Today's Mortgage Rates
Take the next steps in achieving your homeownership goals. Explore today's mortgage rates and compare loan options.
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Today's Rates By Loan Type
Conventional Fixed Rate Products
A Fixed-Rate Mortgage offers an interest rate that remains the same for the entire duration of the loan. As a result, your principal and interest (P&I) payments will be consistent throughout the life of the loan. However, if you have an escrow account for property taxes and insurance, your total monthly payment may fluctuate depending on changes in those costs.
Jumbo Fixed Rate
A 30-Year Jumbo Fixed Rate Mortgage is a loan designed for amounts that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are considered "non-conforming" because they don't meet the requirements for purchase by Fannie Mae or Freddie Mac. The conforming loan limits are typically updated each year.
With a 30-Year Fixed Rate Mortgage, your interest rate remains constant for the entire 30-year term of the loan. This means your monthly principal and interest (P&I) payments will stay the same over time, providing stability and predictability. However, if your loan includes an escrow account for property taxes and insurance, your total monthly payment may vary based on changes in those costs.
If you have questions or want to learn more about the details of a Jumbo Fixed Rate Mortgage, including eligibility and loan options, feel free to speak with a Mortgage Loan Originator.
Adjustable Rate Mortgage
An Adjustable-Rate Mortgage (ARM) offers an interest rate that can change periodically based on market conditions. This means your principal and interest (P&I) payments may fluctuate over time. Initially, you may have a lower rate compared to a fixed-rate mortgage, but the rate could increase or decrease after the introductory period. If you have an escrow account for property taxes and insurance, your total monthly payment may also vary depending on changes in those costs.
Definitions
Adjustable Rate Mortgages (ARMs) are loans with interest rates and payments that can increase after the initial period. The interest rate is linked to a market index that fluctuates over time. After a fixed-rate period, the rate adjusts periodically based on the market index plus a margin. Rate caps limit how much the interest rate can change at each adjustment and over the life of the loan. However, these adjustments can still lead to significant changes in the monthly mortgage payment.
The Annual Percentage Rate (APR) represents the true cost of a loan, including not just the mortgage rate, but also factors such as closing costs, discount points, and other fees associated with the loan.
An Escrow Account is set up at closing to hold funds for insurance premiums and property taxes. Borrowers make monthly payments toward these expenses along with their mortgage principal and interest, and the lender disburses the funds from the escrow account to cover the insurance and tax bills.
Fixed-Rate Mortgages have an interest rate that remains the same throughout the life of the loan. The monthly payment for principal and interest (P&I) will not change.
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Horizon Bank
502 Franklin Street
Michigan City, IN 46360
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.