In the United States, interest is paid in arrears. This means your principal and interest payment will pay the interest for the 30-day period.
Mortgage Interest Rates in Traverse City | Honor Bank – Monthly Principal & Interest Payment. 30 Year Fixed, 4.0%, 4.058%, 0.0%, $763.86. 15 Year Fixed, 3.625%, 3.727%, 0.0%, $1,153.66. USDA-RD, 4.25%, 4.618.
Typically, lenders offer free 30-45 day “rate locks” meaning that the interest rate that the loan is approved at doesn't change through the buying.