A 30 year mortgage rate is available at 6.375% for borrowers with credit scores over 740. The mortgage is a 5/1 Arm which means the initial rate is fixed for 5 years and adjusts annually on the 6th through 8th years if you have not paid it off or refinanced. It has a lifetime cap of 6%. In other words if you had the loan 8 years the maximum rate would be 6% higher. It adjusts 2% annually starting on the 61st month. However it is fixed for 5 years at the low rate of 6.375% for borrowers who qualify. The APR is 6.43%. To apply call 414-416-9194.
A 30 year fixed was at 6.625% today.
APR 6.73%
Mortgage rates have trended higher recently. No one knows where they will be in the future.
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