Read The Latest About Rates
Search Our Learning Center5-Minute Read
How The Federal Funds Rate Affects Mortgage Rates
6-Minute Read
How A Fed Rate Drop Affects Home Buyers And Sellers
4-MINUTE READ
Should I Lock In My Mortgage Rate Today?
7-MINUTE READ
How Are Mortgage Rates Determined?
5-Minute Read
How The Federal Funds Rate Affects Mortgage Rates
6-Minute Read
How A Fed Rate Drop Affects Home Buyers And Sellers
4-MINUTE READ
Should I Lock In My Mortgage Rate Today?
7-MINUTE READ
How Are Mortgage Rates Determined?
Current Rates
Get the right rate for you. All of you.
You’re more than a rate.
Nice to meet you.
What are your plans?
Here are your options.
How lower rates can help home buyers.
Discount Points
Temporary Buydown
Disclaimer 1
The 2-1 temporary buydown offer is funded by Rocket Mortgage. Clients will receive an effective rate reduction of 2% below the note rate in the first year and 1% below the note rate in the second year. Offer only valid on HomeReady® or Home Possible® loans. Maximum loan amount of $350,000. Buydown funds may not be redeemed for cash or credit and are nontransferable. This offer cannot be retroactively applied to any loans in process or closed loans. Offer is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend.
The payment on a $350,000 Home Ready or Home Possible loan at 6.99% is $2,326.21. The annual percentage rate (APR) is 7.399% and the loan-to-value ratio (LTV) is 95% for the cost of .5 points ($1,750) due at closing. One point is equal to one percent of the loan amount. Year 1 with 2% buydown the payment is $1876.74 and Year 2 with 1% buydown the payment is $2,096.18. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of August 20, 2024. Some state and county maximum loan amount restrictions may apply.
Affordable Loans
Rates won’t go much lower. What’s next?
Cash-Out Options
Change Your Rate, Payment Or Term
Sell Your Home And Buy Another
You’re more than a rate.
Nice to meet you.
What are your plans?
Here are your options.
What determines your mortgage rate?
Credit Score
Debt-To-Income Ratio
Market Conditions
Terms To Know
What’s an interest rate?
What’s APR?
Annual percentage rate is interest rate with the fees to process your mortgage added on.
What’s a fixed-rate mortgage?
Who’s The Fed?
The payment on a $350,000 Home Ready or Home Possible loan at 6.99% is $2,326.21. The annual percentage rate (APR) is 7.399% and the loan-to-value ratio (LTV) is 95% for the cost of .5 points ($1,750) due at closing. One point is equal to one percent of the loan amount. Year 1 with 2% buydown the payment is $1876.74 and Year 2 with 1% buydown the payment is $2,096.18. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of August 20, 2024. Some state and county maximum loan amount restrictions may apply.