Mortgage Loans

Federal Funds Rate - Trends & Analysis:

Today’s Fed Funds Effective Rate is 3.75%, unchanged from 1, 7, 30, 60, 90, and 180 days ago. It is lower than one year ago when it was 4.50%. When the Fed Funds rate is higher, mortgage rates often face upward pressure because lenders’ borrowing costs increase.

Credit Union Loan Rates - Trends & Analysis:

Gardensavings-Federal-Credit-Union offers a 15-year conventional fixed rate today at 5.875%, down 38 bp from last week. The 30-year conventional fixed rate is 6.25%, also down 50 bp from last week. These rates have improved since early June, making it a good time to consider these loan options. Altura offers a 15-year Conventional Fixed at 5.75%, down 13 bp from a week ago, and a 30-year Conventional Fixed at 6.624%. Their 30-year Jumbo Fixed is 6.5%, unchanged from last week but down 13 bp from a month ago. The 5-year ARM is 6.25%, down 25 bp from last week and the 7-year ARM is 6.25%, down 13 bp from last week and 75 bp from a month ago.

Schoolsfirst offers a 15-year conventional fixed rate today at 5.625% and a 30-year conventional fixed rate at 6.375%. The 15-year conventional refinance rate is 5.75%, up 13 bp from a week ago. The 30-year conventional refinance and FHA 30-year fixed rates are both 6.5% and 6.375%, respectively, with the refinance rate up 13 bp from last week and the FHA rate down 13 bp from 30 days ago. The jumbo 30-year fixed rate is 6.375%, down 13 bp from 30 days ago. Wings Financial offers a 15-year conventional fixed rate today at 5.875%, up 25 bp from a week ago. Their 30-year conventional fixed rate is 6.625%, rising 13 bp over the same period. The 30-year jumbo fixed rate matches the conventional at 6.625%, also up 13 bp. Adjustable rates include a 5-year ARM at 5.375% and a 7-year ARM at 5.75%, which increased 13 bp in the last week.

Broadview offers a 15-year conventional fixed rate at 6.125%, up 25 bp from a week ago, and a 30-year conventional fixed at 6.75%, also up 25 bp. The 30-year FHA fixed rate is 6.25%, rising 13 bp in the last week. Adjustable rates include a 5-year ARM at 5.75%, up 25 bp, and a 7-year ARM at 6.125%, up 13 bp. The 10-year ARM stands at 6.625%, up 13 bp from last week. Landmark offers a 15-year conventional fixed rate today at 6.25%, up 13 bp from a week ago. Their 30-year conventional fixed rate is 6.875%, also up 13 bp over the last week. FHA 3-year ARM is 5.875%, rising 13 bp in seven days. The 5-year ARM is 6.25%, and the 7-year ARM is 6.5%, each up 13 bp from last week.

Community 1St offers a 15-year conventional fixed rate at 5.99%, up 12 bp from a week ago, and a 30-year conventional fixed at 6.375%, up 13 bp for both 7 and 30 days. The 15-year conventional refinance is 5.875%. Veterans can get a 30-year VA fixed at 6.25%, unchanged from a week ago but up 13 bp from 30 days prior. Adjustable rates include 3-, 5-, 7-, and 10-year ARMs ranging from 6.0% to 6.375%, each up 13 bp over the past 30 days. Langley offers a 15-year Conventional Fixed at 5.75% and a 30-year Conventional Fixed at 6.375%, up 50 bp from a week ago. Their 30-year Conventional Refi is 5.903%, up 28 bp. FHA 30-year Fixed is 6.625%, up 25 bp, and VA 30-year Fixed is 6.5%, also up 25 bp. The 5-year ARM is 6.0%, up 13 bp.

Mid-Hudson Valley shows a 15-year conventional fixed rate today at 5.875%, up 13 bp from last week. The 30-year conventional fixed rate remains steady at 6.625%. For 15-year conventional refinance, the rate is 5.875%, up 13 bp from last week and 25 bp from a month ago. The 30-year conventional refinance rate is 6.625%, up 13 bp from last week and 13 bp from a month ago. A+ offers a 15-year Conventional Fixed at 5.99%, up 12 bp from last week. Their 30-year Conventional Fixed and Jumbo Fixed rates are both 6.375%, unchanged from last week but down 13 bp from a month ago. The 5-year ARM is at 6.0%, up 13 bp from last week. The 10-year ARM is 6.125%, down 13 bp from a month ago.