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Mortgage rates below the national average
We are a family owned mortgage company in Memphis, Tennessee built to provide our clients lower mortgage rates.
.326%
Our client's average rate savings as compared to the national average
$23,836
Our client's average interest savings on our average loan amount of $344,000
Today's 30 Year Fixed Conventional Comparison
6.270%
Today's National Average
30 Year Fixed Conventional
Today's national average for a 30 year fixed Conventional rate per Mortgage News Daily.
5.875%
Today's Rate (5.903% APR)
30 Year Fixed Conventional
Today's 30 year fixed Conventional rate from Local Mortgage.
.395%
Today's Rate Savings
Lock in a lower rate today
Our customer's rate savings as compared to the national average.
$31,555
Life of Loan Interest Savings
This can be your savings
The life of loan interest savings for a $344,000 loan amount.
Today's 15 Year Fixed Conventional Comparison
5.760%
Today's National Average
15 Year Fixed Conventional
Today's national average for a 15 year fixed Conventional rate per Mortgage News Daily.
5.375%
Today's Rate (5.429% APR)
15 Year Fixed Conventional
Today's 15 year fixed Conventional rate from Local Mortgage.
.385%
Today's Rate Savings
Lock in a lower rate today
Our customer's rate savings as compared to the national average.
$12,681
Life of Loan Interest Savings
This can be your savings
The life of loan interest savings for a $344,000 loan amount.
Today's 30 Year Fixed FHA Comparison
5.890%
Today's National Average
30 Year Fixed FHA
Today's national average for a 30 year fixed FHA rate per Mortgage News Daily.
5.500%
Today's Rate (6.249% APR)
30 Year Fixed FHA
Today's 30 year fixed FHA rate from Local Mortgage.
.390%
Today's Rate Savings
Lock in a lower rate today
Our customer's rate savings as compared to the national average.
$30,598
Life of Loan Interest Savings
This can be your savings
The life of loan interest savings for a $344,000 loan amount.
Today's 30 Year Fixed VA Comparison
5.900%
Today's National Average
30 Year Fixed VA
Today's national average for a 30 year fixed VA rate per Mortgage News Daily.
5.500%
Today's Rate (5.734% APR)
30 Year Fixed VA
Today's 30 year fixed VA rate from Local Mortgage.
.400%
Today's Rate Savings
Lock in a lower rate today
Our customer's rate savings as compared to the national average.
$31,390
Life of Loan Interest Savings
This can be your savings
The life of loan interest savings for a $344,000 loan amount.
Today's 30 Year Fixed USDA Comparison
5.976%
Today's National Average
30 Year Fixed USDA
Today's national average for a 30 year fixed USDA rate per Optimal Blue Index.
5.500%
Today's Rate (5.979% APR)
30 Year Fixed USDA
Today's 30 year fixed USDA rate from Local Mortgage.
.476%
Today's Rate Savings
Lock in a lower rate today
Our customer's rate savings as compared to the national average.
$37,423
Life of Loan Interest Savings
This can be your savings
The life of loan interest savings for a $344,000 loan amount.
Today's 30 Year Fixed Jumbo Comparison
6.400%
Today's National Average
30 Year Fixed Jumbo
Today's national average for a 30 year fixed Jumbo rate per Mortgage News Daily.
6.125%
Today's Rate (6.136% APR)
30 Year Fixed Jumbo
Today's 30 year fixed Jumbo rate from Local Mortgage.
.275%
Today's Rate Savings
Lock in a lower rate today
Our customer's rate savings as compared to the national average.
$64,423
Life of Loan Interest Savings
This can be your savings
The life of loan interest savings for a $1,000,000 loan amount.
Our Historical Rate Savings
On average, our 30-year fixed mortgage rates are .326% lower than the national average. This equates to average life of loan savings of $23,836.
Summary
We compared our rates on closed transactions to those posted daily on the Mortgage News Daily website, https://www.mortgagenewsdaily.com/mortgage-rates/mnd. Those rates posted by Mortgage News Daily are commonly referred to as the MND Rate Index and are reported as the best way to follow day-to-day movement in mortgage rates.
We compared rates on closed loans from 2021-2024 to the MND Index as of the rate lock date and found that our 30-year fixed rates beat the MND Rate Index by an average of 0.326%.
The average loan balance for loans compared was $343,914.
Over the life of a 30-year fixed rate loan, a rate savings of 0.326% on a $343,914 loan equates to $23,836 in interest savings.
The National Average
For the national average, we chose the Mortgage News Daily Rate Index (MND Index). As compared to other national averages, the MND Index provides historical data based on a daily basis which made for an easier and more accurate comparison when using actual closed loan data.
Other publishers of national averages for mortgage rates, such as Freddie Mac’s Primary Mortgage Market Survey, report average rates on a weekly basis. Being able to use the MND Index to compare daily rates as of the actual lock in date eliminated potential weekly market swings.
The MND Rate Index is sourced by actual rate offerings from a variety of lenders including wholesale, correspondent and retail lenders. Since borrowers have the option to use different types of lenders including banks, independent mortgage lenders and mortgage brokers, it is important to use an index that encompasses all types of lending channels.
Loan Products Compared
The MND Rate Index provides daily rates for the following loan products:
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30 Year Fixed Conventional
-
15 Year Fixed Conventional
-
30 Year FHA
-
30 Year Jumbo
-
5/1 Adjustable Rate
Since 98% of our business in the most recent two years (2023-2024) and has been 30 Year Fixed Conventional, 30 Year Fixed FHA, or 30 Year VA, we used those three loan types for our rate comparison.
