credit unions – Blog Campcee Tue, 29 Mar 2022 08:48:08 +0000 en-US hourly 1 credit unions – Blog Campcee 32 32 Podcast: Innovation through collaboration | UCNA News Thu, 17 Mar 2022 18:39:59 +0000

Credit Union Service Organizations (CUSO) have elevated the value proposition of credit unions for nearly 50 years, enabling credit unions to leverage collaboration to drive growth and provide a broader range of services .

In this episode of the CUNA News podcast, April Clobes, CEO of Michigan State University Federal Credit Union in East Lansing and its exclusive property CUSO, Reseda Groupdescribes how CUSOs are creating revenue opportunities and new products and services at a time when innovation is essential for survival.

As Clobes explains, Reseda Group strives to be an industry champion, helping credit unions survive through CUSO’s unique model and the benefits it offers. As she says in this interview, CUSOs simply make more credit unions viable, and that benefits the entire industry.

You can listen to the CUNA News podcast in Apple podcast, Google Podcasts, Spotifyand radio stapler.

In this episode:

1:41: Definition of a CUSO

3:08: Why CUSO’s Ownership Model Matters

4:18: How Credit Unions Can Leverage CUSOs for Success

5:44: How MSUFCU Leverages the CUSO Model

6:50 a.m.: MSUFCU’s momentum to develop its own CUSO

8:04 a.m.: How the Reseda Group differentiates itself

9:53 a.m.: How The Reseda Group Expands The Horizons Of MSUFCU

11:50 a.m.: Why it is important for credit unions to develop CUSOs

1:54 p.m.: Tips for Credit Unions Who Want to Work with Other CUSOs

Small Business Loan Options in Wyoming Thu, 17 Mar 2022 01:14:19 +0000

Entrepreneurs in the state of Wyoming may not know that they have powerful partners and business resources in the state of Cowboy.

Whether you’re looking for working capital to help grow your business or need someone to brainstorm, there are plenty of resources to help.

How a Small Business Loan Can Help Your Wyoming Business

Let’s start by looking at small business loans, which can be used to cover any expenses you have for your business.

Want to hire staff? Invest in advertising? Buy real estate or equipment? A small business loan can provide you with the cash you need to cover these expenses.

You can also use a loan to bridge a gap if your business is seasonal. Really, there is little that a small business loan is not it blanket!

Types of small business loans to choose from

If you’re new to finding small business financing, you might be surprised at all the choices available to you. There is a loan option and a lender for every business and every type of credit profile.

Term loans

Whether you want a short, medium or long term loan, there are banks, credit unions and online lenders to help you with your Wyoming business. Loans from banks tend to have the strictest criteria to qualify, and you’ll need good to excellent credit to be approved. Online lenders may have more flexible settings.

SBA Loans

The United States Small Business Administration is a division of the federal government that supports several small business loan programs. Note that the SBA is not a lender; there are banks and online lenders that are authorized to lend through the 7(a), 504, and microloan programs offered by the SBA. To learn more, visit

Equipment loans

Some loans have specific purposes, and equipment loans are one example. They are used to buy equipment like heavy machinery, company vehicles, computers, etc. The equipment you buy serves as collateral for the loan, which can help you get lower interest rates.

Commercial real estate loans

Another specific loan is that for the purchase of commercial real estate. It’s like a mortgage for your home, but it’s a business loan. The property serves as collateral, and generally these loans have a maximum term of 25 years.

Small Business Loan Options for Wyoming

Now that you know more about a few of your small business loan options, let’s take a look at the lenders that offer them in Wyoming.

Term loans

SBA Loans

Equipment loans

Commercial real estate loans

What it takes to get approved for a small business loan

So what do you need to qualify for a loan in Wyoming? Eligibility varies from lender to lender. To qualify for the lowest interest rate loans (SBA and bank loans), you will need good to excellent credit and have been in business for at least two years.

If you’re running a startup and don’t qualify for these loans, don’t worry. There are online lenders that look at other criteria like your annual or monthly sales to determine eligibility.

Banks may require you to visit a branch to apply and may ask for detailed financial statements and tax returns. Online lenders may only ask for a few details about your business before making a decision.

