Refinance Calculator

Mortgage rates change daily and vary by loan type, term, and borrower profile. Always check with your lender for the most accurate, real-time rates.

The bond market influences mortgage rates, primarily Mortgage Backed Securities, and to a lesser extent, the 10-year Treasury bond. Additionally, factors like inflation, Federal Reserve policy, investor demand for mortgage-backed securities, and overall economic conditions. On a personal level, your credit score, loan amount, occupancy, and down payment also play a role.

Typically, a score of 780+ qualifies you for the best rates. Borrowers with scores above 620 may still qualify, but often at higher rates. FHA and VA loans are more flexible for borrowers with lower credit scores.

Income doesn’t set your rate on most loan types, such as conforming and government-backed loans, but it impacts your debt-to-income ratio, which can affect your ability to qualify for a loan. Jumbo loans often come with lower rates for borrowers who have a low debt-to-income ratio.

FHA and VA loans offer competitive rates for borrowers with credit scores below average. Expect to pay a higher rate on conventional loan products if you don’t have good credit. Increasing your down payment can minimize the impact of a lower credit score on conventional financing.

The interest rate represents the cost of borrowing only and is the rate of interest you pay on the loan. The APR (Annual Percentage Rate) includes the interest rate plus APR-related fees and closing costs, such as lender and escrow closing fees, and can be helpful when comparing loan options. It’s important to note that the APR amortizes the costs over the life of the loan. If you pay the loan off early or refinance, the APR isn’t a useful number. It’s essential to consult with a mortgage professional to discuss your options and select the best rate and cost scenario that aligns with your short and long-term goals.

Jumbo loans usually have slightly higher rates due to increased lender risk; however, borrowers with large down payments, excellent credit and low debt to income ratios can often find rates similar to conforming loans.

These government-backed loans often offer lower rates and flexible credit requirements. VA loans, for example, usually have some of the lowest rates available and don’t require monthly mortgage insurance, even with little to no money down. FHA loans also have low rates, but when the required monthly mortgage insurance is added most borrowers with above average credit are better off going with conventional financing.

ARMs can be beneficial if you plan to sell or refinance before the fixed period ends. However, if rates rise, payments could increase significantly. The spread between fixed and adjustable rates can also vary. In some markets ARMs are more appealing as the starting rate is well below the going fixed rate options; however, when short-term rates are elevated, ARMs can actually have higher rates than a 30 year fixed and should be avoided.

Locking secures your quoted interest rate for a set period (usually 30–60 days), protecting you from market fluctuations.

Unless you have a float-down option, you’re stuck with your locked rate. Some lenders may renegotiate, but it depends on their policies.

Buying points (1 point = 1% of loan amount) lowers your rate. It may be worth it if you plan to stay in the home long enough to break even on the upfront cost.

Discount points are prepaid interest. They may be worth it if you keep the loan long-term, but not if you plan to sell or refinance soon.

Yes, paying extra toward principal reduces interest over the life of the loan and can shave years off your term.

If current rates are 0.5%–1% lower than your existing rate and you plan to stay in the home long enough to cover closing costs, refinancing might make sense.

Closing costs typically run 2–5% of the loan amount, including appraisal, title fees, and lender charges.

Yes, many homeowners refinance before their ARM adjusts to secure predictable payments.

Yes. Sammamish Mortgage is one of the few mortgage lenders that provides fully transparent rates and total costs upfront on the website, so you can shop confidently without hidden surprises.

Sammamish Mortgage stands out by offering transparent rates and total closing costs online, $1 lender fees, and access to many lenders for competitive loan programs. Unlike many large banks or brokers, Sammamish Mortgage also handles all underwriting in-house, providing faster approvals and closings.