Mortgage Rates | New Home Loan Rates | Ion Bank
Our Cheshire branch has reopened for new account opening, night drop, and safe deposit access by appointment only by calling Sean Fogarty or Amie Chandarpal at 203.272.3714. All other transactions will be accommodated through our drive-up Personal Teller Machine. Thank you for your patience during our renovation.

Great rates can be found at Ion Bank.

Personalized service and competitive rates whether you’re purchasing or refinancing your home. That’s the difference you’ll find at Ion Bank.

Rates as of Friday, February 23, 2024


Conventional Fixed Rate

Up to $766,550.00
1 Family up to 97% LTV
Condo up to 95% LTV
2-4 Family up to 80% LTV

Loan ProgramInterest RatePointsAPRPayment per $1,000Payments
30 Year6.875%0.0006.962%$6.63Calculate Payments
30 Year6.750%1.0006.935%$6.54Calculate Payments
20 Year6.625%0.0006.737%$7.60Calculate Payments
20 Year6.500%1.0006.740%$7.52Calculate Payments
15 Year6.375%0.0006.514%$8.72Calculate Payments
15 Year6.250%1.0006.548%$8.65Calculate Payments
30 Year6.875%0.0006.962%$6.63Calculate Payments
30 Year6.750%1.0006.935%$6.54Calculate Payments
20 Year6.625%0.0006.737%$7.60Calculate Payments
20 Year6.500%1.0006.740%$7.52Calculate Payments
15 Year6.375%0.0006.514%$8.72Calculate Payments
15 Year6.250%1.0006.548%$8.65Calculate Payments
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Conventional Fixed Rate Jumbo Loans

$766,551.00 to $2,500,000.00
Single Family, Owner Occupied up to 90%
Restrictions Apply

Loan ProgramInterest RatePointsAPRPayment per $1,000Payments
30 Year7.625%0.0007.716%$7.14Calculate Payments
30 Year7.500%1.0007.694%$7.05Calculate Payments
20 Year7.375%0.0007.491%$8.05Calculate Payments
20 Year7.250%1.0007.497%$7.97Calculate Payments
15 Year7.250%0.0007.393%$9.21Calculate Payments
15 Year7.125%1.0007.430%$9.14Calculate Payments
Start New Application Resume Application

Adjustable Rates

7/6 ARM

30 Years up to $766,550.00*
*Amounts greater than $766,550.00 restrictions apply
5 – 1 – 5 Caps

1 Family up to 97% LTV
Condo up to 95% LTV
2-4 Family up to 80% LTV

Interest RatePointsAPRFully Indexed RatePayment per $1,000Payments
6.500%0.0007.491%8.375%$6.32Calculate Payments
6.375%1.0007.525%8.375%$6.24Calculate Payments
Start New Application Resume Application

10/6 ARM

30 Years up to $766,550.00
*Amounts greater than $766,550.00 restrictions apply
5 – 1 – 5 Caps

1 Family up to 97% LTV
Condo up to 95% LTV
2-4 Family up to 80% LTV

Interest RatePointsAPRFully Indexed RatePayment per $1,000Payments
7.250%0.0007.728%8.375%$6.82Calculate Payments
7.125%1.0007.745%8.375%$6.74Calculate Payments
Start New Application Resume Application

Rates and terms described are for owner-occupied properties only and assume 20% down payment.  Low down payment programs are also available.  Rates are subject to change without notice. Variable and Adjustable rates may increase during the term of the loan.  When the initial fixed interest rate expires, the interest rate will change to an adjustable interest rate on the change date.  The adjustable interest rate may change on the change date and every 6th month thereafter.  The rate will be calculated based on an index, which is the 30-day average SOFR index rate, as made available by the Federal Reserve Board of New York.  The most recent index figure available as of the date 45 days before each change date will be used.  This will be called the current index.  Before each change date, the new interest rate will be calculated by adding the margin, which is 3.000%, to the current index, resulting in the fully indexed rate.  The fully indexed rate is rounded to the nearest one-eighth of one percentage point. The fully indexed rate is 8.375%.

All mortgages with less than 20% down payment may require PMI (Private Mortgage Insurance). The rate and point structure will be the same as mortgages with a 20% down payment.

Interest rates are subject to credit and property approval based upon secondary market guidelines. Interest rates and APRs may vary depending on loan details, such as points, loan amount, your credit and property occupancy. The rates shown are available to borrowers with a satisfactory credit history. Your rate may vary based upon your credit history and other loan details. All information provided assumes a purchase mortgage loan in the amount of $100,000 with 25% down and credit score >/= 780.

Payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation will be greater.

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