Is 1.99% the lowest and best mortgage rate?

Looking for a mortgage update? Why pay a whopping 2.69% mortgage interest rate when you can lock in 1.99% mortgage interest rate - we’ll compare these different mortgage interest rates and explain why the lowest mortgage interest rate may not be the best mortgage interest rate!

We compare two 30 year fixed mortgage rates and a 15 year mortgage rate - all fixed rate mortgages - plus explain the difference in mortgage interest rates and mortgage interest charges between the 30 year fixed mortgage and the 15 year’ll see why people often say that it’s worth going with a 15 year mortgage! This is a classic battle of 30 year mortgage vs 15 year mortgage! A big thanks to Mike Micci at Redwood Mortgage for running these lowest mortgage rates for us!

Some of the other mortgage updates we give include:
What does it mean to pay points, or to buy down the loan?
Is a 30 year fixed mortgage rate of 1.99% the mortgage rates bottom?
What are the long term effects of record low best interest rates?

Here are the mortgage scenarios and lowest mortgage rates discussed in the video:

Borrower Assumptions - anything else needs to go through the “Lender Pricing Engine”
740+ credit
$625,000 purchase price - link for OC and LA homes is below
$500,000 loan - 20% down, fixed rate
30 year mortgage, fixed rate - Lowest Mortgage Rate
Points - 3.0
1.99% - mortgage interest rate
Principal & Interest - $1845.60
APR - 2.261%

30 year mortgage, fixed rate
No points 
2.69% - mortgage interest rate
Principal & Interest - $2025.35
APR - 2.074%


15 year mortgage, fixed rate 
No points
2.25% - mortgage interest rate
Principal & Interest - $3275.43
APR - 2.342%
Total mortgage interest paid - 
15 year mortgage at 2.25% 
Total mortgage payments - $589,576 
Total mortgage interest - $89,576


30 year mortgage at 2.69% 
Total mortgage payments - $729,126
Total mortgage interest - $229,126 in interest


Difference - $139,550 in mortgage interest

Remember that rates and terms are subject to change without notice at any time.

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Looking for LA real estate and OC real estate that you could use a loan like the ones we discussed? Here’s a link to detached homes that are $625,000 and under. Visit and register for automatic real estate reports directly from the MLS - 

Understanding APR - 


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