Mortgage Center - Residential Real Estate

Current Interest Rates*

Mortgage Calculator with Amortization Schedule

*NOTE: The interest rates above are based on national averages provided by BankRate.com and are for estimating purposes only.  The actual interest rate you      may qualify for will be subject to a variety of factors including your individual     credit score, income level, property type and location, etc. 

A "Jumbo Mortgage" is one in which the loan amount is above the Fannie Mae and Freddie Mac "conforming" loan limit.  For 2007, any conventional loan (non FHA or VA) for a single-family residence that exceeds $417,000 is considered a "non-conforming" loan and will be subject to a "jumbo" loan interest rate.

The acronym ARM stands for "Adjustable Rate Mortgage" which means the interest rate quoted is only applicable for a set number of years, afterwhich the interest rate adjusts to a rate determined by prevailing interest rates.  The rate for a 5/1 ARM at 6.0%, for example, will be 6.0% for 5 years and will adjust to a different rate after that time.  

For additional definitions of terms related to real estate financing transactions, please refer to the Glossary.