How to Choose the Right Loan for Your Wyoming Small Business

The right loan for some borrowers may not be the right loan for your business. Figure out how much you need to borrow and what you’re entitled to, then start shopping. Review the terms of the loan before signing anything. Often you can see what rate you qualify for before submitting a claim.

Small Business Grant Options for Wyoming

Another financial aid option in Wyoming comes from small business grants. This form of business financing does not have to be repaid like loans do. Nonprofits, local governments, and businesses all offer small business grants. Here are a few you might consider applying for:

Additional Resources for Wyoming Small Businesses

Wyoming small business owners also have a variety of small business resources that can provide mentorship, advice on obtaining government contracts, workshops, and networking:

Whether you are located in Casper, Laramie, Cheyenne, Jackson, or any other city or town in Wyoming, know that you are not alone as an entrepreneur and have many resources to support your business on its journey to growth and prosperity!

This article was originally written on March 16, 2022.

Rate this article

This article has no ratings yet.


FOM Modernization Enables UCs ​​to Reach Left-Behind Banks | 2022-03-15 Tue, 15 Mar 2022 22:19:07 +0000

The Expanding Financial Access for Underserved Communities Act will allow credit unions to provide financial services to more communities, often in areas that banks have abandoned or shown little interest in serving. CUNA wrote: at the leadership of the House Financial Services Committee on Tuesday. Committee Chair Maxine Waters, D-California, introduced the membership modernization legislation supported by CUNA and the League.

CUNA sent its letter in response to a March 10 letter from the American Bankers Association on the bill. CUNA’s letter notes that banks closed a network of 7,812 bank branches while credit unions opened a network of 1,439 credit union branches between January 2005 and March 2021, according to its research.

“The decrease in the number of bank branches demonstrates the profit-making approach of bankers over people when it comes to financial services,” the letter read. “The increase in the number of credit union branches demonstrates that credit unions are not only committed to providing services to communities, but also to being physically present in those communities.

“Credit unions will never apologize for our dedication and commitment to providing financial services to the most vulnerable Americans,” he adds.

Specifically, the bill:

  • Allow all federal credit unions to add underserved areas to their membership scope
  • Exempt business loans made by credit unions in underserved areas from the credit union member business loan limit.
  • Expand the definition of an underserved area to include any area more than 10 miles from the nearest branch of a financial institution.

“Any serious discussion of policy solutions to improve access to financial services for underserved or unbanked people, businesses and communities must include modernizing laws and regulations that prevent credit unions from serving those whom banks left behind,” the letter reads. “The area of ​​credit union membership restrictions and the cap on lending to member businesses excludes those who need access to traditional financial services. This legislation is not a panacea to these exclusionary policies, but it does represent a solid step forward toward financial inclusion and serving those who have been unable to access our country’s financial institutions.

BankVic CIO transitions to transformative role at Bank Australia – Finance – Learning & Development Mon, 14 Mar 2022 00:46:00 +0000

BankVic Chief Information Officer Scott Wall has joined Victoria-based Bank Australia to take on the role of Chief Transformation Officer.

Wall was chief IT officer at BankVic, which serves police, emergency and healthcare workers, for about four years and was previously its chief digital and data officer.

It now transitions to Bank Australia, which began life as CSIRO Co-operative Credit Society and is now made up of the operations of 71 other credit unions and cooperatives.

Bank Australia chief executive Damien Walsh said Wall would join “at a time of exceptional growth”.

“We are working on an ambitious strategic roadmap and are investing heavily in digital transformation,” Walsh said, adding that Wall “will play a critical role in achieving our goals.”

“With significant experience in technology and transformation leadership roles in Australia and the UK, Wall will be responsible for leading our business transformation agenda with a focus on our platforms. technologies to improve the customer and employee experience,” the bank said in a statement. declaration.

“He will also oversee project management, change management, transformation strategy execution, operational excellence and enterprise architecture.”

Prior to BankVic, Wall held senior technology and transformation roles at ANZ, Barclays Bank, SkyTalk, Deutsche Bank and Bankers Trust.

