Mortgage Rates
The rates below are effective May 26, 2023, for single-family, owner-occupied purchases or rate/term refinances with escrows. Other term lengths are available for certain loan types.
Fixed-Rate Mortgages
These mortgages have a stable interest rate for the life of the loan. Mortgage rates lock for 30 days for purchases and 60 days for refinances.
Purchase, 30-Year Term
| Loan amount | Rate | APR≁ | Payment example≁ |
|---|---|---|---|
| $300,000 | 6.625% | 6.646% | $1,920.93 |
| $200,000 | 6.500% | 6.532% | $1,264.14 |
| $100,000 | 6.250% | 6.314% | $615.72 |
Purchase, 15-Year Term
| Loan amount | Rate | APR≁ | Payment example≁ |
|---|---|---|---|
| $300,000 | 6.000% | 6.042% | $2,531.57 |
| $200,000 | 6.250% | 6.307% | $1,714.85 |
| $100,000 | 6.375% | 6.493% | $864.25 |
Refinance, 30-Year Term
| Loan amount | Rate | APR≁ | Payment example≁ |
|---|---|---|---|
| $300,000 | 6.625% | 6.646% | $1,920.93 |
| $200,000 | 6.500% | 6.532% | $1,264.14 |
| $100,000 | 6.250% | 6.314% | $615.72 |
Refinance, 15-Year Term
| Loan amount | Rate | APR≁ | Payment example≁ |
|---|---|---|---|
| $300,000 | 6.000% | 6.042% | $2,531.57 |
| $200,000 | 6.250% | 6.307% | $1,714.85 |
| $100,000 | 6.375% | 6.493% | $864.25 |
Adjustable-Rate Mortgages
These mortgages have an initial period with a fixed rate, then a variable rate that can increase or decrease annually for the rest of the 30-year term.
| Fixed term | Rate^ | APR≁ | Payment example≁ |
|---|---|---|---|
| 5 years | 6.375% | 6.821% | $935.80 |
| 7 years | 6.500% | 6.436% | $948.10 |
| 10 years | 6.625% | 6.530% | $960.47 |
Other Mortgages
| Type | Term | Rate | APR≁ | Payment example≁ |
|---|---|---|---|---|
| Veterans Affairs (VA) Fixed-Rate Mortgage | 30 years | 6.125% | 6.280% | $911.42 |
| Iowa Financing Authority (IFA) Fixed-Rate Mortgage | 30 years | See IFA website | -- | -- |
Construction and Lot Loans
These mortgages feature a one-time closing, and construction loans have the same interest rate during the construction draw and permanent financing.
| Type | Loan amount | Rate | APR≁ | Payment example≁ |
|---|---|---|---|---|
| 1-Year Lot Loan Balloon (15-year term)** | $100,000 | 6.250% | 7.068% | $857.42 |
| 15-Year Fixed Mortgage | $300,000 | 6.500% | 6.734% | $2,613.32 |
| 10-Year ARM (30-year term) | $300,000 | 6.875%^ | 7.021% | $1,970.79 |
| 10-Year ARM (30-year term), 1 discount point | $300,000 | 6.375%^ | 6.871% | $1,871.61 |
**A 3-year lot loan balloon is also available.
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≁ APR = Annual Percentage Rate. Rates based on 780 credit score, 75% loan to value and, unless otherwise noted, a loan amount of $150,000 and no discount points. Lower interest rates available by paying discount points. Rates can vary for other loan amounts and are subject to change without notice. Rates and APRs shown for properties in Iowa. Veridian is not responsible for typographical errors or omissions. Payment examples do not include taxes and insurance; if applicable, payment will be higher. All Veridian mortgages have no origination fee. Other loan terms may be available. Veridian NMLS ID# 531586.
^ARM rates are calculated by adding a margin, 2.75%, to an index, the 1-year Treasury rate. The minimum rate is 2.75%. Rates can increase or decrease no more than 2% each year and 6% total.