MORTGAGE RATES
Today's mortgage rates, with the assumptions written down
Fixed, adjustable and construction rates in one place, plus a plain explanation of points and why the APR column never matches the rate column.
Fixed rate
Fixed-rate mortgages
The rate never changes. Neither does the principal and interest payment, for the life of the loan.
Program
Interest rate
APR
P and I per $100,000
30-year fixed
6.375%
6.482%
$623.87
20-year fixed
6.125%
6.259%
$723.66
15-year fixed
5.750%
5.912%
$830.41
Rates assume a primary residence, 20% down, a 740 credit score, a loan amount of $300,000 and zero discount points. Rates current as of July 2026 and subject to change. Membership eligibility required. Equal Housing Opportunity Lender. This is a demonstration website; rates, products, and figures shown are illustrative only.
Adjustable rate
Adjustable-rate mortgages
A lower rate for a fixed stretch at the front, then annual adjustments after that.
Program
Initial rate
APR
P and I per $100,000
5/1 ARM
6.216%
6.874%
$613.51
7/1 ARM
6.316%
6.802%
$620.02
10/1 ARM
6.441%
6.735%
$628.19
How the adjustment works
The first number is how many years the rate stays fixed. The second is how often it can move after that, so a 5/1 is fixed for five years and then adjusts once a year. Every Summit ARM caps a single adjustment at 2 percentage points and caps the total lifetime increase at 5 points over the initial rate.
An ARM is a reasonable choice when you can say, out loud, why you expect to sell or refinance before the fixed period ends. It is a poor choice when the only reason is that the payment on a fixed loan is too high. If the fixed payment does not work today, the adjusted payment will not work in year six.
Building
Construction and lot loans
For members putting up a house rather than buying one that already exists.
Program
Interest rate
APR
Structure
Construction, 12 months
7.125%
7.402%
Interest only on the amount drawn
One-time close, 30-year fixed
6.875%
6.981%
Converts at completion, one closing
Land or lot loan, 15 years
7.375%
7.529%
Up to 10 acres, 25% down
Construction loans require a licensed general contractor, a fixed-price build contract and a completed set of plans. Draws are inspected before release. Rates current as of July 2026 and subject to change.
Reading the tables
Points and APR, without the runaround
A discount point is a fee equal to 1% of the loan amount, paid at closing, that buys the interest rate down. On a $300,000 loan, one point costs $3,000. In the current market a point buys roughly a quarter of a percentage point off the rate, which on that loan is about $47 a month. Divide the cost by the savings and you get the number that matters: about 64 months before you are ahead. If you are likely to move or refinance sooner than that, paying points loses you money.
Every rate on this page is quoted at zero points. We publish it that way because a table full of rates bought down with points looks better and tells you less. If you want to pay points, we will price it and show you both versions side by side.
The APR column exists because the interest rate alone does not describe what a loan costs. APR folds the lender fees, the origination charge and any prepaid interest into a single annualized number, then expresses it as if it were all interest. That is why our 30-year fixed shows a 6.375% rate and a 6.482% APR. The gap is the cost of getting the loan closed, spread across thirty years.
One warning about comparing APRs across lenders. APR assumes you keep the loan for its full term, which almost nobody does, and lenders do not all include the same third-party costs. Use APR as a first sort, then compare the actual Loan Estimates line by line. We will sit down and read a competitor's Loan Estimate with you if it helps.
Common questions
How often do these rates change?
Mortgage pricing updates every business morning and can move again intraday if the bond market does. The date on the disclosure below tells you when this page was last set.
When can I lock?
Once you have an accepted contract and a complete application. A 60-day lock is included at no cost, and we extend for 15 days at no charge if the delay is on our side.
What if rates fall after I lock?
You can take a one-time float down to the lower market rate any time before your Closing Disclosure is issued. There is no fee for it.
Do you sell my loan?
Some loans are sold on the secondary market so we can keep lending, but Summit retains servicing on the large majority. Your payment address and your point of contact stay with us.
Why is my quoted rate higher than the table?
The table assumes 20% down, a 740 score and a primary residence. A smaller down payment, an investment property, a condo or a lower score each add to the price, and we show you exactly which adjustment applied.
Turn a table into your actual quote
Rates on a page are a starting point. Ten minutes gets you a real one.