Question about differences between my quoted interest rate and APR.

[/u/mcclogan]

3 weeks ago my broker quoted me at a 7.5 percent interest rate and 7.596% APR. (30 year conventional, 3 percent down, excellent credit in west Tennessee) Today he called me and said the interest rate was lowered to 6.875, but APR is 7.309. I don't understand how the difference changes so much, only .096% before, compared to .434% this time. Shouldn't the total amount between the interest rate and APR be the same no matter what the actual interest rate is?

submitted by /u/mcclogan
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Question about differences between my quoted interest rate and APR.
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