Check out our current rates for deposit products, mortgages, and loans.
Mortgage Rates Consumer Loan Rates
A mortgage rate is the interest rate that’s charged on the mortgage loan. This charge represents a percentage of your loan’s total balance and can have either a fixed rate or an adjustable-rate.
With a fixed mortgage rate, the amount in interest you pay will remain the same throughout the entire course of your loan. If you choose an adjustable-rate loan, the rate has the potential to go up or down as the market interest rates change.
When a lender calculates your mortgage rate, personal finances and economic conditions play a role in what the final amount of the loan ends up being. However, mortgage rates are not cut and dry. The employment rate, gross domestic product (GDP) and other economic growth indicators can significantly impact mortgage rates. Greater consumer spending and higher wages follow economic growth, inspiring more consumers to seek mortgage loans for home purchases.
The increase in demand for mortgages can cause rates to soar since lenders only have so much capital when it comes to lending.
Advantages of a mortgage include:
A certificate of deposit (CD) rate is a savings account in which you agree not to make any withdrawals for a predetermined amount of time. At the end of this period, you get your money back plus whatever was earned in interest.
A time-bound deposit, a traditional CD allows you to earn interest on your down payment by agreeing to let the lender use that money for a set period. The bank grants you a higher interest rate than they would if you had a standard savings account.
When you first open a CD, you can choose the amount of time you want to give your money to the bank. Common term lengths include three, four, five and six years and six, 12, 18, 24 and 30 months. CD rates can fluctuate based on current interest rates — if current interest rates are high or rising, CD rates will follow suit.
The benefits of taking out a certificate of deposit include flexible maturity dates, low-to-no fees, safety and invaluable peace of mind when it comes to your money.
Reasons to open a CD may include:
Whether you live in York, Lancaster or other cities throughout Maryland and Pennsylvania, PeoplesBank can help you determine if a CD or mortgage is right for your home or business. We are committed to building a lifelong relationship with you — something we’ve been perfecting since 1864.
Our team can talk through the Annual Percentage Rate (APR) and Annual Percentage Yield (APY) for each option. While the APR represents a yearly rate charged for borrowing, the APY measures the interest you earn when you save.
We invite you to fill out our online pre-qualification form to see our mortgage rates or learn more about our CD options today.
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