Moray Firth Credit Union promotional video shows potential customers why the lender beats the banks Sat, 12 Mar 2022 09:00:00 +0000

Moray Firth Credit Union founder Lorna Creswell hopes more people will get the message.

A credit union that was founded in Forres and is growing through Moray has launched a promotional video.

The Moray Firth Credit Union (MFCU) – which now has collection points in Elgin and Buckie – advertises the financial services it offers, including loans at lower interest rates than the big banks.

Jackie Nicol, head of finance and promotion, confirmed the advert was funded by a donation from the Fairer Moray Forum, which also provided sponsorship for a Forres Area Soccer 7s team.

She said: “We try to let people know who we are and how we can help people. The video shows people that we are an alternative option when borrowing money. In addition to the banks, we are much cheaper than some of the loans offered on TV.

“We also charge our interest on the declining balance, have flexible payment options and encourage members to save a small amount while they borrow. They have a nice surprise at the end of their loan and they have built up savings!

Credit unions take a people-centered approach to economic development that redirects wealth into the local economy and places control and benefits in the hands of local people.

“We also help people on benefits to borrow,” added Jackie. “We have a strict lending policy and work closely with credit reference agency Equifax to ensure we lend responsibly. Credit unions have more flexible repayment options that encourage saving as the loan is paid off, creating a nest egg for the future. And there are no prepayment charges.

Produced by Ian Forsyth of Inverness-based DP Digital Media in January, the MFCU advert runs on social media, the MFCU website and at the social enterprise’s offices.

Lorna Creswell, founding member of the MFCU, added: “The MFCU has money to lend and it would be nice to see it circulating locally! Our assets come from interest earned on borrowings. If we achieve a surplus at the end of the year, our members could receive a dividend based on their savings.

See the video on

LSCU honors Alabama Congressman Jerry Carl as 2021 Federal Legislator of the Year – Lowndes Signal Thu, 10 Mar 2022 22:37:20 +0000

In December 2021, the League of Southeastern Credit Unions (LSCU) Board of Directors met to approve strategic plans for 2022 and discuss a number of other business items.

Among the topics of discussion were the Legislators of the Year 2021. During the nomination and approval process, Legislators’ contributions and support to credit unions were discussed at length.

The Federal Advocacy Policy Committee voted to nominate Congressman Jerry Carl (AL-01) as the 2021 Federal Legislator of the Year, which was later approved by the LSCU Board of Trustees. He was officially honored last week in Washington, D.C.

“Serving on the House Armed Services Committee, Congressman Carl has prioritized supporting our active military and veterans. In recognizing the unparalleled service and resources provided by credit unions, Congressman Carl worked to preserve the ability of credit unions to operate on military bases,” said Patrick La Pine, CEO of LSCU & Affiliates. “We are extremely grateful for Congressman Carl’s continued partnership and support of Alabama credit unions and their members.”

While the LSCU fought the IRS’ proposed reporting requirement, Congressman Carl remained adamantly opposed to the proposal from start to finish, signing several letters publicly denouncing the legislation.

In addition to his support in Washington, Congressman Carl regularly meets with district credit unions to learn more about ways he can support financial institutions.



The League of Southeastern Credit Unions & Affiliates represents 319 credit unions across Alabama, Florida and Georgia and has a combined total of over $137 billion in assets and over 10.6 million members. LSCU provides advocacy, compliance, education and training, member engagement, and communications services. For more information, visit Follow LSCU on LinkedIn, Twitter and Facebook.

Loans as low as $1,000 Thu, 10 Mar 2022 04:00:34 +0000

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Even if you’re married to your favorite credit card, you may find that there are times when it just doesn’t make sense to use it. For one thing, your credit limit may not be enough to cover a very large expense like a home renovation or a wedding. Also, credit cards usually carry high interest rates. These are areas where personal loans have the upper hand.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. And in some cases, it may actually be more affordable to use a personal loan than to use a credit card, since personal loans are known for their relatively low interest rates.

There are many personal lenders out there, so it can sometimes be difficult to determine what each loan offers, but there are a few highlights to look out for. Avoiding prepayment charges and origination fees can help you save money on the cost of borrowing so that it can work in your favor to seek out a lender who does not bear these charges, such as loans PNC Bank staff.

