The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate.
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An APR is a broader measure of the cost of a mortgage because it includes the interest rate plus other costs such as broker fees, discount points and some closing costs, expressed as a percentage. Fha Fico Score Requirements Minimum Score for Down Payment.
The long definition is: mortgage annual percentage rate (Mortgage APR) is the cost of the loan expressed as a percentage, taking into account various loan charges of which interest is only one such charge. Other charges which are used in calculation of the Annual Percentage Rate are (as applicable): Upfront PMI.
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The interest rate is 3.25% APR for 30-year fixed and 2.75% APR 15-year fixed (as of 9/10/19). As Forbes magazine noted, every lender with a low down payment mortgage charges a different interest rate.
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