Deposit ProductsLoan ProductsInterest RatesConvenience ServicesBank Information

Home > Interest Rates > Mortgage Rates

Mortgage Rates

Adjustable Rate Mortgages*
(Effective: Friday, May 09, 2008)
Program
 Interest Rate
Points
APR
Monthly Payments
per $1000 borrowed
The Melrose
Mortgage 5/1
ARM - 301
 5.000%
04.874%
$5.37
The Melrose
Mortgage 5/1
ARM - 402
 5.000%
04.854%
$4.82
3/1 Year
ARM3
 5.000%
04.840%
$5.37
5/1 Year
ARM - 303
 5.125%
04.921%
$5.44
5/1 Year
ARM - 404
 5.125%
04.893%
$4.91
7/1 Year
ARM - 303
 5.375%
05.090%
$5.60
7/1 Year
ARM - 404
 5.375%
05.038%
$5.07
*Rate and Annual Percentage Rate (APR) are based on 20% down and are subject to change without notice. APR may increase after consummation of loan. Available on owner-occupied 1-4 family homes and condominiums. Minimum loan amount for these rates is $150,000. Please contact us directly for mortgage rates on loans less than $150,000. Minimum downpayment for 1 family and condo units is 5%, 2 family is 10%, 3 & 4 family is 20%. Private Mortgage Insurance required with less than 20% down and will increase the APR. APR includes $300 underwriting fee; $19.00 flood certification fee, and $85 tax service fee. Some Adjustable Rate Mortgages (ARMs) prepaid within 3 years may incur a pre-payment penalty. ARM interest rates and APRs may increase after consummation of the loan. Loan amounts to $1,000,000. ASK ABOUT OUR 40-YEAR TERM MORTGAGES ON 5/1 AND 7/1 ADJUSTABLE RATE PROGRAMS!!
1. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 30 year term. Property must be located in Melrose, MA. Purchase transactions only. Automatic payment from Melrose Cooperative Bank Checking Acct required.
2. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 40 year term. Property must be located in Melrose, MA. Purchase transactions only. Automatic payment from Melrose Cooperative Bank Checking Acct required.
3. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 30 year term.
4. 2% adjustment cap. 6% lifetime cap. 2.75% margin, 40 year term.


Fixed Rate Mortgages*
(Effective: Friday, May 09, 2008)
Program
 Term
Interest Rate
Points
APR
Monthly Payments
per $1000 borrowed
Fixed Rate
 15 years
5.375%
15.592%
$8.10
30 years
5.875%
16.006%
$5.92
15 years
5.625%
05.683%
$8.24
30 years
6.125%
06.163%
$6.08
*Rate and Annual Percentage Rate (APR) are based on 20% down and are subject to change without notice. Available on owner-occupied 1-4 family homes and condominiums. Minimum loan amount for these rates is $150,000. Please contact us directly for mortgage rates on loans less than $150,000. Minimum downpayment for 1 family and condo units is 5%, 2 family is 10%, 3 & 4 family is 20%. Private Mortgage Insurance required with less than 20% down and will increase the APR. APR includes $300 underwriting fee; $19.00 flood certification fee, and $85 tax service fee. Maximum loan amount for single family homes and condominiums is $417,000. Contact one of our Loan Officers for jumbo loan rates and maximum loan limits for 2-4 unit dwellings.


Home Equity Loans*
(Effective: Friday, May 09, 2008)
Program
 Interest Rate
Points
APR
Monthly Payments
per $1000 borrowed
Fixed Rate
Home Equity
Loan²
 5.990%
05.990%
$8.43
Home Equity
Line of
Credit³
 5.500%
05.500%
$4.58
*Rate and Annual Percentage Rate (APR) are available on owner-occupied 1-4 family homes and condominiums. Minimum loan/line amount is $25,000. Automatic loan payments from a Melrose Cooperative Bank checking account are required for these terms. $300 Application Fee refunded for balances of $50,000 or more drawn at closing. Total liens on real estate may not exceed 80% of its tax assessed value. Homeowner's insurance is required on the home securing the loan/line. Consult your tax advisor regarding the deductibility of interest paid. Melrose Cooperative Bank lien must be in second position for these loan terms. Rate quoted is for terms of 5-15 years. CALL US FOR INFORMATION REGARDING FIXED RATE HOME EQUITY LOANS FOR LONGER TERMS (UP TO 20 YEARS!)
2 (Prepayment penalty of up to 6 months interest may be imposed if loan is paid in full within 36 months of opening. Ask Bank for details. Rate is increased 1/2% if payments are not automatically deducted from a Melrose Cooperative Bank checking account.)
3 The rate is equal to the Prime Rate less 1/2% for the life of the line. Quoted rate of 5.50% APR equals Prime Rate of 6.00% as of March 3, 2008, less 1/2%. The interest rate for lines without automatic payment from Melrose Cooperative Bank checking account will be equal to the Prime Rate. Rates for all lines adjust monthly based on the Wall Street Journal Prime Rate effective on the first business day of the month. Maximum APR is 18%. Early termination fee of $500 will be imposed if the line is paid in full and closed within 24 months of account opening. Homes currently for sale or intended to be sold within 12 months are not eligible for these terms. Contact us for other terms.



Online Banking
Access your accounts anytime, anywhere, at your convenience, from home, work or on the road. Learn More >

Your Main Street Bank
For more information about our product & services, complete our information request form, visit our office, or give us a call toll free at (866) 665-2500.


For More Information...