Residential
Mortgage Rates

Residential Mortgage Rates – Annual Percentage Rate (APR)

See our Financial Calculators

* The introductory APR for the 3/1 ARM will be determined at the time of loan approval based on your FICO score. The introductory rate expires after 36 months. After the introductory period, the APR is determined by adding a margin of 2.75% to the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year, but with a floor of the introductory rate. The floor for a recent Rate as of October 27, 2023 was 6.750%, for applicants with FICO scores of at least 700. The APR is subject to change after consummation and may change annually after the first three years. Add .500% to Rate to arrive at a Floor of 7.250% for investment properties, for applicants with FICO scores of at least 700.

** The introductory APR for the 5/1 ARM will be determined at the time of loan approval based on your FICO score. The introductory rate expires after 60 months. After the introductory period, the APR is determined by adding a margin of 2.75% to the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year, but with a floor of the introductory rate. The floor for a recent Rate as of October 27, 2023 was 7.000%, for applicants with FICO scores of at least 700. The APR is subject to change after consummation and may change annually after the first five years. Add .500% to Rate to arrive at a Floor of 7.500% for investment properties, for applicants with FICO scores of at least 700.

*** The introductory APR for the 7/1 ARM will be determined at the time of loan approval based on your FICO score. The introductory rate expires after 84 months. After the introductory period, the APR is determined by adding a margin of 2.75% to the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year, but with a floor of the introductory rate. The floor for a recent Rate as of October 27, 2023 was 7.500%, for applicants with FICO scores of at least 700. The APR is subject to change after consummation and may change annually after the first seven years. Add .500% to Rate to arrive at a Floor of 8.000% for investment properties, for applicants with FICO scores of at least 700.

****Actual APR will be determined at the time of loan approval based on your FICO score.

Conforming Loans are up to $510,400.00; Jumbo Loans are up to $1,500,000.00. Rates can be locked for 60 days. Add .50% to interest rate for Investment properties. Property must be zoned residential to qualify for these rates.

Examples:  
A 30 year 3/1 ARM loan of $10,000 at an interest rate of 6.750% and a fully indexed rate of 7.625% would require an initial 36 monthly payments of $64.86 and 324 payments of $70.41.

A 30 year 5/1 ARM loan of $10,000 at an interest rate of 7.000% and a fully indexed rate of 7.625% would require an initial 60 monthly payments of $66.53 and 300 payments of $70.33.

A 30 year 7/1 ARM loan of $10,000 at an interest rate of 7.500% and a fully indexed rate of 7.625% would require an initial 84 monthly payments of $69.92 and 276 payments of $70.65.

A 30 year fixed rate loan of $10,000 at an interest rate of 8.750% and an APR of 9.200% would require 360 monthly payment of $78.67.

A 15 year fixed rate loan of $10,000 at an interest rate of 8.000% and an APR of 8.674% would require 180 monthly payments of $95.57.

* Payments do not include the amounts for taxes and insurance premiums. The actual payment will be greater.

Examples above assume a down payment of 20%

 

Fees and Costs

Appraisal $450.00
Credit report $24.09 per applicant
Documentation Preparation Fee $300.00
Flood Certification Fee $12.00
Tax Service Fee $81.00

**Call Us** for appraisal fees for Jumbo Loans

Loan information is provided to assist in evaluating alternatives only and does not constitute an offer to extend credit.

Rates are subject to change without notice.  Rates effective as of October 27, 2023.

ParkeBank, NMLS #462925

Loans subject to credit approval.

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