What follows is a sample of today’s rates for a 30 year fixed rate conventional mortgage. The APR is effected by loan size, and so will be higher for a smaller loan and lower for a larger loan. This is not an offer to lend. Rates are also effected by loan to value, FICO scores, property usage, second mortgages, and whether or not cash is being withdrawn.
So what fictional borrower can rely on these rates? Someone with all of these: a 780 credit score, borrowing exactly $250,000, 20% minimum equity in a single family home that they occupy, and who can prove that they have income to support qualifications. Total closing costs are: $3,900, representing a fixed fee of $2,000 plus 1,900 in closing costs.
| Rates | APR | Payment | Net Closing Costs** |
| 4.750% | 4.970% | 1,304.12 | 6,245.00 |
| 4.875% | 5.031% | 1,323.02 | 4,407.50 |
| 5.000% | 5.122% | 1,342.05 | 3,447.50 |
| 5.125% | 5.231% | 1,361.22 | 2,970.00 |
| 5.250% | 5.288% | 1,380.51 | 1,052.50 |
| 5.375% | 5.360% | 1,399.93 | 430.00 |
**Negative numbers indicate that this is a no-cost loan. Since D. White’s revenue is limited to $2,000 there is some excess Yield Spread that can be applied towards interest, principal, insurance, taxes, hats, or towards any other use that the borrower wishes.Net closing costs are calculated as Gross costs less Yield Spread Credit equals Net Closing Costs.Or, Gross closing costs plus loan discount equals Net Closing Costs.”
