bank rates

30-Year Mortgage Deal: 3.625%, No Points

Percentage signs falling on red house

Mortgage Capital Associates is offering one of March’s best deals on 30-year fixed-rate mortgages nationwide.

It’s charging just 3.625% with no points, $950 in lender fees and a 30-day rate lock.

That’s almost a third of a percentage point less than the national average of 30-year loans for purchase – 3.93% with 0.16 points and $967 in fees, according to our latest survey of major lenders.

It’s also more than a quarter of a percentage point less than the average of 30-year loan for refinance – 3.9% with 23 points and $999 in fees.

Mortgage Capital Associates offers loans in 31 states.

We think this deal will be tough to beat, but it doesn’t hurt to try.

Get started by searching Bankrate’s database for the best mortgage rates from scores of other lenders in your area.

The monthly principal and interest payment for this loan would be just $456 for every $100,000 borrowed, or $912 on a $200,000 loan.

You can use this mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you’ve reduced your debt and how much you still owe if you want to pay off the loan.

Mortgage Capital Associates is based in Los Angeles and enjoys an A+ rating from the Better Business Bureau.

To qualify for this mortgage, you must:

  • Borrow between $165,000 and $417,000.
  • Have a credit score of at least 740.
  • Have at least a 20% down payment if you are buying a home.
  • Have at least 20% equity in your home if you are refinancing.
  • Pay property taxes and homeowners insurance through an escrow account
  • Be purchasing a detached, single-family home for use as your primary residence.

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