There are too many factors involved (which we do not know in this example) to provide a concrete answer. It can depend on a lot of factors, such as: amount of loan (e.g. conventional loan under $417,000 or jumbo loan over $417,000), loan program (e.g. conventional, FHA, VA, etc.), whether you pay points, borrowers' credit score, etc. My suggestion would be to get quotes from multiple lenders (or work with a mortgage broker who can get multiple quotes for you without you having to do all of the leg work) and figure out which overall loan package is best for your situation. For example, you may get one quote that has a 3.75% rate for 30-years versus a quote that has a 3.5% rate for 30-years but requires you to pay 1 point to get the lower rate. Depending on how long you plan to stay in the home and taking into account other factors, paying the points for the lower rate may be the better way to go, or the 3.75% with no points might be better. Essentially, you cannot simply look at the rate alone. You must consider all other aspects of the loan to figure out what loan will suit you best. That being said, if you were locking in a rate today with excellent credit, independent of some other factors, you could probably expect to find rates somewhere between 3.75% and 4.25% for a 30-year fixed rate loan and probably around 3.0% to 3.25% for a 15-year fixed rate loan. Hope this helps and best of luck.
It depends on your credit score, term of the mortgage and how much you put down. If you are looking at banks, it might help to also ask a mortgage broker. There may be differences between the two so it is a good idea to shop around.
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