Mortgage Rate Comparison: 10/21/2024 vs. 10/14/2024

Refinance Rates

Conventional Refinance (Under 80% AMI, $400,000 Loan Amount, 80% LTV)

• • 10/21/2024:
    • 5.99% Rate → 6.16% APR, 1.4 Points
  • 10/14/2024:
    • 5.99% Rate → 6.05% APR, 0.31 Points

Comparison: The APR increased from 6.05% to 6.16%, with points rising from 0.31 to 1.4.

Conventional Refinance (80% LTV, 780+ Credit Score, $400,000 Loan Amount)

• • 10/21/2024:
    • 5.99% Rate → 6.19% APR, 1.8 Points
  • 10/14/2024:
    • 5.99% Rate → 6.08% APR, 0.62 Points

Comparison: The APR increased from 6.08% to 6.19%, with points rising from 0.62 to 1.8.

FHA Streamline ($400,000 Loan Amount, 660+ Credit Score)

• • 10/21/2024:
    • 5.25% Rate → 6.15% APR, 1.8 Points
  • 10/14/2024:
    • 5.25% Rate → 6.09% APR, 1.159 Points

Comparison: The APR increased from 6.09% to 6.15%, with points rising from 1.159 to 1.8.

VA IRRL ($400,000 Loan Amount, 660+ Credit Score)

• • 10/21/2024:
    • 5.25% Rate → 5.50% APR, 2 Points
  • 10/14/2024:
    • 5.25% Rate → 5.43% APR, 1.32 Points

Comparison: The APR for the 5.25% rate increased from 5.43% to 5.50%, with points rising from 1.32 to 2.

Purchase Rates

FHA Purchase Loans ($400,000 Purchase Price, 3.5% Down, 660 Credit Score)

• • 10/21/2024:
    • 5.75% Rate → 6.56% APR, 1.2 Points
  • 10/14/2024:
    • 5.75% Rate → 6.50% APR, 0.63 Points

Comparison: The APR increased slightly from 6.50% to 6.56%, with points increasing from 0.63 to 1.2.

Conventional Purchase Loans ($400,000 Purchase Price, 25% Down, 780 Credit Score)

• • 10/21/2024:
    • 6.5% Rate → 6.62% APR, 0.93 Points
  • 10/14/2024:
    • 5.99% Rate → 6.16% APR, 1.46 Points

Comparison: The rate increased from 5.99% to 6.5%, and the APR rose from 6.16% to 6.62%. Points decreased from 1.46 to 0.93.

VA Purchase Loans ($400,000 Purchase Price, 0% Down, First Use, 660 Credit Score)

• • 10/21/2024:
    • 5.75% Rate → 6.10% APR, 1.4 Points
  • 10/14/2024:
    • 5.75% Rate → 6.05% APR, 0.8 Points

Comparison: The APR for the 5.75% rate increased from 6.05% to 6.10%, with points rising from 0.8 to 1.4.

Down Payment Assistance (4% Silent Second, $400,000 Purchase Price, 620 Credit Score)

• • 10/21/2024:
    • CHFA SmartStep: 6.625% Rate → 7.52% APR
    • CHFA First Step/First Generation: 6.375% Rate → 7.27% APR
  • 10/14/2024:
    • CHFA SmartStep: 6.5% Rate → 7.39% APR
    • CHFA First Step/First Generation: 6.25% Rate → 7.14% APR

Comparison: Both rates and APRs increased slightly for CHFA SmartStep and CHFA First Step/First Generation.

Down Payment Assistance (3% Grant, $400,000 Purchase Price, 620 Credit Score)

• • 10/21/2024:
    • CHFA SmartStep: 7.125% Rate → 8.04% APR
  • 10/14/2024:
    • CHFA SmartStep: 7% Rate → 7.91% APR

Comparison: The rate increased from 7% to 7.125%, and the APR rose from 7.91% to 8.04%.