Of course, however, you should always do additional research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help, Select has reviewed PNC Bank’s APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Read on to find out if PNC Bank is the right lender for you.

PNC Bank Personal Loan Review

PNC Bank Personal Loans

  • Annual Percentage Rate (APR)

    5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)

  • Purpose of the loan

    Debt consolidation, home improvement, wedding, moving and moving or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

    10% of payment or $40, whichever is greater


  • No setup fees, no prepayment fees
  • Fixed rate APR
  • Flexible repayment terms
  • Loan amounts start at $1,000
  • No collateral needed

The inconvenients

  • Late payment fee invoice
  • Not the fastest funding (may take up to 10 business days)
  • Rates and conditions may vary depending on your postal code


APRs typically range from 5.99% to 28.74% for PNC Bank personal loans, but a more specific rate range (as well as other terms) will depend on your location and, of course, factors such as credit rating and amount of money needed. Prospective borrowers are encouraged to verify the rate range for their location by entering their zip code on the PNC Bank personal loan website.

Like many other personal lenders, PNC Bank offers a small discount on the interest rate for making payments automatically through a PNC Bank checking account (borrowers can receive a 0.25% discount for signing up so that their payments are automatically applied to your balance).

Personal loans from this lender also carry fixed interest rates that will not fluctuate over the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. PNC Bank does not disclose the exact minimum credit score required to qualify for its personal loan products.


There is some flexibility regarding your loan repayment schedule; borrowers can choose loan terms of up to 60 months.

And, as we mentioned above, if you already have a checking account at PNC Bank and use it to make your monthly payments automatically, you can qualify for an interest rate reduction of 0 .25%.


PNC Bank does not charge an application fee or origination fee, and there are no prepayment penalties for making additional payments to pay off your loan early.

However, there are late fees. Borrowers will be charged 10% of the payment or $40, whichever is greater, if a late payment is made.

And as with any other loan or credit product, it’s important to keep in mind that failure to pay in full on time may result in the lender notifying a credit reporting agency, which may affect your credit score.

Amount of the loan

Loan amounts range from $1,000 to $35,000, making this lender an attractive option for those looking to borrow small amounts of money (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.

And while PNC Bank personal loans can be used for a variety of expenses — including debt consolidation, home renovation, wedding, moving, or even vacation — there are some things you can’t use for. this loan. Prohibited uses include post-secondary education expenses, student loan debt refinancing, or any unlawful purpose.

Mandate’s duration

Candidates have a range of term lengths of up to 60 months.

At the end of the line

PNC Bank personal loans are a solid option for those who want to avoid origination fees and prepayment penalties. Although you don’t need to be an existing customer to apply for the loan, the biggest benefit is for those who set up automatic monthly payments through an existing PNC Bank checking account – you will receive an interest rate by 0.25%.

Since personal loan products may vary by location, your actual interest rate range and other terms may depend on your zip code. So you will have to check this before applying for this loan.

If you’re not comfortable with the terms you receive and are looking for slightly lower interest rates, check out LightStream Personal Loans, which offers APRs as low as 2.99% and an APR deduction of 0 .25% to automatically pay your bill each month.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Give meaning to your financial brand Mon, 07 Mar 2022 11:00:20 +0000


Quick, think of a bank or cash register announcement… What do you imagine?

A young smiling man with the keys to his new car? An older couple gardening or biking? A photo of their new mortgage officers? The sincere promise that their employees make all the difference?

How about a little less buttoned up? Maybe you’re the “fun” brand. So, you’re probably using an image of the team at a local nonprofit event, with a message about how the financial institution has been part of the community for decades.

The fact is, most financial marketers get lost in a sea of ​​similarity.

The last thing any financial marketer wants to do is take a risk on anything, especially when it comes to their marketing. The fear is that if you do something different, you won’t be recognized as a bank.

It’s normal to want to look and feel safe and trustworthy. However, safe and trustworthy without any personality will not be the way to people’s hearts.

When you say your employees really make a difference and you put your employees in every ad to help illustrate that, you end up with ads that blend in with all the other financial institutions, financial planners, real estate companies, and medical providers that do the exact same thing, with the exact same promise that their people really are the best.

