USA Mortgage Rates Today: Compare Multiple Loan Products | Pennymac (2024)

Pennymac Correspondent Group

Pennymac Correspondent Group specializes in the acquisition of newly originated U.S. residential home loans from independent mortgage bankers, banks and credit unions.

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Pennymac TPO is committed to the wholesale channel, supporting Broker and Non-Delegated Correspondent Partners through our long-standing industry expertise and resources.

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USA Mortgage Rates Today: Compare Multiple Loan Products | Pennymac (5)

Equal Housing Opportunity © 2024 PennyMac Loan Services, LLC,
3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442.
NMLS ID # 35953. For licensing information, go to:
Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates.

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Notice at Collection for CA Residents

Arizona Mortgage Banker License # 0911088. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Massachusetts Mortgage Lender License # MC35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) & (4). Licensed by the N.J. Department of Banking and Insurance. Licensed Mortgage Banker-NYS Department of Financial Services. North Carolina Permit No. 119504607, 119505929, 119506567, 119506570, 119507419. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. For more information, review Pennymac's state licenses and important notices. Co-op loans not available. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. (06-2024)

This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac.

1Customers who have obtained a Pre-Approval from Pennymac prior to locking any Pennymac purchase loan get $1,000 applied as a discount off total closing costs and/or principal curtailment, subject to investor guidelines. Excludes Jumbo, refinance, third-party and in-process loans. Offer subject to change or cancellation without notice.

2In eligible fixed-rate purchase loan transactions, Pennymac will pay 1% of the note rate for the first 12 payments of the loan. This offer effectively reduces the rate of the loan by 1% for the first year of the mortgage. The payment of 1% by Pennymac will be accomplished through a custodial escrow account, to be funded by the lender-paid credit. The amount totaling the difference of 1% between the note rate and the temporary buydown rate will be dispersed to the escrow account, and the funds will be dispersed from the escrow account to the investor to account for the difference in interest during the buydown period (the first 12 months of the loan). The offer excludes VA, Jumbo, Closed-End Second and Adjustable-Rate Mortgages, refinance, investment property, third-party and in-process loans. The offer cannot be redeemed for cash or credit and is non-transferable. Occupancy restrictions may apply. Pennymac reserves the right to change or cancel the offer at any time, without notice. Additional restrictions or conditions may apply.

3Lock & Shop Program allows consumers with a purchase mortgage Pre-Approval from Pennymac to lock a rate prior to locating a property. The program requires a non-refundable fee of $595 due at the time of the rate lock. Consumers with a purchase mortgage Pre-Approval from Pennymac must meet appropriate underwriting conditions to obtain a mortgage loan. Consumers may choose between a 60-day, 75-day or 90-day lock period. Consumers must initiate a mortgage loan application for a specific property and be under purchase contract for the property at least 30 days prior to lock expiration in order to extend the locked rate. All rate lock extensions are subject to Pennymac’s standard rate lock extension fees. After the rate lock and subject to favorable market conditions, consumers may be eligible for a one-time reduction in rate once the loan application for a specific property has been initiated (0.50 % maximum reduction in interest rate allowed). Eligible loan products are Conventional Fixed, Conventional ARM, FHA Fixed and VA Fixed. Program excludes Jumbo, refinance, third-party and in-process loans. Program subject to termination in Pennymac’s sole discretion and without notice.

USA Mortgage Rates Today: Compare Multiple Loan Products | Pennymac (2024)


Are mortgage rates the same for all lenders? ›

Key Takeaways. Mortgage rates vary from lender to lender and based on the type of loan. Fixed-rate mortgages have the same interest rate for their entire term, while adjustable-rate mortgages can raise (or lower) their rates after a certain period of time.

Do different loans have different interest rates? ›

However, a lot depends on the specifics – exactly how much lower the interest costs are, and how much higher the monthly payments could be, depends on which loan terms you're looking at as well as the interest rate. Rates vary among lenders, especially for shorter terms.

What proportion of US mortgages are fixed rate? ›

About 40% of U.S. households have mortgages, of which 92% have fixed rates and the remaining 8% have adjustable rates. Fixed-rate mortgages have a set interest rate for the life of the loan, which must be paid on top of the principal loan amount.

