Current Mortgage Refinance Rate : Cheap Rocket Mortgage Today

Rocket Mortgage offers many different types of home loans including conventional, jumbo, and mortgages backed by the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA).

What Is Rokcet Mortgage

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Loan

today, May 3rd, 2022, the current average mortgage rate on the 30-year fixed-rate mortgage is 5.363%

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the average rate for the 15-year fixed-rate mortgage is 4.469%, and the average rate on the 5-year adjustable-rate mortgage (ARM) is 3.68%

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basically prepaid interest that reduces the interest rate on your mortgage. One discount point costs 1% of the loan amount, and will usually drop the interest rate by 0.25%.

Discount Point

Rocket mortgage Refinance

The impact of a 0.25% change in the interest rate depends on the loan amount, the term and the interest rates.

To illustrate, let's look at a $250,000 mortgage with a 30-year term, and the differences in payment between an interest rate of 4% and a rate of 4.25%.

the monthly principal and interest cost $1,193.54. At 4.25%, the monthly principal and interest cost $1,229.85.

Refinance Rocket mortgage

Mortgage lenders use credit scores to evaluate risk. Higher scores are seen as safer.

Paying a larger percentage of the home's price upfront reduces the amount you're borrowing and makes you seem less risky to lenders

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