So what do people really want to know more about your financial brand?

When surveyed, financial consumers say they want the basics from their financial institution: low fees, great rates and good customer service. These features are therefore central to the marketing and product development of almost every bank or credit union, because “that’s what people want”.

But there is a problem, and it is a big problem. These are the characteristics that financial institutions have educated consumers on. So when we ask about wants, consumers repeat exactly what they have been trained to assess by their banks and credit unions.

Banks are asking the wrong questions, making decisions based on the answers they’ve trained consumers to give, and then wringing their hands worrying that consumers see them simply as providers, rather than partners.

But that’s not all. Here are some sobering facts for FI leadership:

  • When asked “what is critical to your future financial success?” only one percent of participants in a FICO study mentioned their financial institution.
  • In another study, only 29% of survey respondents say they trust their financial institution to look after their long-term financial well-being, up from 43% in 2018. [2]
  • In a 2020 Accenture study, only 29% of survey respondents said they trust their financial institution to look after their long-term financial well-being, up from 43% in 2018. [3]
  • In February 2021, FICO released market research that looked at the role individuals see banks and financial services playing in their financial future. The results should make any bank executive tremble. When asked “what is critical to your future financial success?” only one percent of survey participants mentioned their financial institution. [4]
  • 70% of FICO study participants said they would be “likely” or “very likely” to open an account at a competing financial institution if they offered products and services to address these large unmet needs. ladder.

However, the way forward is clear and it all depends on the emotional connection people have with their money.

Beyond accounts, you have people who are completely invested in your brand. It’s the customers or the members who will say “oh my God, I love this bank!” when they see someone with a debit card they recognize. The people who give you a 10 on every NPS poll, would attend every annual barbecue, and might have you on their holiday card list.

These promoters can be your greatest asset, and these relationships are worth nurturing. They are the people who will help you stand up for yourself when things go wrong and promote any changes you make, if you give them the tools to do so.

But you also have detractors. And competitors. And whole new categories of people you need to attract to your IF from a massive number of options, all searchable and discoverable 24/7. No pressure, right?

What if you stopped only communicating with your brand through promotions and pricing…and thought more about what your organization stands for, how it is received, and what it should mean to your target audiences?

These are big questions, but the first step in any important strategy is to identify where growth is likely to occur. And that always pays to get back to your brand’s roots. Consider these questions:

  • What is our brand “why?” Is this something anyone in our organization, at any level, can articulate?
  • What are we defending? What should we represent? Hint: “excellent customer service” and other feature-based answers are not considered an answer here.
  • What was the reason for our last four promotions?
  • Who are we most often mistaken for?
  • What crazy ideas have we not implemented? Why didn’t we?
  • What do you find most liberating about our brand?
  • What do you find most restrictive about our brand?

Once you really start digging, the opportunities to grow your brand (and your business) become hard to miss, and the long-term results become far more valuable than a promotion or an offer.

Ready to unlock your brand’s true potential? It’s not about showing your employees and saying they’re competent and service-oriented, that’s what everyone else does.

Finding out how to understand people is always the first step.

[1] FICO® Research Infographic, What do people really want from their banks?2021

[2] Ron Shevlin, The Phantom Financial Lives of AmericansFICO/Cornerstone Advisors, 2020

[3] Making digital banking more human2020 Accenture Global Banking Consumer Study, 2020

[4] Anna Hamilton, What customers really want from their, February 10, 2021

Local credit unions repay over $6 million in settlement Fri, 04 Mar 2022 23:53:49 +0000

Three local credit unions will reimburse some borrowers after Colorado Attorney General Phil Weiser concluded an investigation into guaranteed auto protection payments. Ent Credit Union, Premier Members Credit Union and Credit Union of Denver distributed combined refunds totaling more than $6 million.

Guaranteed car protection payments are an add-on to financed car purchases that ensure the loan can still be paid off even if the car is totaled. If the loan is prepaid, the guaranteed car protection payments must legally be returned to the borrower.

