{"id":96493,"date":"2024-09-06T09:31:53","date_gmt":"2024-09-06T16:31:53","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96493"},"modified":"2024-12-20T14:47:18","modified_gmt":"2024-12-20T22:47:18","slug":"blog-buying-mortgage-points-for-lower-rates","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/buying-mortgage-points-for-lower-rates\/","title":{"rendered":"Should You Buy Mortgage Points to Lower Your Mortgage Rate?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When you&#8217;re in the market for a mortgage, you might come across the term &#8220;mortgage points&#8221; and wonder if they\u2019re worth your investment. Mortgage points, also known as discount points, can be a bit confusing, but understanding them can help you make a more informed decision about your home loan and locking in your mortgage rate. This article will break down what mortgage points are, how they work, and whether they\u2019re worth considering for your mortgage.<\/span><\/p>\n<p><b>Interested in making a move? Check out spots in these markets:\u00a0<\/b><\/p>\n<p><a href=\"https:\/\/www.apartmentguide.com\/apartments\/Nevada\/Las-Vegas\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Apartments for rent in Las Vegas, NV<\/span><\/a> <span style=\"font-weight: 400;\">| <\/span><a href=\"https:\/\/www.rent.com\/florida\/jacksonville-houses?property-type=houses\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Houses for rent in Jacksonville, FL<\/span><\/a><span style=\"font-weight: 400;\"> | <\/span><a href=\"https:\/\/www.redfin.com\/city\/9408\/AL\/Huntsville\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Homes for sale in Huntsville, AL<\/span><\/a><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-96495\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569.jpg\" alt=\"Picture of home with the word mortgage in front of it\" width=\"1200\" height=\"704\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569-300x176.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569-1024x601.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569-768x451.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569-256x150.jpg 256w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569-1074x630.jpg 1074w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-gabby-k-5849569-511x300.jpg 511w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What are mortgage points and should you buy them?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mortgage points are upfront fees you can pay out of pocket to reduce your overall mortgage interest rate. On average, one mortgage point costs around 1% of your total loan amount and lowers your interest rate by a certain percentage, usually by 0.25%, though this can vary by lender. For example, if you\u2019re taking out a $438,837 loan, one point would cost $4,388.37 and could reduce your interest rate by a quarter of a percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The idea behind paying for points is to save money over the long term by securing a lower interest rate. This can be particularly appealing if you plan to stay in your home for an extended period. By paying for points upfront, you\u2019re essentially lowering your monthly payments and over the life of the loan you\u2019ll see significant savings.<\/span><\/p>\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"What are Mortgage Points and Should I Buy Down my Interest Rate? #interestrates\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/dTAUop7sO2k?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<h2><span style=\"font-weight: 400;\">Is it worth buying points for a lower interest rate?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Whether buying mortgage points is a good deal depends on several factors, including how long you plan to stay in your home and how much you\u2019re willing to pay upfront. To determine if paying for points is worth it, you need to calculate your breakeven point \u2014 the point at which the upfront cost of the points is offset by the lower monthly payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To do this, divide the cost of the points by the amount you save each month with the reduced interest rate. For example, if you pay $4,388.37 for one point and your monthly payment decreases by $100.00, your breakeven point would be just about 44 months (Equation below for quick reference). If you plan to stay in your home for longer than this period, buying points might be a wise investment.<\/span><\/p>\n<p><b>Breakeven Point Equation: ($4,388.37 \u00f7 $100 \u2248 43.88 months)<\/b><\/p>\n<p><span style=\"font-weight: 400;\">However, if you expect to move or refinance within a few years, paying for points might not be cost-effective. In this scenario, the upfront cost of the points might not be recouped before you sell or refinance your home.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How much does one point reduce a mortgage rate by?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Typically, buying one mortgage point lowers interest rate by about 0.25%. This can vary depending on the lender and market conditions, but 0.25% is a general rule of thumb. For instance, if your original mortgage rate is 6.43%, buying one point might reduce it to 6.18%. While this might seem like a small difference, over the life of a 30-year loan, it can lead to substantial savings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To put this in perspective, on a $438,837 mortgage, a 0.25% reduction in interest rate could potentially save you upwards of $25,000 in interest over the life of the loan. This makes buying points a potentially attractive option if you\u2019re in it for the long haul. Particularly when you consider the fact that <\/span><a href=\"https:\/\/www.redfin.com\/blog\/is-now-a-good-time-to-buy-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">mortgage rates continue to drop<\/span><\/a><span style=\"font-weight: 400;\"> in the current climate.