Today's Rates

30 Year Fixed Bi-Weekly with Auto-Pay 4.200% 4.239%
20 Year Fixed Bi-Weekly with Auto-Pay 3.750% 3.807%
15 Year Fixed Auto-Pay 3.200% 3.277%
10 Year Fixed Auto-Pay 2.950% 3.061%
1-Year ARM with 15-Year Term 1.500% 1.573%
1-Year ARM with 10-Year Term 1.500% 1.608%
3-1 ARM with 15-Year Term 2.625% 2.002%
3-1 ARM with 10-Year Term 2.375% 2.070%
Home EquityRateAPR
5 Year Fixed HE Loan 2.970% 3.295%
15 Year Fixed HE Loan 4.610% 4.731%

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Rate Lock Program

At Merchants Bank, you have the option to lock in the current interest rate for 60 days, free of charge - at any time from when you first submit your application to when your closing interest rate is set. You can lock in the rate during the online application process or by contacting your loan officer.

Apply Online for Local Mortgage

Whether or not you lock in your rate, the closing interest rate will be set 10 days before your scheduled loan closing date.

  • If your rate is locked, and rates are higher when your closing rate is set, we will honor your lower locked-in rate.
  • If rates are lower when your closing rate is set, you will receive the lower rate.
  • If your rate is not locked, you will receive the rate in effect at the time.

After the loan closing date is scheduled and your closing interest rate is set, you will be charged a $250.00 re-documentation fee, plus any additional fees incurred for updating the title work, for any subsequent change you make which affect your loan closing date and or documentation.

View all loan and deposit rates.