Compare Mutual of Omaha Mortgage Rates and Terms

Mutual of Omaha mortgage rates can vary depending on the loan program and your creditworthiness.

Their 30-year fixed mortgage rate can range from 3.5% to 4.5% APR, while their 15-year fixed mortgage rate can range from 2.75% to 3.75% APR.

Some loan programs, like the VA loan, may have more favorable terms for eligible veterans.

For example, the VA loan offers a lower interest rate, typically around 2.5% to 3.5% APR, and no down payment requirement for those who qualify.

Broaden your view: Fixed Rate Mortgage near Me

As of January 16, 2025, current mortgage interest rates in Nebraska are 7.13% for a 30-year fixed mortgage.

The Nebraska housing market has seen home prices continue to rise due to high demand, with the median home sale price in Nebraska being $274,200 as of February 2024.

Omaha's median sale price was $255,000, and homes only spent 17 days on the market, indicating a competitive market.

In Omaha, NE, today's mortgage rates are 7.022% for a 30-year fixed, 6.099% for a 15-year fixed, and 7.461% for a 5-year adjustable-rate mortgage (ARM).

Home prices in Lincoln, NE, grew by over 3 percent year-over-year to $280,000, showing that the demand for housing is not limited to Omaha.

Nebraska mortgage rates remain close to historical norms, but the competitive market is driving up home prices.

If this caught your attention, see: Mortgage Rates Have Fallen Back below 7

A fixed rate mortgage can be a safe bet for homeowners who plan to live in their new home for at least 10 years, as it provides predictability and stability.

Fixed rate mortgages come in various terms, such as 15-year, 2-year, and 30-year options.

Typically, the interest rate for a fixed rate mortgage is higher compared to an adjustable rate mortgage loan.

Related reading: 30 Year Va Mortgage Rates Chart

Mortgages are a type of loan that allows you to borrow money from a lender to buy a home. Most fixed rate mortgages are fully amortized loans, which means they're based on periodic loan payment plans with a predetermined term and interest rate.

A borrower can expect to pay back a portion of their principal and interest with each monthly mortgage payment. This payment will not fluctuate with interest rate changes in the market.

The monthly mortgage payment will remain the same over the lifetime of the term of the loan, providing stability and predictability for the borrower.

A fresh viewpoint: Will Mortgage Rates Ever Go Back down to 3

The 30-year loan is a long-term loan where the interest rate is locked for a minimum of 30 years. This type of loan is known for its predictability and affordability.

The 30-year fixed rate mortgage loan is one of the most widely used loans by borrowers in the U.S. The average 30-year fixed mortgage rate has remained below 5.00% since 2011.

A 30-year loan typically helps borrowers commit to a regular monthly payment that is lower compared to a shorter term loan. This can make it easier to budget and plan for the future.

To get an idea of the current interest rate for a 30-year fixed mortgage loan, you can check the latest rates from Freddie Mac.

Recommended read: Can You Refinance Fixed Rate Mortgage

A 20-year loan is similar to a 30-year loan, but with a shorter term duration. It offers stability, consistency, and affordability benefits, but with slightly greater payments due to the shorter term.

The interest rate for a 20-year fixed rate mortgage loan is often slightly lower than the 30-year fixed rate mortgage loan. This can result in far less interest paid over the life of the loan compared to a 30-year loan.

A borrower's payment will be greater than a 30-year fixed rate loan because of the term difference. This difference can be significant, making the 20-year loan a more cost-effective option in the long run.

The 20-year fixed rate loan has all the benefits of a fixed rate loan, including stability and consistency. This makes it a great option for those who want to pay off their mortgage quickly and save on interest.

Consider reading: 20 Year 2nd Mortgage Rates

A fixed rate mortgage can be a safe bet for homeowners who plan to live in their new home for at least 10 years.

One of the main advantages of a fixed rate mortgage is its predictability, which can give borrowers peace of mind knowing exactly how much their monthly payments will be.

Typically, the interest rate for a fixed rate mortgage loan is higher compared to the interest rate of an adjustable rate mortgage loan.

A fixed rate mortgage is available in various terms, such as 15-year, 2-year, and 30-year, allowing borrowers to choose the term that best fits their financial goals.

Homeowners who choose a fixed rate mortgage will likely pay off their loan's principal at a slower rate compared to an adjustable rate loan due to the amortization of the loan.

On a similar theme: 10/1 Arm Mortgage Rates Today

If you're a first-time homebuyer in Nebraska, you're in luck because there are several homebuyer assistance programs available. These programs can help make buying a home more affordable.

The Nebraska Investment Finance Authority (NIFA) offers two such programs: the NIFA Homebuyer Assistance Program (HBA) Welcome Home and the NIFA First Home program. Both programs require a credit score of 640 or higher and an income below $160,000.

Here are the details of these two programs:

To qualify for these programs, you'll also need to meet other requirements.

First-time homebuyers in Nebraska have access to several assistance programs through the Nebraska Investment Finance Authority (NIFA).

The NIFA Homebuyer Assistance Program (HBA) offers low-interest mortgages and down payment assistance. To qualify, you must have a credit score of 640 or higher, have an income below $160,000, and be buying a house less than $470,000.

If you're a first-time homebuyer who doesn't need down payment assistance, the First Home program could be for you. It comes with lower rates than the HBA program but has the same requirements.

Here are the details on the two programs:

You can make extra payments towards your fixed rate mortgage loan to save on interest costs and shorten the length of your mortgage.

It's a great feeling to pay off your mortgage faster and own your home outright sooner. If you repay more than 20% of your total mortgage balance in one year, you may receive a prepayment penalty, but this doesn't apply to FHA, VA, and USDA mortgage loans.

Check with your lender to discuss the terms of your mortgage loan as they pertain to prepayment penalties.

To find the best mortgage rate in Nebraska, you should start by strengthening your credit score. This can be done by giving your finances a checkup and improving your credit score if needed.

A good credit score can save you thousands of dollars in interest over the life of the loan. I've seen it happen to friends who thought they were getting a great deal, only to find out their poor credit score was costing them dearly.

To determine how much house you can afford, you'll need to know your budget. This involves calculating your income, expenses, and savings to get a clear picture of your financial situation.

To calculate your budget, consider your income, fixed expenses, debt payments, and savings goals. This will help you determine how much you can afford to spend on a mortgage each month.

There are a few different types of mortgages to choose from. Knowing your mortgage options is crucial in making an informed decision.

Here are the most common types of mortgages:

Comparing rates and terms from several lenders is essential in finding the best mortgage rate. Rate-shop with at least three different banks or mortgage companies to get a sense of the market.

Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. This involves providing financial documents to a lender, who will then issue a preapproval letter stating the amount you're eligible to borrow.