What is the most popular mortgage product? ›

1. Conventional loan. Conventional loans, the most popular type of mortgage, come in two flavors: conforming and non-conforming. Conforming loans: A conforming loan “conforms” to a set of Federal Housing Finance Agency (FHFA) standards, including guidelines around credit, debt and loan size.

What type of mortgage loan has the lowest interest rate? ›

What type of home loan has the lowest interest rate? VA loans typically have the lowest interest rates. However, the VA program is only available to eligible service members and veterans. For non-VA buyers with strong credit, a conventional loan will typically offer the lowest rates.

How much do interest rates vary between lenders? ›

Lenders are usually within . 25 percentage points of each other. If one lender's rate stands out from all the others, it may be a misquote.

Which type of loan has the lowest interest rate? ›

Secured loans typically offer some of the lowest interest rates due to the collateral provided by the property. The loan is secured by the home, gold, or any vehicle, which reduces the risk for the lender.

Which type of loan has higher interest rates? ›

An unsecured loan requires no collateral. They usually have higher interest rates than secured loans because they are riskier for lenders. An installment loan or term loan is repaid with fixed payments over a set period. Revolving credit lets you borrow up to a predetermined credit limit.

Do mortgage companies have different rates? ›

Shopping for a mortgage is almost guaranteed to save you money because all mortgage companies offer different rates to different borrowers. And if you know what you're doing, it doesn't have to be difficult or time-consuming.

What is the highest mortgage rate ever in the US? ›

Interest rates reached their highest point in modern history in October 1981 when they peaked at 18.63%, according to the Freddie Mac data. Fixed mortgage rates declined from there, but they finished the decade at around 10%.

What is the US 30 year mortgage rate fixed? ›

Current mortgage and refinance interest rates
ProductInterest RateAPR
30-Year Fixed Rate6.96%7.00%
20-Year Fixed Rate6.80%6.85%
15-Year Fixed Rate6.47%6.54%
10-Year Fixed Rate6.32%6.40%
5 more rows

What is the average existing mortgage rate in the US? ›

Weekly national mortgage interest rate trends
30 year fixed6.96%
15 year fixed6.39%
10 year fixed6.29%
5/1 ARM6.52%

Who is the #1 mortgage lender in America? ›

1. Rocket Mortgage. Rocket Mortgage -- formally Quicken Loans -- has been the largest mortgage lender by number of originations for years. In 2022, Rocket Mortgage originated 464,363 mortgages worth $127.6 billion, giving it a 5.5% share of the market by origination.

Who had the best mortgage rate? ›

Lenders with the best mortgage rates:
  • JP Morgan Chase: 4.81%
  • DHI Mortgage Company: 5.58%
  • State Employees' Credit Union (SECU): 5.79%
  • Navy Federal Credit Union: 6.08%
  • Wells Fargo Bank: 6.12%
  • Citibank: 6.20%
  • Pennymac: 6.29%
  • Cornerstone Home Lending: 6.29%
Jun 12, 2024

What is the best mortgage to go with? ›

Bank of America is the best overall option for many existing homeowners and first-time homebuyers since they offer many fixed-rate, low-down-payment, and government-backed home loans.

Do different mortgage brokers have different interest rates? ›

In closing, mortgage rates CAN & DO vary significantly between mortgage lenders for several reasons. When you explore rates with us, you'll get clear answers, unbiased guidance, and transparent mortgage options so you can make an informed decision.

Will lenders match mortgage rates? ›

If you've chosen a preferred lender but they haven't offered the best interest rate, show the lender the quoted interest rate you've received from another lender and ask if they can match it or beat it. This could be especially effective if you are negotiating with a current lender of yours.

Does everyone get the same interest rate when buying a house? ›

Deposit and Loan Rates: Retail Banks

Loans and mortgages they offer may have rates that change based on several factors including their needs, the market, and the individual consumer. For example, someone with a lower credit score may be at a higher risk of default, so they pay a higher interest rate.

Do FHA interest rates vary by lender? ›

These loans typically have lower down payment and credit score requirements compared to conventional loans. FHA loan rates can vary by lender, though, so be sure to compare your options before submitting a mortgage application.

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