Mortgage Rates
Shop for a house with confidence when you know you can lock in a competitive low mortgage rate with Honor. We offer flexible terms and many options to fit your needs. Check out our rates and get pre-approved online 24/7 so you can shop for a house with confidence knowing how much you can afford.
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Mortgage Rate & Term Options
Mortgage Rates - Fixed
| Type | RateAs Low As | points | APR* |
|---|---|---|---|
| 30 Year Fixed | 6.875% |
0.000% |
6.955% |
| 30 Year Fixed | 6.625% |
0.750% |
6.753% |
| 20 Year Fixed | 7.375% |
0.000% |
7.481% |
| 15 Year Fixed | 6.500% |
0.000% |
6.628% |
| 15 Year Fixed | 6.250% |
0.750% |
6.458% |
| 10 Year Fixed | 6.500% |
0.000% |
6.681% |
| RD 30 Year Fixed | 7.000% |
0.000% |
7.538% |
| FHA 30 Year Fixed | 7.000% |
0.000% |
7.625% |
| FHA 30 Year Fixed | 6.750% |
0.500% |
7.369% |
| Rates accurate as of Nov 21, 2024 | |||
Mortgage Rates - Other
| Type | RateAs Low As | APR* |
|---|---|---|
| 5.5 Year Balloon | 4.990% |
5.170%** |
| 7 Year Balloon | 6.875% |
7.026% |
| 10 Year Balloon | 7.625% |
7.747% |
| STAR Mortgage | Rates vary. Please contact a local mortgage lender. | |
| Physicians Mortgage | Rates vary. Please contact a local mortgage lender. | |
| Rates accurate as of Nov 21, 2024 | ||
*APR = Annual Percentage Rate. Your actual rate may be different, as many factors go into providing you with a mortgage loan. All rates shown are for new purchases of a single family primary residence, $175,000 loan amount, estimated closing costs of $3,431, with a loan to value of 80% or less, and a credit score of 740 or above. Loans with less than 20% down payment may require private mortgage insurance. Rates quoted for Balloon products include a 0.25% discount for applicants with a new or existing Honor Credit Union checking account with direct deposit. Posted rates are indications only and are subject to change without notice. Other rates available for other LTV and credit score ranges. Normal underwriting guidelines apply. All loans are subject to credit approval as well as program terms and conditions. Equal Housing Opportunity. Insured by NCUA.
Payment Example: $175,000 at a rate of 6.875%, 6.955% APR for 30 years equals $1,149.63 per month. This payment example consists of principal and interest only and does not include taxes, insurance premiums or any other added cost. Your actual payment may be higher.
**Advertised 4.99% rate is the “as low as” standard interest rate and includes 0.25% rate discount for having at least (1) direct deposit into Honor Credit Union checking account per month. Annual Percentage Rate (APR) on a standard 4.99% interest rate based on 5.5-year balloon loan with a 30-year amortization is 5.17%. The rates shown reflects a $175,000 loan amount, estimated closing costs of $3,431, with a loan to value of 80% or less and a credit score of 780 or above.
**Payment Example: The monthly payment schedule on a loan amount of $175,000 based on 5.17%, APR would be: $938.37. If an escrow account is required or requested, the actual payment will also include amounts for real estate taxes and homeowner’s insurance premiums. Promotional rates are valid on purchase and refinances. Subject to credit approval. Rates, terms and conditions subject to change. Your interest rate and repayment terms will be based on your individual credit history, property values, and other qualifying factors that may be different than rate quoted above. Loans with less than 20% down payment may require private mortgage insurance. Other restrictions may apply. Offer cannot be combined with any other discounts or promotions. Limited time offer. Standard qualifications apply. Loans subject to final credit approval. Equal Housing Opportunity. Insured by NCUA.
Mortgage Calculators
Payment Calculator
Use this calculator to determine your estimated monthly payment.
Payoff Calculator
Determine how much interest you can save by increasing your payment.
Refinance Calculator
Use this calculator to determine if refinancing your current mortgage makes sense.
Down Payment Assistance
We want to help ease the burden of coming up with a down payment for a mortgage when you’re buying a house. We have several grant opportunities, along with other resources and tips to help make your first home, or dream home, a reality.
Assistance Options
- HomeBoost Down Payment Assistance program to assist eligible first-time homebuyers with $15,000 in down payment assistance
- The Michigan First-Time Home Buyer Savings Account Program allows homebuyers to contribute and withdraw from an account tax-free
- Homeownership Opportunities Program (HOP) is a grant assistance program to help qualifying first-time buyers with down payment and closing costs up to $10,000
Our Team Can Help
Pair our competitive low mortgage rates with the one-on-one service you will receive from our local mortgage lenders and experience the Honor Difference for yourself! Our team of mortgage lending experts across the state of Michigan are ready to guide you through the entire home buying experience, from pre-approval to closing.
Our local mortgage lending experts know your community because they live and work there
Your mortgage lender will be with you through the entire process, from pre-approval to closing
Our team can give you helpful payment info and other insights about the process
Tell our team your story. We're sure to have a solution to fit your needs, and your budget.
Home Buying Tips
We hope you find these blog articles helpful. We want to make sure your home buying experience is as easy as possible. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.
What’s a Balloon Mortgage
Balloon mortgages offer low rates in today’s real estate market. Read what a balloon mortgage is, how it works, and whether it is the best choice for you.
How To Buy A House: A Step-By-Step Guide
Everything you need to know about buying a house, from selecting a realtor, to signing your closing documents.
How Gift Funds Can Help You Buy a House
A gift fund can help with the financial burdens that come with buying a house, but there are some important things to know.
VIDEO: What Is Private Mortgage Insurance (PMI)?
Learn what Private Mortgage Insurance (PMI) is, and why some buyers are required to have it and others aren’t.
Mortgage FAQs
Getting pre-approved is easy! You can simply apply online 24/7. You can also contact a local Honor mortgage lender to set up an appointment. One of the advantages of working with Honor Credit Union for your home loan is the comfort you will feel knowing you can contact your lender directly or stop by his or her office anytime you have questions. Another advantage is that our lenders live in the markets they serve, and all decisions are made locally.
Once your offer to purchase a home has been accepted and signed, you are ready to meet with your lender to turn your pre-approval into a loan application. Please download the document mortgage checklist of items that must be provided to your lender in order for them to lock in your interest rate and process your application in a timely manner.
Yes! In fact, applying to get pre-approved for a home mortgage loan is the FIRST thing you should do before you begin your search for the perfect home.
During this process, your lender will provide guidance on the best loan option to fit your situation along with an approved loan amount. Your lender will also give you a pre-approval letter, which signifies that you are a qualified buyer. You can share this letter with your realtor to include with your offer to purchase a home. Not only will your pre-approval letter add more weight to any offers you submit, but it will also guide your home search.
Mortgage interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.
Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.
PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.
An escrow account is where funds are held by the lender to make payments for your homeowners’ insurance and property taxes. Lenders will collect those funds monthly along with your loan payment and then pay the tax and insurance bills when they are due. Generally, the funds are included in your total monthly payment. Since the price of property taxes and insurances can fluctuate, so can the amount needed for your escrow account to cover those bills. Sometimes this can change your required monthly payment.
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