Today's Mortgage Rates

Current National Average Interest Rates as of Sun 01 October 2023 *

(These are NOT Cambria's Rates)

Dangers of Viewing Online Mortgage Rates

Lenders posting rates online are designed to capture your attention, and always are based on the 'best' generic loan scenario. Websites may not always be up to date, can change at any moment, and without knowing your exact situation, you could very easily be looking at a rate that has absolutely no bearing whatsoever to what you would actually get.

This is the primary reason why we only show national averages, not 'actual' rates.

For example, rates vary greatly by loan type, purchase or refinance, credit score, owner occupied home or rental, and many other factors.

You also have personal choices to select. Do you want a rate with additional points (up-front costs) to buy down the rate, or do you want maybe a no lender fee option?

All of these things effect the interest rate you will get.

READ The Small Print and Assumptions You See Hidden On Rate Quote Web Sites

The big print interest rate you see is generally designed simply to capture your attention! You need to be very wary about the small print.

Tips to watch for:

• A very well know large internet lender posts mortgage interest rates that look competitive, but their rates ALWAYS comes with around 2 points (2% of the loan amount) in additional closing costs. It is there so they are legally compliant, but presented in such a way as to be hard to notice.
• Lenders usually post purchase loan rates, which are lower than refinance rates.
• Rates only for extremely high credit scores
• Rates only for very low loan-to-values (example, 30% down)
• Rates for very short rate lock periods, like 15-days or less.
• Rates only available if your loan is fully approved.

We don't play any of those games.

Rate Comparison Sites:

Beware of games played here, as according to the Consumer Financial Protection Bureau (CFPB), certain mortgage comparison platforms may be violating section 8 of the Real Estate Settlement Procedures Act (RESPA). Based on a published CFPB’s advisory opinion, an operator is violating the RESPA section 8 if it provides enhanced placement or otherwise deceptive practices to steers consumers to certain lenders.

The CFPB stated that mortgage comparison sites will be liable for receiving a prohibited referral fee if they are presenting information non-neutrally that steers consumers to use a particular lender. 

Deceptive practices:

Depending on the web sites  business model, a full list of participating lenders could be offered, but only a subset of the higher-paying providers would be provided with web links. A mortgage comparison site may rank lenders by mortgage rate on the first page if they pay more to the operator. There are participants with the same or lower interest rates who appear to be ranked lower, or on the second page because they pay less to the platform because they pay less to the comparison web site, although the web site may appears to have ranked all participants by interest rate.

In using or presenting mortgage comparison information in a non-neutral manner, the operator “puts a thumb on the scale,” according to the Consumer Financial Protection Bureau.

Rate Quote Assumptions:

* Rates above are national average rates provided by a third party web site, and are not Cambria Mortgage specific rates. Rates provided here as a reference to where averages rates are trending, not necessarily what you would qualify for with Cambria Mortgage.

To get a specific quote rate quote and APR from us that applies to your exact situation, please complete a full application, or our Quick Quote Form.

Rates assume a 25% down payment and a 760 or better credit score unless otherwise noted.

This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Rates, points and programs are subject to change without notice and cannot be guaranteed. This is not a guarantee of loan approval. The information here may not be up-to-date and may no longer be accurate.  Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report.

Minnesota properties: To guarantee a rate, you must receive written confirmation from us as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206.

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