A survey of the three credit unions revealed that these payments were sometimes never made to borrowers. In the settlement, Colorado Springs-based Ent Credit Union repaid money to 19,011 borrowers, Boulder-based Premier Members Credit Union repaid money to 2,563 borrowers and Credit Union of Denver repaid amounts disbursed to 744 borrowers.

“When a consumer purchases GAP coverage and their car is then totaled, refunded or traded in, withholding payments to which they are entitled is unfair and illegal,” Weiser said in a statement.

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.

Today’s Mortgage Rates Are Climbing | March 4, 2022 Fri, 04 Mar 2022 13:30:12 +0000

Interest rates for purchase and refinance loans are higher today, with some categories of loans seeing significant increases.

For buyers, the average rate for a 30-year fixed rate mortgage is 4.531%. That’s an increase of 0.149 percentage points from a day ago. Meanwhile, the rate for a 30-year refi is averaging 4.618%, up 0.155 percentage points.

The biggest change is in the average 30-year jumbo purchase loan rate, which jumped 0.446 percentage points to 4.299%.

  • The last rate on a 30-year fixed rate mortgage is 4.531%. ⇑
  • The final rate on a 15-year fixed rate mortgage is 3.494%. ⇑
  • The latest rate on a 5/1 ARM is 3.171%. ⇑
  • The latest rate on a 7/1 ARM is 3.445%. ⇑
  • The latest rate on a 10/1 ARM is 3.538%. ⇑

Money‘s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.531%.
  • It’s a day infold by 0.149 percentage points.
  • It’s a month to augment by 0.395 percentage points.

The main advantage of a 30-year fixed rate mortgage is its long repayment term. By dividing the loan balance over several months, you pay less each time. The fixed rate also means that these payments will never change. The downside is that the interest rate is higher than on a short-term loan, so you’ll end up paying more over time.

Ads by Money. We may be compensated if you click on this ad.A d

Average mortgage rates

Data based on US mortgages closed March 3, 2022

Type of loan 3rd of March Last week Change
15-year fixed conventional 3.49% 3.53% 0.04%
30-year fixed conventional 4.53% 4.49% 0.04%
ARM rate 7/1 3.45% 3.52% 0.07%
ARM rate 10/1 3.54% 3.64% 0.1%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 3.494%.
  • It’s a day infold by 0.132 percentage points.
  • It’s a month infold by 0.369 percentage points.

Some borrowers prefer 15-year fixed rate loans because interest rates tend to be low and the short payback period means you’ll pay less interest overall. However, the short term also means the monthly payments will be higher and may not be as manageable as a 30 year loan.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 3.171%. ⇑
  • The latest rate on a 7/1 ARM is 3.445%. ⇑
  • The latest rate on a 10/1 ARM is 3.538%. ⇑

An adjustable rate mortgage can be an attractive option for borrowers who don’t plan to stay in a home for the long term. The interest rate will first be fixed and then begin to adjust periodically. For example, a 5/1 ARM will have a stable rate for five years before starting to adjust each year. Keep in mind, however, that once the rate begins to adjust, it could rise significantly.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 4.282%. ⇑
  • The rate for a 30-year VA mortgage is 4.734%. ⇑
  • The rate for a 30-year jumbo mortgage is 4.299%. ⇑

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.618%. ⇑
  • The refinance rate on a 15-year fixed rate refinance is 3.599%. ⇑
  • The rollover rate on a 5/1 ARM is 3.22%. ⇑
  • The refinance rate on a 7/1 ARM is 3.495%. ⇑
  • The refinance rate on a 10/1 ARM is 3.602%. ⇑
Ads by Money. We may be compensated if you click on this ad.A dAds by Money Disclaimer

Average Mortgage Refinance Rates

Data based on US mortgages closed March 3, 2022

Type of loan 3rd of March Last week Change
15-year fixed conventional 3.6% 3.62% 0.02%
30-year fixed conventional 4.62% 4.57% 0.05%
ARM rate 7/1 3.5% 3.59% 0.09%
ARM rate 10/1 3.6% 3.72% 0.12%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly dipped to the lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve has also started to scale back its purchases of mortgage-backed securities and said it plans to raise the federal funds rate three times in 2022 to combat rising inflation from March.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

Also, take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase until the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, March 3, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan right now. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :