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What are points?

A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front. Lenders may refer to costs in terms of basic points in hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.

Today's Low Rates

30 Year Fixed 6.5% 6.53%
20 Year Fixed 6.125% 6.18%
15 Year Fixed 5.75% 5.81%
All rates shown with 0 points