Lock if closing in 7 days:
    Rates may be heading up
  •   Lock if closing in 15 days:
    Rates may be heading up
  •   Lock if closing in 30 days:
    Rates may be heading up

Today's economic news is dominated by publication of the second quarter's GDP figure, which showed America growing at an annualized rate of 2.3 percent during that period. The annualized rate for the first quarter was revised up to +0.6 percent from the previously thought -0.2 percent, meaning there was no recession during the first three months of 2015. While positive, the second quarter result was at the lower end of expectations, so is unlikely in itself to have a large effect on mortgage rates. Meanwhile, new weekly jobless claims were better than anticipated at 267,000, up from 255,000 seven days ago. That rise was no surprise, given last week's number was the lowest in 42 years.

Some analysts this morning were suggesting that, taken together, these data might increase the likelihood of the Federal Reserve hiking its interest rates in September rather than waiting until later in the year, a belief that might edge mortgage rates up today. The Federal Open Markets Committee (FOMC), which is responsible for setting the Fed's rates, met Tuesday and yesterday, and its post-meeting statement suggested it saw a succession of these sorts of numbers as a trigger for action.

Regular readers will know the importance of 10-year U.S. Treasury bonds to the mortgage market. These compete for the same investors' money and fulfill similar roles in investment portfolios, which is why their yields and rates shadow each other closely: when one goes up or down, the other almost always does the same. Yesterday, those bond yields inched up for the second consecutive day, closing at 2.29 percent, compared with 2.26 percent the day before. Yields rose further this morning on the GDP and employment news, but by about 10:00 a.m. ET, were falling, though slowly.

The reason for that so-far very slight fall isn't immediately apparent. Although the Shanghai Composite Index closed very slightly lower, after gaining 3.4 percent yesterday, the Chinese stock market crisis seems to have gone away again -- at least for now. At the time of writing, it seems probable these yields will drift up and down during the day, and close roughly where they started.

Freddie Mac published its weekly mortgage rate survey this morning, and the average rate for a 30-year fixed-rate mortgage during week ending July 30 was 3.98 percent with an average 0.6 point. The same rate averaged 4.04 percent during week ending July 23, and 4.09 percent seven days before that. Seeing that particular rate beginning with a "3" again, after six weeks when a "4" was in that spot, will surprise some. In a statement, Freddie chief economist Sean Becketti explained what readers of this rate lock recommendation already know:

Monday's 8 percent decline in Chinese stock prices triggered similar -- though smaller -- sell-offs in global equity markets. The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. Accordingly, 30-year fixed-rate mortgages fell 6 basis points to 3.98 percent. The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part. With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks.

Forecasting the direction of mortgage rates is difficult at the best of times. Something that might be expected in some circumstances to push both them and bond yields up can in others exert a downward force, as is happening this morning — and vice versa. Those forecasts are especially perilous when the future prospects of economies around the world (and at home!) are so hard to judge. However, absent more shock developments, few expect large changes in mortgage rates within the scope of these rate lock recommendations.

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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