| RATE TYPE | RATE/APR | POINTS/CREDITS | PER MONTH |
|---|---|---|---|
15-YEAR FIXED
|
2.625%2.625% |
|
1,884
|
20-YEAR FIXED
|
3.125%3.125% |
|
1,570
|
30-YEAR FIXED
|
3.25%3.25% |
|
1,219
|
25-YEAR FIXED
|
3.25%3.25% |
|
1,364
|
Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.
One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).