Wakefield Co-operative Bank [Mortgage Rates] -

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Home > Loan Information > Mortgage Rates

Program	Term	Interest Rate	Points	APR	Monthly Payments per $1000 borrowed
1. Fixed Mortgage Loan Rates* (Effective: Tuesday, January 28, 2020)
Fixed Rate Mortgages	10 years	3.000%	0	3.268%	$9.66
	15 years	3.000%	0	3.184%	$6.91
	20 years	3.250%	0	3.393%	$5.67
	30 years	3.500%	0	3.603%	$4.49

2. Adjustable Rate Mortgages*
(Effective: Tuesday, January 28, 2020)

Program

Term

Interest Rate

Points

APR

Monthly Payments
per $1000 borrowed

*3/1 Year ARM

(Fully indexed rate: 4.250%)

360 months

3.000%

4.068%

1	to	3 years	$4.22
4	to	30 years	$5.19

*5/5 Year ARM

(Fully Indexed Rate: 4.250%)

360 months

3.000%

3.917%

1	to	5 years	$4.22
6	to	30 years	$5.42

**7/1 Year ARM

(Fully Indexed Rate: 4.250%)

360 months

3.375%

3.943%

1	to	7 years	$4.42
8	to	30 years	$5.68

**10/1 Year ARM

(Fully Indexed Rate : 4.250%)

360 months

3.500%

3.909%

1	to	10 years	$4.49
11	to	30 years	$5.68

*
The "Monthly Payments per $1000 borrowed" amounts referenced above do not include real estate taxes and insurance. The actual monthly payment will be higher if an escrow account is established or required.

*Caps- 2/6 with 2.750% margin on the 3/1 & 5/5 ARMs.

**Caps- 5/2/5 with 2.750% margin on the 7/1 & 10/1 ARMs.

Also Available:
No Points no closing costs programs
Investment Property Loan
Loans to 1st time Homebuyers
Bridge Loans

Special Features:
45 day Rate locks available at application
No prepayment Penalties

(1)Annual Percentage Rate (APR) assumes a $100,000 loan with a 20% down payment. Fixed rate and adjustable rate loans are available with a 5% minimum down payment with PMI.
(2) Current fully indexed rate is based on the weekly average yield on U.S. Treasury Securities adjusted to constant maturities of 1 year for our adjustable rate mortgage rates. Current index for 1 year is 1.55% and for 5 year is 1.55%.
(3) Annual Percentage Rate (APR) may increase after consummation.
All posted rates are considered benchmark rates. Your actual rate and points may be different.

Program	Term	Interest Rate	Points	APR	Monthly Payments per $1000 borrowed
Fixed Jumbo Mortgage* (Effective: Tuesday, January 28, 2020)
15 Year Fixed Jumbo Mortgage	180 months	3.125%	0	3.309%	$6.97

20 Year Fixed Jumbo Mortgage	240 months	3.375%	0	3.519%	$5.74

30 Year Fixed Jumbo Mortgage	360 months	3.625%	0	3.729%	$4.56
*Minimum loan amount is $510,401. Maximum loan amount is up to $1 million and dependent upon loan to value. Annual Percentage Rate (APR) calculation assumes a $500,000 loan with a 20% down payment. Available to owner occupied, primary residence, single family or condominium units in CRA communities only: Wakefield, Lynnfield, Reading, North Reading, Middleton, Peabody, Stoneham, Winchester, Medford, Everett, Malden, Melrose, Saugus, Lynn, Somerville, Arlington, Woburn, Burlington, Lexington, Bedford, Concord, Belmont, Acton, Maynard and Sudbury. Must be a new loan to the bank and used to purchase or refinance. Cash out available up to 80% loan to value. Borrower’s FICO score must be above 720 to qualify. Taxes, insurance, homeowner fees, and escrow account may be added to and increase monthly payment. Other terms and conditions may apply. Available for a limited time only

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