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Lenders Collect More Discount Points: Study – April 11, 2024

Host: Dan Green
Published: April 11, 2024

Today's Mortgage Rates for April 11, 2024

Loan TypeRatePointsAPR
See all of today's current mortgage rates.

Video Transcript

A CFPB study confirms what this year’s home buyers have already discovered. And that’s that home buyers are paying more discount points on average as compared to 2019 when rates were in the mid-4s. And of course they are.

Discount points, you remember, they’re a one time fee paid by a buyer at closing that gets the buyer access to lower mortgage rates than they might otherwise get. Discounted rates. Discount points are not origination points, which are fees paid to a lender.

Discount points are fees paid to your mortgage rate. They go directly to your bottom line interest rate. So yes, of course, today’s buyers are paying more discount points than in the recent past because paying discount points brings down your rate, which brings down your monthly payment, which makes it easier for buyers to get their mortgage approved when rates are elevated, to go out and actually buy a house.

Points. One of many ways to get a lower mortgage rate. Subscribe to our main channel for more mortgage news.

I’m Dan with Homebuyer.com Happy homebuying.

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