Pentagon Federal Credit Union, the third largest credit union in the United States by both membership and assets, is currently offering mortgage rates which are slightly lower than the national average(s). Although PFCU is based in Virginia, they can accept members from other states. For further info on membership eligibility you can view their membership page at PenFed.org.
Their most notable mortgage offer is a 5/5 jumbo adjustable rate mortgage “Special” which is only available for a limited time. PenFed claims that this low of a rate is only found with an adjustable rate mortgage however, this promotion comes with the stability of a fixed rate mortgage as well. The current interest rate on this special offer is 3.875% APR. The current national average for a 5/1 ARM’s sit at around 3.90% APR.
Details of 5/5 jumbo adjustable rate mortgage:
- Adjustable Rate Mortgage with a low rate that only adjusts every 5 years for 30 years
- Rate would adjust up to 2% or our prevailing rate, whichever is the lowest
- Maximum lifetime adjustment that will not exceed 5% above the initial rate
All mortgage rates offered through Pentagon Federal Credit Union:
(Adjustable Rate Mortgages)
- 1/1 ARM conforming loan 3.097% APR with 0.00 Points
- 3/1 ARM conforming loan 3.21% APR with 0.375 Points
- 5/1 ARM conforming loan 3.33% APR with 0.375 Points
- 7/1 ARM conforming loan 3.71% APR with 0.750 Points
- 10/1 ARM conforming loan 4.207% APR with 0.750 Points
The current national average for 5/1 and 3/1 ARM loans are 3.82% APR, 4.22% APR respectively.
(Fixed Conventional Mortgage Loans)
- 30-year fixed conforming loan 4.718% APR with 1.50 Points
- 20-year fixed conforming loan 4.673% APR with 1.50 Points
- 15-year fixed conforming loan 4.269% APR with 1.50 Points
- 10-year fixed conforming loan 4.472% APR with 1.50 Points
The current national averages for 30-year fixed and 15-year fixed are 4.83 APR and 4.26% APR respectively.
Related: Before you close a new home loan see how much you should be paying in closing costs.