Market Report Comparison: 12/03/2024 vs. 12/09/2024 📊

Matthew Wentz
Speak Straight Mortgage
NMLS #1852397

📈 Purchase Rates

• FHA Purchase ($400K, 3.5% Down, 660 Credit Score):
  12/03: 5.75% Rate, 6.48% APR, 0.46 Points
  12/09: 5.75% Rate, 6.47% APR, 0.35 Points 🔻
• Conventional Purchase ($400K, 25% Down, 780 Credit Score):
  12/03: 6.5% Rate, 6.56% APR, 0.4 Points
  12/09: 6.5% Rate, 6.53% APR, 0 Points 🔻
• VA Purchase ($400K, 0% Down, 660 Credit Score):
  12/03: 5.75% Rate, 6.04% APR, 0.7 Points
  12/09: 5.75% Rate, 6.02% APR, 0.55 Points 🔻

📉 Down Payment Assistance

• CHFA SmartStep (4% Silent Second):
  12/03: 7.0% Rate, 7.91% APR
  12/09: 6.875% Rate, 7.78% APR 🔻
• CHFA First Step / First Generation (4% Silent Second):
  12/03: 6.75% Rate, 7.65% APR
  12/09: 6.625% Rate, 7.52% APR 🔻
• CHFA Smart Step (3% Grant):
  12/03: 7.5% Rate, 8.42% APR
  12/09: 7.375% Rate, 8.29% APR 🔻

🔄 Refinance Rates

• Conventional Refinance (80% LTV):
  12/03: 6.125% Rate, 6.24% APR, 1 Point
  12/09: 6.125% Rate, 6.21% APR, 0.6 Points 🔻
• FHA Streamline Refinance:
  12/03: 5.75% Rate, 6.49% APR, 0.2 Credit
  12/09: 5.75% Rate, 6.49% APR, 0.4 Credit (More credit, same APR)
• VA IRRL Refinance:
  12/03: 5.75% Rate, 5.82% APR, 0 Points
  12/09: 5.75% Rate, 5.82% APR, 0.1 Credit (More credit, same APR)

Summary

We’re seeing improvements 📉 in APRs and points across most purchase and refinance programs, as well as more favorable terms for Down Payment Assistance. If you’re considering buying or refinancing, now is a great time to explore your options. Reach out today for personalized guidance! 📞