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Mortgage Rates

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Conventional Mortgage & Refinance Rates
Mortgage TypeRateAPRPoints
30 Year Fixed6.375%6.526%1.000%
20 Year Fixed6.125%6.321%1.000%
15 Year Fixed6.125%6.351%0.875%

APR = Annual Percentage Rate. Rates effective as of 07/19/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with escrows a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less, and no cash-out.

For example, a 30-year, $300,000 conforming mortgage with a fixed APR of 6.375% has an approximate payment amount of $1,871.61. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore the actual payment obligation will be greater. Your rate may vary based on your creditworthiness, loan amount, purpose, property type, occupancy, LTV, lock period, and other credit characteristics.

All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 75% loan-to-value (LTV). When refinancing, the maximum loan-to-value is 80% if you take cash out. Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.

Adjustable-Rate Mortgage Rates
Mortgage TypeRateAPRPointsFirst CapSubsequent CapLifetime Cap
5/6 SOFR ARM5.625%6.969%1.000%+/- 2.00%+/- 1.00%+/- 5.00%
10/6 SOFR ARM5.875%6.614%1.000%+/- 5.00%+/- 1.00%+/- 5.00%

APR = Annual Percentage Rate. Rates effective as of 07/19/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less. 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.

For example, a 5/6 ARM at a fixed initial interest APR of 6.969% would initially be $2,123.38 or a 10/6 ARM at a fixed initial interest APR of 6.614%, would initially be $1,774.61, with each loan adjusting every six months after the initial term based on an index and margin. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore, the actual payment obligation will be greater. After the initial fixed term, rates will adjust based on the index, Secured Overnight Financing Rate (SOFR), and a margin. Your rate may vary based on your creditworthiness, loan amount, purpose, LTV, lock period, and other credit characteristics.

All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV). Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.

Home Equity Loans Rates
TermAPR as low asNotes
0 to 5 Years7.75%
Payment Example: A 60-month term with a fixed rate of 7.75% APR would result in an estimated payment of $20.16 for each $1,000 financed.
6 to 10 Years8.25%
Payment Example: A 120-month term with a fixed rate of 8.25% APR would result in an estimated payment of $12.27 for each $1,000 financed.
11 to 15 Years8.50%
Payment Example: A 180-month term with a fixed rate of 8.50% APR would result in an estimated payment of $9.85 for each $1,000 financed.

*APR = Annual Percentage Rate. Rates effective as of 7/27/23. All loans are subject to approval. The home equity loan rate is fixed for the duration of the loan and is based on a loan for an owner-occupied (primary residence), single-family dwelling in New York with a loan-to-value ratio of 80% or less). All loans are subject to property valuation. Property insurance is required, and flood insurance may be required. The advertised rate is the lowest offered and is subject to change. APR is based on creditworthiness, loan amount, and term. Your rate may vary. Terms up to 15 years. The minimum loan amount is $25,000, and the maximum is $250,000. There are no closing costs. If the loan is paid in full within 36 months, the borrower will be responsible for paying $750 in closing cost recapture. An upfront appraisal fee may be required, which will be refunded at closing. The borrower is responsible for prepaid items, including interest, taxes, and insurance, if applicable. Payment example: A $50,000 loan with an APR of 7.75% for 180 months will have a monthly payment of $XXX.XX. Contact a mortgage officerfor more info.

Home Equity Line of Credit Rates
TermVariable APR as low as
10 year draw with up to 15 years to repay8.25%

*APR = Annual Percentage Rate. All financing is subject to approval. The variable rate APR on home equity lines of credit may vary monthly based on the latest U.S. Prime Rate published in the Wall Street Journal plus a margin (the Prime Rate is 8.50% as of 7/27/23).  The advertised rate is the lowest offered. The maximum APR is 18.00%. Your rate may vary based on your creditworthiness and Loan-to-Value (LTV). Draw period up to 10 years. The repayment period is up to 15 years. Minimum credit line $25,000. HELOCs are subject to property valuation. Based on a property value, TEGFCU will lend up to a competitive percentage of the combined LTV. Initial advance of $5,000, no minimum for subsequent advances. The minimum payment during the draw period is interest only. There are no closing costs or annual fees. If the credit line is paid in full within 36 months, the borrower will be responsible for paying $750 in closing cost recapture. An upfront appraisal fee may be required, which will be refunded at closing. Property insurance is required, and flood insurance may be required. Contact a mortgage officer for more info.

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