30-year home loan charges just 3.25%
American Interbanc Mortgage is offering one of June's best deals on 30-year fixed-rate mortgages in nine states and the District of Columbia.
It's charging just 3.25% with no points, $1,199 in lender fees and a 30-day rate lock.
That's two-fifths of a percentage point less than the national average of 30-year loans for purchase — 3.65%, according to our latest survey of major lenders.
It's also more than a third of a percentage point less than the average of 30-year loans for refinance — 3.56%.
Despite predictions about interest rate increases in 2016, this week’s 30-year mortgage rates are some of the lowest we've seen this year. It's still a great time to take out a mortgage.
Where to find this deal
American Interbanc Mortgage offers loans in California, Colorado, Idaho, Maryland, New Jersey, Oregon, Pennsylvania, Tennessee, Texas and Washington, D.C.
Not available where you live? This deal still serves as a great blueprint to follow. Find a deal like this near you, and you'll know you've found a winner.
Get started by searching Bankrate's extensive database of the best mortgage rates from scores of local banks and mortgage brokers.
What you'll pay
The monthly principal and interest payment for this loan would be just $435 for every $100,000 borrowed, or $870 on a $200,000 loan.
You can use our mortgage calculator to determine the monthly payments for the amount you want to borrow with any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off the loan.
About American Interbanc Mortgage
American Interbanc Mortgage is based in Irvine, California, and enjoys an A+ rating from the Better Business Bureau.
To qualify for this mortgage, you must:
- Borrow between $165,000 and $417,000.
- Have a credit score of at least 740.
- Have at least a 20% down payment if you are buying a home.
- Have at least 20% equity in your home if you are refinancing.
- Occupy the home as your primary residence.