| RATE TYPE | RATE/APR | POINTS/CREDITS | PER MONTH |
|---|---|---|---|
15-YEAR FIXED
|
2.875%2.875% |
|
1,917
|
20-YEAR FIXED
|
3.25%3.25% |
|
1,588
|
30-YEAR FIXED
|
3.375%3.375% |
|
1,238
|
25-YEAR FIXED
|
3.375%3.375% |
|
1,383
|
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).