Mortgage Rates

Whether you’re purchasing your very first home or upgrading to your dream home, we understand buying a house is a big step. TEG FCU helps you get into the home buying process quickly, easily, and hassle-free.

Today's Featured Conventional Mortgage & Refinance Rates*

Mortgage TypeRateAPRPoints
30 Year Fixed6.875%7.006%0.750%
20 Year Fixed6.750%6.904%0.625%
15 Year Fixed6.500%6.730%0.875%
*These rate charts are as of 4/12/2024 based on a $300,000, This is based on 75 LTV, 760 FICO, $300,000 loan amount with escrows, 30 day lock. Your individual rate may vary based on loan amount, purpose, credit, LTV, lock period and other credit characteristics. Please note that mortgage interest rates may change several times a day in reaction to market movement.

Today's Featured Adjustable-Rate Mortgage (ARM) Rates*

Mortgage TypeRate as low asAPR as low asPointsFirst CapSubsequent CapLifetime Cap
5/6 ARM6.125%7.144%0.75%+/- 2.00%+/- 1.00%+/- 5.00%
10/6 ARM6.375%6.917%0.75%+/- 5.00%+/- 1.00%+/- 5.00%
*Effective date 4/12/2024. APR=Annual Percentage Rate. Advertised Rates are as low as and are based on an evaluation of credit history and down payment, so your rate may differ. All loans are subject to credit approval. All rates and terms are subject to change without notice. Contact a credit union employee for further details. Other terms and conditions may apply. Rates on 5/6 ARMs are fixed for the first five years and subsequently subject to change bi-annually. Rates on 10/6 ARMS are fixed for the first ten years and subsequently subject to change bi-annually.

NO Extra Fees!

Compare our closing costs to other lenders. You won't find any hidden fees at TEG!

  • No Application Fee
  • No Other Added Junk Fees

Mortgage Rates FAQ

Q: How often will my mortgage rate change?
A: Fixed-rate mortgages never fluctuate. In contrast, adjustable-rate mortgages will adjust their interest rate once per year.

Q: What will my mortgage payments look like?
A: Calculate your preliminary monthly mortgage payment by relying on our mortgage rate calculator. Note that these numbers are only predictions, and may not necessarily reflect your final monthly costs.

Q: Can I lock in my mortgage interest rate?
A: Yes! And we encourage it. Contact your loan officer as soon as possible to lock in your desired interest rate.

Factors Affecting Home Loan Rates

Several unique factors influence the overall interest rate of your mortgage loan. A few of these are listed below.

Your Credit Score: Borrowers with high credit scores qualify for the lowest interest rates. Conversely, if you have a low FICO score (credit score), your mortgage rate could be higher and your loan options might be limited.

The Total Loan Amount: The total amount of your mortgage can influence your rate as well.

Your Expected Down Payment: As a general rule, if you can put a 20% down payment on a home, you will usually qualify for a lower mortgage rate.

The Term Length:   The term of your mortgage also influences how much you pay.  The shorter your term length, the less interest you will pay over the life of the loan.  However, keep in mind that shower lengths boost your principal payments.

Fixed- Rate vs. ARM: Fixed-rate mortgages offer a set rate for the entirety of the mortgage.  The rate on an Adjustable Rate Mortgages (ARM) may go up or down based on the current prime rate.

You may not be able to control all aspects of your mortgage rate, but you can lower the rate considerably by maintaining a high credit score, monitoring your debt to income ratio, and making a sizable down payment on your home.

Meet Our Mortgage Loan Officers

We are here to help you secure the loan approval you need! With an extensive background in mortgage lending, we are committed to helping you find the best possible financial solution. APPLY TODAY with one of our Mortgage Officers.

Jessica Schoen Senior Mortgage Officer

NMLS# 22486


Senior Mortgage Officer

I have many years of experience working with first-time home borrowers, so you can be confident I'll help you find the mortgage loan best suited to your individual needs.

Matt Bannan

NMLS# 404022


Senior Mortgage Officer

Home financing is one of the biggest decisions you will make. Let me answer your questions, help you find the right loan for your situation, and make the process as anxiety-free as possible.

Darren DiBenedetto Senior Mortgage Loan Officer at TEG Federal Credit Union

NMLS# 404038


Senior Mortgage Officer

With a relentless focus on customer service, Darren has consistently delivered results that have earned acclaim and acknowledgment.

Scott McNally

NMLS# 1841508


Mortgage Loan Officer

Financing a home doesn’t need to be stressful. I’m here to help you find the right loan. Whether this is your first home purchase, an investment property or a refinance, I will ensure your mortgage process runs efficiently and smoothly.

Jeffrey Shields Mortgage Loan Officer at TEGFCU

NMLS# 1466211


Mortgage Loan Officer

Known for outstanding service, you can count on me to look out for your interests and keep you informed throughout the mortgage process. I strive to make borrowers feel at ease and get to their goal of homeownership.

Kevin Arduino Mortgage Officer at TEGFCU

NMLS# 2514289


Mortgage Loan Officer

My leadership experience is valuable in my role as a Mortgage Officer. I'm passionate about providing the best solution with incredible service and will strive to exceed your expectations.

Man with arm around woman while looking at a new house

Let Us Take a Second Look and Get $100

If you are pre-approved by another lender, TEGFCU would like the opportunity to provide you with our own pre-approval decision, so that you can compare and to thank you for taking a second look, we will give you $100.

Magnifying glass on white house with red roof

See What Our Members Have To Say

“TEG has always provided professional service and commitment to me as one of their clients. I have been a member for 30 years and have always been made welcomed. I have had various loans, and always received complete information on each. TEG is a great community institution.”Peter H.

“Our experience was extraordinary. Jessica and the TEG team were incredible. They helped us from the moment we walked into the bank to after the closing was done. They were always available either via email or call. They made the process of buying our first home very pleasant. We are truly happy with the outcome and we love our homeMember from Highland, NY