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is the disadvantage of points on a mortgage rate?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The primary disadvantage of paying for mortgage points is the upfront cost. For some borrowers, coming up with the additional cash can be a significant hurdle. If you\u2019re already stretching your budget to afford the down payment and closing costs, paying thousands of dollars to buy points might not be feasible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, if you sell or refinance your home before reaching the breakeven point, the cost of the points won\u2019t be recovered. This means you could end up losing money if you don\u2019t stay in your home long enough to reap the benefits of the lower interest rate. This is why you need to understand where your breakeven point is.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s also the opportunity cost to consider. The money spent on points could be used elsewhere, such as in investments that might offer a higher return. If you\u2019re someone who prefers to keep your cash available for other uses, paying for points might not align with your financial strategy.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Does buying points affect your down payment?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Buying mortgage points is an investment in reducing your loan\u2019s interest rate and does not impact your down payment. The down payment is the portion of the home\u2019s purchase price you pay upfront, which directly reduces the loan amount needed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage points are an additional cost incurred at closing, separate from the down payment. For instance, if you\u2019re purchasing a $438,837 home and make a 20% down payment of $87,767, any points you choose to buy are added on top of this amount. Ensure you have adequate funds to cover both your down payment and the cost of points to avoid financial strain.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-96496\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132.jpg\" alt=\"House with long driveway\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/pexels-binyaminmellish-1396132-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Is it worth paying for a lower mortgage rate?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Deciding whether it\u2019s worth paying for a lower mortgage rate hinges on your personal financial situation and your long-term plans. Here are some considerations to help you make an informed decision:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>How long you plan to live in your home<\/b><span style=\"font-weight: 400;\">: If you plan to stay in your home for many years, 3 to 5 years or more, then paying for points can be a smart move. The longer you stay, the more you\u2019ll benefit from the lower interest rate, making it easier to recover the initial cost of the points.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Budget<\/b><span style=\"font-weight: 400;\">: Assess your current financial situation. If you have the extra cash available and can afford the upfront cost without straining your budget, buying points might be worth it. Conversely, if paying for points would deplete your savings or affect your ability to cover other expenses, it might not be the best option.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest rate environment<\/b><span style=\"font-weight: 400;\">: Consider the current interest rate environment. If rates are low and expected to rise, locking in a lower rate by paying for points might be advantageous. However, if rates are expected to drop or remain stable, you might not need to pay for points.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Wrapping up: paying for points for a lower mortgage rate<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mortgage points can be a valuable tool for reducing your interest rate and saving money over the long term. They can be particularly beneficial if you\u2019re planning to stay in your home for an extended period and have the financial flexibility to pay for them upfront. However, if you\u2019re likely to move or refinance soon, or if the upfront cost of points is a strain, you might want to reconsider. Carefully evaluating your situation and doing the math will help you determine if paying for mortgage points is the right choice for you.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This guide explains how mortgage points can lower your interest rate and clarifies the benefits, costs, and whether this strategy fits your financial goals for a smarter mortgage decision.<\/p>\n","protected":false},"author":807,"featured_media":96494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276,1],"tags":[34617,34642],"coauthors":[36339],"class_list":["post-96493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-uncategorized","tag-home-buying-process","tag-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buying Mortgage Points for Lower Rates | Redfin<\/title>\n<meta name=\"description\" content=\"This guide explains how buying mortgage points can lower your interest rate and clarifies the benefits, costs, and whether this strategy fits your financial goals for a smarter mortgage decision.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/buying-mortgage-points-for-lower-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should You Buy Mortgage Points to Lower Your Mortgage Rate?\" \/>\n<meta property=\"og:description\" content=\"This guide explains how buying mortgage points can lower your interest rate and clarifies the benefits, costs, and whether this strategy fits your financial goals for a smarter mortgage decision.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/buying-mortgage-points-for-lower-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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