Understand the loan types available on a new build, see how rates have moved over the last 25 years, and estimate a full monthly payment — principal, interest, taxes, and insurance — before you talk to a lender.
Annual average U.S. rates, Freddie Mac Primary Mortgage Market Survey. Latest full-year average: 6.6% on a 30-year fixed, 5.8% on a 15-year fixed.
Historical averages are national and for illustration only. Your quoted rate depends on credit score, down payment, loan type, points paid, and the day you lock.
Adjust the inputs to see a full monthly payment estimate.
$90,000 down · $360,000 financed
Find your district's effective rate on the property tax page.
Estimated monthly payment
$3,049
FEATURED HBAD MORTGAGE PARTNER
Talk with a local lender who understands new construction, lot loans, and construction-to-permanent financing. Rates and programs change daily — get a personalized quote before you break ground.
Not every rate you see quoted is the same product. Here is how the common options differ when you are building rather than buying.
One interest rate locked for the life of the loan, spread over 30 years for the lowest possible monthly payment.
Same fixed-rate certainty on a shorter schedule, typically about 0.6–0.9 points below the 30-year rate.
A fixed introductory rate for 5, 7, or 10 years, then periodic adjustments tied to an index plus a margin, within caps.
Interest-only draws during the build, then a single closing converts the balance to a permanent mortgage.
Government-backed loans with lower down payments and more flexible credit standards; VA and USDA can reach 0% down.
Loans above the conforming limit, priced by portfolio lenders and often near or slightly above conforming rates.
Paying discount points up front — sometimes funded by the builder — to lower the note rate permanently or for the first 1–2 years.