Even though the MND Index does not specifically report historical rates for 30 Year Fixed VA, we included them and compared them to reported 30-year FHA since VA rates historically track almost identically to FHA.
We have originated very little 30 Year Fixed Jumbo, 15 Year Fixed Conventional or 5/1 Adjustable Rates over the past two years so we did not have a large enough loan sample to compare.
Loan Products Compared
The MND Rate Index reports 30 Year Fixed Conventional rates with the following characteristics:
-
780 Credit Score
-
75% loan to value
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Purchase or Rate Term Refinance
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Owner Occupied
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Single Family Residence
Loans with these characteristics are considered “top-tier” with no Fannie Mae or Freddie Mac loan level price adjustments.
Mortgage News Daily does not list specific characteristics for FHA. However, mortgage rates for government insured loans like FHA and VA do not change dramatically based on loan characteristics such as credit score and down payment amount.
All loans compared, regardless of loan type, were purchase or rate-term refinance transactions used to finance one unit owner occupied properties that closed from 2021 to 2024.
We compared our 30-Year Conventional fixed rate loans that matched the loan characteristics of those used in the MND Index. We also compared other 30-Year Conventional loans that also had no loan level price adjustments which expanded our comparison to include loans with the following credit score and loan to value combinations:
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780+ credit scores with loan to values from 0-75%
-
760-779 credit scores with loan to values from 0-70%
-
640-759 credit scores with loan to values from 0-60%
All of the 30-year Conventional loans with the preceding characteristics would have received the same rates as those specifically mentioned in the MND Index.
We compared our 30-Year FHA and 30-Year VA fixed rate loans with credit scores of 640 and higher with no down payment assistance features.
We had a total of 282 30-year Conventional, FHA and VA fixed rate loans that met the comparison criteria, which represented 32% of our total 30-year fixed rate loan production for purchase or rate-term refinance transactions used to finance one unit owner occupied properties that closed from 2021 to 2024.
30-year fixed loans that were excluded from the comparison had one or more of the following characteristics:
-
Conventional loans with loan level pricing adjustments – since the MND Index (or any other national average) excludes these loans, we did not have a comparable rate to measure against. Loan level pricing adjustments would be applied to loans for characteristics such as lower credit scores, higher loan-to-values, cash out refinances, multi-unit properties, or investment property/second home transactions.
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FHA and VA loans with rates below 640 – these loans may have higher rates due to the additional risk of lower credit scores.
-
Cash Out Refinances - since the MND Index does not include these loans, we did not have a comparable rate to measure against.
-
Investment Property or Second Home Transactions – these loans may have higher rates due to the additional risk of non-owner occupancy.
It’s important to note that while loans with the exclusionary features listed above were not able to be compared to a national average, it’s reasonable to assume that our rates for those loans would have provided a similar amount of savings, since the adjustments for those riskier features would be applied across the board.
Discount Points
We considered the role that discount points could have played in our comparison and wanted to make sure that we were making a fair comparison of rates with no points. The MND Index reports rates with no points as they state that their index uses a proprietary methodology to account for points.
Our comparison included loans with discount points, loans without discount points and loans with lender credits to cover closing costs. We found that the average loan compared received $326 in lender credit, therefore borrowers did not pay additional fees to achieve rate savings.
Loan Amounts
We did not exclude any loans on the basis of loan amount, other than having to meet the agency loan limit for the particular loan product.
Our average loan amount for loans compared was $343,914 which is slightly below our overall average of $357,002 for 30-year fixed rate loans originated from 2021-2024.
Historical Rate Savings
We compared 207 30-year Conventional fixed rate loans against the MND Index on the date the loan was locked. We found that our average rate savings for 30-year Conventional fixed rate loans was 0.372%.
We compared 75 30-year FHA and VA fixed rate loans against the MND Index on the date the loan was locked. Both of these were compared against the reported MND Index for FHA loans. We found that our average rate savings for 30-year FHA and VA fixed rate loans was 0.198%.
The overall average interest rate savings for the entire selection of 30 Year Fixed loans was 0.326%.
Historical Life of Loan Interest Savings
The average loan amount for the 207 30-year Conventional fixed rate loans compared against the MND Index was $351,874. With rate savings of 0.372%, this equates to $26,741 over a 30-year period.
The average loan amount for the 75 30-Year FHA and VA fixed rate loans compared against the MND Index was $321,945. With rate savings of 0.198%, this equates to $14,894 over a 30-year period.
The overall interest savings for the entire selection of 30 Year Fixed loans was $23,836 over a 30-year period.
Current Rate and Life of Loan Interest Savings
Our current rate and life of loan interest savings calculation uses the same methodology and national average source as the historical savings calculation with one exception. While the historical calculation uses data from closed Conventional, FHA and VA loans, the calculation for the current rate and life of loan interest savings is done comparing our rates to the national average from that day.
The rate savings are calculated as the difference between our rate for the particular mortgage product to the Mortgage News Daily Index for that particular day. USDA rates are compared to the Optimal Blue Mortgage Market Index. We use the same scenarios as outlined in our Rate Disclosures for the comparison. These scenarios match those used in the historical calculations.
The life of loan interest savings are calculated as the payment difference on the scenarios outlined in the Rate Disclosures for the rates used in the rate savings calculation.
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