Real Rates. No Catch.
If you think our mortgage rates are good, you should see our fine print.*
The right way to mortgage.
On top of it from the start. We were impressed with their level of knowledge and professionalism. Upwell delivered a loan that personally fit our needs and we received a great interest rate.
Frequently Asked Questions
Answers to common questions about home mortgage rates.
Purchasing a home can seem overwhelming, with so many options and industry jargon. Take a few minutes to understand the various types of home loans so you can move forward with confidence. Our mortgage rates calculator will provide you with rates and loan types for your situation.
- Fixed Loans: A Fixed loan has an interest rate that does not change for the duration of the loan, so your mortgage principal and interest payments stay the same. Fixed loans typically come in terms of 10 years, 15 years, 20 years, 25 years, or 30 years.
- Adjustable Rate Mortgage (ARM) loans: There are numerous types of ARM loans, with the most popular having a fixed term for a specified number of years (such as 5, 7, or 10 years) and can then be adjusted each year thereafter, up or down based on an index.
- FHA Loans: These are mortgages guaranteed by the Federal Housing Administration. The required down payments are smaller with these loans.
- VA Loans: These loans make it easier for veterans of the U.S. armed forces, and sometimes their spouses, to buy homes. They don’t require a down payment and are guaranteed by the Department of Veteran Affairs.
- Jumbo Loans: Jumbo refers to a mortgage that’s too big for the Federal Government to purchase or guarantee. The current limit is defined by the county where the property is located.
Mortgage rates are driven by movements in the financial markets around the world. When the economy is going strong, bond prices drop, and rates increase. Conversely, when the economy retreats, interest rates will tend to fall.
View current mortgage rates for fixed-rate, FHA, and Jumbo mortgages and get custom rates.
To determine how much house you can afford, many experts agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt — that includes housing as well as things like student loans, car expenses, and credit card payments.
There are many types of home loans offering different terms and rates, some requiring lower down payments than others. Use this simple mortgage loan calculator to find out what your payments would be and help determine the maximum home price you feel comfortable with.
Typically, if you’ve never owned a home, you are considered a first-time home buyer. Additionally, if you have not owned a primary residence for the last three years, you may still be considered a first-time home buyer. There is maximum financing and flexibility for first time homebuyers, with as little as 3% down. FHA loans are very popular for first-time buyers due to low down payment requirements of 3.5%.
You can lock or float your interest rate at any time once you are in contract to buy a home and a closing date has been determined. Your loan officer will advise you and discuss options at the appropriate time.
*Additional lender fees:
$1295 UW/Admin ($0 for VA loans)
$775 typical appraisal fee (varies)
$0 origination, $0 credit report, $0 processing, $0 doc prep, $0 funding, $0 wire transfer, $0 flood certification.
Always scan the fine print for origination and/or other fees. When getting verbal quotes from lenders who don’t post rates, request they email a screenshot of their pricing to be sure it matches their verbal quote.
Some mortgage companies quote different rates based on how you were referred to them. Some of their rates also vary by loan officer and/or by branch. Upwell rates are consistent regardless of source.
Points are costs usually collected at closing for obtaining a specific rate and may be paid by the borrower or the home seller or may be split between them. Numbers appearing in brackets are credits – example ($2000).
APR=Annual Percentage Rate: A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
The APR includes the approximate cost of prepaid finance charges, including 10 days of prepaid interest, points associated with the rate displayed, and some third-party fees. It does not include other closing costs. Actual APRs for individual loans may differ. All loan applications are subject to credit and property approval. Sample payments shown include only principal and interest. Your interest rate will depend on specific characteristics of your transaction and your credit profile up to the time of closing. Adjustable Rate Mortgage (ARM) interest rates and payments are subject to change during the loan term. That change can increase or decrease your monthly payment. If your down payment or equity is less than 20%, mortgage insurance will be required, which will increase the monthly payment. Assumes no other loans or liens on subject property. Property and/or flood hazard insurance may be required. Maximum loan limits may apply. Additional rates and programs are available.
Hazard insurance is required, and flood insurance may be required if the property is located in a flood zone. Payments do not include amounts for property taxes and insurance premiums. Actual payments may be higher.
This rate sheet is not a credit decision or a commitment to lend and your rate will depend on various factors including your type of loan, credit profile, property value, occupancy, loan size, etc. Rates and product availability may also vary based on the State or region in which your financed property is located. Offer is subject to normal credit qualifications. Rates are subject to change. Consult your tax advisor regarding the deductibility of interest. Some restrictions may apply.