VA loan current mortgage rates and conventional rates as of 27 JUN 2022 Navy Federal

[GON]

What am I missing here? For informational purposes only, I went to Navy Federal Credit Union's website and checked out their VA loan mortgage rates. They seemed about a percent or more less than what I am seeing on the open market. Often VA rates are a bit higher than the open market. The NAVFED website states rates are as of today 27 JUN 2022. NAVFED conventional rates seem ok also.

Five percent is not anything to do cheetah flips over, but not a brutal rate.

VA Mortgage Rates2​

Payment Examples3

Term	Interest Rates As Low As	Discount Points	APR As Low As
15 Year	4.500%	0.750	5.216%
30 Year	4.625%	1.000	5.067%

Rates as of Jun 27, 2022 ET.

The interest rate above shows the option of purchasing discount points to lower a loan's interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don't always have to be round numbers. Purchasing 1.5 points would cost $4,500 on a $300,000 mortgage.

Rates displayed are the "as low as" rates for purchase loans and refinances.

NAVFED Conventional rates as of today Monday 27 JUN 2022:

Rates1​

Payment Examples2

Term	Interest Rates As Low As	Discount Points	APR As Low As
15 Year	4.750%	0.750	5.017%
15 Year Jumbo	4.750%	0.750	5.017%
30 Year	5.125%	1.000	5.305%
30 Year Jumbo	4.875%	1.000	5.052%

 

[BMWTurboDzl]

VA loans are explicitly backed by the US Taxpayer and IIRC there's less churning hence the lower risk of early pay off.

 

[wpod]

This was my first house I bought, I miss the house it cost 62,000.00 in 1976 the interest rate was 8.75% That seemed so expensive at the time . link

 

[Snagglefoot]

I recall and old friend saying to me " I don't care what anyone says, any thing less than 10% is a good rate." That was when rates were above 12 % in the 80's" By the way, was anyone expecting the trend would be followed and mortgage rates would be negative?

 

[GON]

Guess if mortgage rates hit 8+ percent, savings rates might be five percent.

If savings (CDs) pay five percent, guess SR Citizens no longer have to risk their nest egg in the stock market to get a bit of a return on their savings?

 

[Malo83]

Bought my first house in 96, VA loan was 7%.

 

[CKN]

I mentioned this another thread.
Bought our first house in early 80's
Mortgage rates were between 16% and 18% (as chart above illustrates).

 

[eljefino]

Guess if mortgage rates hit 8+ percent, savings rates might be five percent.

If savings (CDs) pay five percent, guess SR Citizens no longer have to risk their nest egg in the stock market to get a bit of a return on their savings?

I-bonds are paying 9.62%.

They're a no brainer, but there's a $10k/year limit per account unless you do shenanigans like direct your tax refund towards them.

 

[wpod]

Guess if mortgage rates hit 8+ percent, savings rates might be five percent.

If savings (CDs) pay five percent, guess SR Citizens no longer have to risk their nest egg in the stock market to get a bit of a return on their savings?

Maybe that is why the stock market is falling in price?

 

[dareo]

VA is also super cheap and easy to refi to a lower rate. Its like half a point for an IRRL. I almost pulled the trigger on moving from 2.75 to 1.75 but didnt want to pay the costs. Oops!

 

[GON]

I just read an article from today 1 AUG 2022 that the 30-year mortgage rate now averages under five percent.

I did a quick check at Navy Federal Credit Union. Rates appear be about 1/2- 3/4 percent lower than 27 JUN 2022. Fascinating. The rates in the below graphic are conventional rates (not VA rates).

 

[Vil_Riker]

Good rates.

 

[Freischneider]

I'm very glad that I got my VA loan at 2.75% APR.

 

[Wolf359]

Just got updated rates from a local bank, they're at 4.375 with no points on a 30 year mortgage. So if you shop around, you can do better.

 

[Ws6]

I managed 4.0% on a cash-out REFI a few months back. Rolled acreage into my existing home loan, basically. Would have been 3.75% without that. Auto loans are going up, too. My Acura is at 2.24% for 75mo, and the Volvo I am looking at will run me 3.74% for the same. I finance cars because they are depreciating assets with most of the loss potential on the front-end of the curve, so I pay the bank to assume GAP liability in the form of a few thousand dollars over the life of the loan. Lots a deer and such and I drive a lot.

 

[Jackson_Slugger]

Rates are low but housing prices are crazy...

 

[SubieRubyRoo]

I recall and old friend saying to me " I don't care what anyone says, any thing less than 10% is a good rate." That was when rates were above 12 % in the 80's" By the way, was anyone expecting the trend would be followed and mortgage rates would be negative?

View attachment 105623

One way or another, they'll find a way to price more and more people out of homes & into rentals... in the old days, the house wasn't worth the total amount with the interest included... you paid ~4x the sale value in total cost! These days, the interest rate is lower but the demand is raging, so prices soar... pricing people out of the market. But hey, a negative trend on perceived costs is great fodder for politicians!